India’s initial public offering (IPO) market is poised for another record-breaking year in 2026, with top investment banks forecasting robust fundraising and continued investor enthusiasm in the primary markets. Kotak Mahindra Capital Co. and Goldman Sachs project that IPO proceeds could reach as much as $25 billion, roughly a 14 per cent increase from the current year’s level, while JPMorgan expects IPO fundraising to stay above $20 billion in the coming years, signalling sustained momentum.
The optimism is underpinned by surging inflows from mutual funds and retail investors, which have encouraged more companies to consider public listings. A strong pipeline of deals is already forming for 2026, including highly anticipated offerings such as Jio Platforms Ltd. and the National Stock Exchange of India, both expected to attract significant attention from institutional and retail participants alike.
According to bankers, India’s current valuation levels — near long-term averages and lower relative to global peers — combined with an expected earnings recovery could draw increased allocations from foreign investors. With more than 90 companies approved for IPOs and a similar number awaiting regulatory clearance, the pipeline reflects broad interest across sectors such as digital, financial services and consumer themes.
However, analysts note that not all IPOs in the recent past have performed uniformly; approximately half of the 2025 debuts are trading below their offer prices, reflecting mixed deal quality and heightened investor selectivity. Even so, the overall primary market outlook remains strong, with expectations of several billion-dollar plus deals and continued depth in the IPO ecosystem next year.
In summary, Goldman Sachs, JPMorgan and other key players see India’s IPO boom extending into 2026, driven by a deep deal pipeline, improving market fundamentals and growing investor participation across domestic and global pools.
