IPO market slows in early 2026 as West Asia conflicts
India's IPO market has slowed in early 2026, with ongoing West Asia conflicts making investors cautious.
Companies raised $5 billion from equity deals so far this year (down from $6 billion in Q1 2025), and IPOs brought in just $1.7 billion compared to $2.3 billion in Q1 2025.
Excitement fading fast
The year has seen 20 listings so far, with a few more expected in March but excitement is fading fast.
Median subscription rates have dropped to just three times, a big fall from 28x in April-December 2025.
Recent IPOs have had a tough time
It's been rough for recent IPOs: about 65% are now trading below their issue price, and nearly one-third had negative returns right out of the gate.
While a few listings delivered strong gains, many have underperformed.
Despite slowdown, IPO pipeline remains full
Even with the current slowdown, over 200 companies have filed draft prospectuses, with over 100 others — including NSE — preparing to enter the IPO process.