Kotak Investment Banking projects India's IPO market to surge 32% to ₹2.5 lakh crore in 2026, fueled by mega issuances over USD 1 billion from high-profile names like Reliance Jio, NSE, and Flipkart. This follows a resilient 2025 where IPOs grew 13% to ₹1.89 lakh crore despite an 18% dip in overall equity capital markets (ECM) activity to ₹5.1 lakh crore, with block deals at ₹2.1 lakh crore (38% MNC sell-downs).
Total ECM fundraising could exceed ₹6 lakh crore, including QIPs (USD 10-12 billion), REITs/InvITs, and sustained block deals, as valuations normalize to 10-year averages attracting broader participation. Domestic mutual funds anchored 60% of 2025 IPO books and will lead demand, while new-age tech/consumer firms dominate pipelines.
2025 vs 2026 Snapshot
| Metric | 2025 Actual | 2026 Forecast | Growth |
| IPO Issuances | ₹1.89 lakh Cr | ₹2.5 lakh Cr | 32% |
| Total ECM | ₹5.1 lakh Cr | >₹6 lakh Cr | ~18% |
| Billion$+ IPOs | Emerging | ~1/3 of volume | Key Driver |
| QIPs | N/A | USD 10-12 Bn | Strong |
Key drivers include moderated P/E multiples, DII anchor strength, and large-conglomerate unlocks, though experts like Sanjeev Prasad note only 15-20% of funds typically fund asset creation. Investors eye listing pops in a supportive macro with stable macros under President Trump's policies boosting global flows. Track pipelines via Kotak Securities for subscription alerts on upcoming offers.
