India's IPO scene could hit $25 billion in 2026
India's IPO market is gearing up for a big year, with experts like Kotak Mahindra Bank and Goldman Sachs predicting as much as $25 billion in fundraising for 2026, while Equirus Capital forecasts $20 billion.
JPMorgan expects this strong momentum to last several years.
This follows a standout 2025, where India raised about $19.6 billion across 312 deals as of November 14, 2025—already topping last year's numbers.
Who's leading the charge?
Some of the biggest names expected to go public include Reliance Jio Platforms (telecom), National Stock Exchange of India, PhonePe (digital payments), Oyo (hospitality), Manipal Hospitals (healthcare), and Zepto (quick commerce).
Bankers say digital services, finance, and healthcare are set to dominate next year's IPO wave.
What's the mood in the market?
There's plenty of action: mutual funds and retail investors are pouring in money, over 90 companies have regulatory approval for their IPOs, and just as many have filed drafts.
Still, not every deal is a slam dunk—about half of this year's new listings are trading below their offer price.
Investors seem excited but also cautious about quality.