India’s IPO market is gearing up for a busy 2026, with more than 200 companies planning to raise around Rs 2.6 lakh cr.
2025 IPO Recap
Last year saw a record 103 companies raise about Rs 1.76 lakh cr, roughly 10% more than 2024. About 60% of the 102 IPOs with data were subscribed more than ten times, though this was down from 72% the year before.
2026 Pipeline
- 96 firms have SEBI approval to raise roughly Rs 1.25 lakh cr.
- Another 106 firms are waiting for approval and aim to raise about Rs 1.40 lakh cr.
- Seven new‑age technology companies (NATCs) are targeting around Rs 22,500 cr.
- About 85 more NATCs are preparing offer documents, together seeking nearly Rs 1.50 lakh cr.
If companies keep valuations sensible and the secondary market stays stable, the next few years could be a “golden phase” for Indian IPOs.
Retail Investor Interest
Retail applications fell to 14.99 million in 2025, down from 18.87 million in 2024. The biggest draws were LG Electronics (54.49 million applications) and Meesho (54.12 million).
Retail investors applied for shares worth Rs 2.95 lakh cr – 68% of total IPO funds raised, lower than the 113% share in 2024. Nonetheless, retail got Rs 46,069 cr of allotments, about 26% of all IPO capital.
Listing‑Day Performance
The average first‑day gain slipped to 10% from 30% a year earlier. Only 36% of IPOs posted gains above 10%.
High‑performing sectors included highway infrastructure (75% gain), urban services (62%) and IT services (61%).
What It Means for Investors
More companies are lining up to go public, but retail enthusiasm is cooling. Investors should watch valuation levels and market stability before jumping in.
Remember, this is my perspective, not a prediction. Do your own research before making any investment decisions.