Whalesbook
IPO Momentum Sustains
India's primary market is poised for continued record-breaking performance, with a robust pipeline anticipating Rs 2.65 lakh crore in fundraising for 2026. This follows a stellar 2025 that saw Rs 1.75 lakh crore raised, marking two consecutive years of all-time high IPO activity.
Key Fundraising Figures
According to PRIME Database, Rs 1.40 lakh crore worth of IPOs are awaiting Securities and Exchange Board of India (SEBI) approval, while another Rs 1.25 lakh crore are already approved. A total of 202 companies are lining up. In 2025, 103 corporates raised Rs 1.75 lakh crore through mainboard IPOs, a 10% increase from the previous year, with an average deal size of Rs 1,708 crore.
Sectoral Diversity and Tech Appeal
Companies from financial services, manufacturing, consumer goods, technology, and infrastructure are set to tap the market. Although new-age technology firms comprise a small portion of the pipeline (7 out of 202), they continue to attract significant investor attention due to their scalability and growth potential, often commanding premium valuations despite elusive near-term profitability.
Market Challenges Emerge
Despite the strong pipeline, certain headwinds exist. Overall public equity fundraising saw an 18% dip due to lower fund mobilization from other avenues like FPOs and QIPs. Furthermore, listing day gains have contracted significantly, averaging 10% in 2025 compared to 30% a year prior. Retail investor interest has also softened.
Outlook for 2026 and Beyond
Anticipated large IPOs include Reliance Jio, the National Stock Exchange, Flipkart, PhonePe, Oyo Rooms, and boAt. Market watchers suggest that if valuations remain reasonable and market conditions stable, the IPO market could see further growth, potentially ushering in a golden era for Indian capital markets.