India's IPO market could hit $25 billion by 2026
India's IPO scene is on track for a record $25 billion in fundraising by 2026, up roughly 14% from the current year's level, say Kotak Mahindra Capital and Goldman Sachs.
JPMorgan also sees the market staying strong above $20 billion.
Kotak Mahindra Capital, Goldman Sachs, and JPMorgan together handle about a third of all Indian IPOs.
What's fueling the boom?
Big upcoming listings are driving excitement—think Reliance Jio Platforms, National Stock Exchange, PhonePe (backed by Walmart), plus Manipal Hospitals, Zepto, Oyo, and Flipkart.
Over 90 companies already have IPO approval and another batch has filed paperwork.
Most of this action is coming from digital and financial services aiming for billion-dollar deals.
What to watch out for
Demand is high thanks to mutual funds, retail investors, and a projected jump in MSCI India earnings (up nearly 16% in 2026 versus just 2% this year).
But there are some red flags: half of last year's IPOs now trade below their offer price, and any delays in India-US trade could cool investor enthusiasm.