India's IPO market raises $5.78 billion in 2026, down 21%
Business
India's IPO scene has hit the brakes in 2026, raising $5.78 billion so far, a 21% drop from last year's pace.
After smashing records in 2024 and 2025, weaker markets are forcing companies to shrink their IPOs, accept lower valuations, or hold off on going public.
Domestic funds demand tougher IPO pricing
With fewer foreign investors around, local institutions are now leading the charge, and they're demanding tougher pricing.
That shift means firms like Manipal Health and Indo-MIM have cut their IPO sizes, while Zepto chose private funding at lower values and PhonePe pushed its listing back.
Still, major IPOs from Jio Platforms and the National Stock Exchange are expected later this year and could bring some excitement back to the market.