Indian companies are increasingly acquiring overseas assets to secure critical supply lines, with outbound deal values hitting $24 billion in 2026. While domestic IPOs have slowed significantly to $9.9 billion, investors are now shifting focus to potential major listings like the National Stock Exchange and Reliance Jio.
Indian companies are changing their growth strategy by looking beyond domestic borders to keep their supply lines secure. In the first half of 2026, Indian corporations completed overseas acquisitions worth $24 billion. This shift is driven by a need to gain direct control over essential resources, such as energy assets and critical minerals, which helps insulate companies from global trade disruptions and shortages.
Large companies with strong financial health are using their ability to borrow or raise equity capital to fund these international deals. For instance, Sun Pharmaceuticals recently entered an agreement to acquire U.S.-based Organon & Co for $11.75 billion. While such acquisitions help companies secure long-term access to specialized products or raw materials, they also bring challenges. Shareholders should keep a close watch on how these companies manage the debt used to fund such large purchases, as heavy borrowing can put pressure on profit margins if the expected synergies from the acquisition are delayed.
While outbound deal-making is at a record pace, the domestic market for new public listings has been quiet. Companies have raised $9.9 billion through IPOs by September 21, 2026, which is a sharp drop compared to the $21.8 billion raised during the same period in 2025. This slowdown in domestic capital raising suggests that companies may be waiting for more favorable market conditions before going public.
Despite this, there is anticipation regarding future liquidity events in the Indian stock market. The potential listings of major entities such as the National Stock Exchange and Reliance Jio Platforms are highly awaited and could bring fresh momentum to the domestic IPO scene. For investors, the next few months will be important to see if these large-scale overseas acquisitions actually lead to improved financial stability and whether the domestic market sees a revival in new listings.