The IPO juggernaut rolled on, and how

The second part of the year-end series focuses on domestic IPO markets, which saw another record year despite volatility. With bigger deals lined up, the momentum is expected to continue in 2026

- SAMIE MODAK Mumbai, 24 December

India's initial public offering, or IPO, market has entered a whole new orbit. Consider this: Nearly ₹3.4 trillion has been mobilised through mainboard IPOs — large, mature companies going public for the first time — in just the past two years (2024-25). That’s more than half of the ₹6 trillion raised in the 35-year period between 1989 and 2023. What’s more, the juggernaut shows little sign of slowing. Companies have filed draft papers for IPOs worth ₹3.5 trillion, excluding mega issues from Reliance Jio, Flipkart, and the National Stock Exchange (NSE), which are expected next year. Another $1 billion-plus (about ₹8,979 crore) listing may include PhonePe, Manipal Hospitals, and Zepto.

Investment bankers now see annual mobilisation of ₹1.5-2 trillion as the new normal.

This boom has defied bouts of market volatility, pullout by foreign investors, a weakening rupee, and even underwhelming listings. The primary market appears unstoppable.

“We expect foreign investors to add to the strong domestic institutional flow in 2026, driving India’s IPO volumes to exceed the record levels of the last two years,” says Sunil Khaitan, head of India Financing Group, Goldman Sachs, adding, “There will be several multi-billion-dollar IPOs across financial services, consumer, and technology-focused sectors.”

What's driving the frenzy

Analysts attribute the IPO enthusiasm to a deepening equity culture, the steady channelling of household savings into markets — estimated at over ₹5 trillion annually — and sustained faith in India’s growth story.

Companies from a wide mix of sectors — renewable energy, financial services, consumer goods, industrial manufacturing, and technology — tapped investors this year, reflecting both breadth and depth in the deal flow.