Mumbai | February 12, 2026
Indian IPO Market Could Set Record in 2026 Despite Global Uncertainty
Amid global economic uncertainty, delayed trade agreements, and ongoing geopolitical tensions, Indian companies are projected to raise a record amount through initial public offerings (IPOs) in 2026.
Market analysts estimate that firms could mobilize more than ₹2.5 lakh crore through public issues this year — significantly higher than the ₹1.75 lakh crore raised in 2025.
Strong Start to the Year
Despite volatility in global markets, India’s IPO pipeline remains active. Since January 2026, five companies have collectively raised ₹8,806 crore, compared to ₹6,113 crore raised by seven companies during the same period last year.
Major public offerings so far include:
Fractal – ₹2,833 crore
Shadowfax – ₹1,907 crore
Amagi Media – ₹1,788 crore
Bharat Coking – ₹1,068 crore
The early momentum signals continued investor appetite for both established firms and emerging technology-driven businesses.
Startup Listings to Accelerate in 2026
Following a record year for startup IPOs in 2025, analysts expect even stronger momentum in 2026 as new-age technology firms move toward public markets.
So far, 20 startups have filed draft papers with the Securities and Exchange Board of India (SEBI), while another 24 are in advanced stages of finalizing IPO plans.
However, experts caution that investors in public markets are likely to prioritize companies with:
Strong fundamentals
Clear profitability path
Lower cash burn rates
Sustainable growth models
New-Age Companies Target ₹50,000 Crore
The pipeline of upcoming new-generation companies appears robust. Collectively, they are expected to raise nearly ₹50,000 crore in 2026.
Major anticipated IPO sizes include:
PhonePe – ₹13,500 crore
Zepto – ₹12,000 crore
OYO – ₹6,650 crore
Shiprocket – ₹2,342 crore
boAt – ₹1,500 crore
In comparison, startups raised approximately ₹35,600 crore in 2025, led by:
Lenskart – ₹7,278 crore
Groww – ₹6,632 crore
Meesho – ₹5,421 crore
Pine Labs – ₹3,900 crore
PhysicsWallah – ₹3,820 crore
Post-Listing Performance Encourages Investors
Venture capital investors and bankers note that maintaining last year’s pace will depend on market conditions and investor sentiment toward loss-making or recently profitable tech businesses.
Analysts highlight that many new-age companies that listed in 2025 delivered solid post-listing returns, reinforcing confidence among public market investors. The sector is increasingly viewed as more mature and fundamentally stable than in previous cycles.
Institutional Investors Driving Demand
Large domestic and foreign institutional investors continue to maintain a strong presence in IPO allocations. Participation from insurance firms and pension funds has also increased, providing stability to primary market demand.
Market participants say that sustained institutional backing could help the IPO market remain resilient despite global headwinds.
