India's IPO market is expected to reach new heights in 2026, with top investment bankers predicting a record-breaking year. The country's strong pipeline and high investor demand are driving this momentum, with proceeds from initial public offerings potentially reaching $25 billion, a 14% increase from the current year.
The primary market in India has seen a significant surge over the past couple of years, driven by increased inflows from mutual funds and retail investors. This has encouraged companies to seek listing, resulting in a growing pipeline of IPOs. Next year's lineup includes highly anticipated offerings from Jio Platforms Ltd. and the National Stock Exchange of India.
India is one of the few emerging markets offering strong growth, making it an attractive destination for global investors. With relative valuations at multi-year lows, foreign investors are likely to increase their allocations in 2026. The country's stock valuations are also falling back to their five-year average, with the premium over global peers dropping to the lowest level in four years.
The digital payments and financial services sectors are expected to dominate the IPO market in 2026. Companies like PhonePe Ltd., Manipal Hospitals Pvt., and Zepto Ltd. are expected to debut next year. Other notable companies that have received regulatory approval for their public issues include:
While the IPO market is expected to remain strong, there are concerns about mispricing and mixed deal quality. Around half of the 352 IPOs that debuted this year are trading below their offer price, reflecting the uneven exuberance in the market. Any further delays in the India-US trade deal may also weigh on sentiment.
Remember, this is a perspective, not a prediction. It's essential to do your own research and consider multiple factors before making any investment decisions.
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