The depth and scale of this upcoming pipeline will see a variety of companies tapping the public markets, including some of India’s most influential consumer, technology and financial institutions.
A five-year boom larger than two decades
India’s capital markets have already crossed a major milestone. According to Equirus, between 2020 and 2025, companies will raise Rs. 5.39 lakh crore was raised, which was Rs. 4.5 lakh crore is more than that. And this jump happened with half the number of IPOs (336 issues against 658 earlier).
“One of the reasons behind this additional capital raising is that the average IPO size has been Rs 1,605 crore in the last five years, compared to Rs 692 crore between 2000-2020,” said Bhavesh Shah, managing director and head of investment banking at Equirus Capital.
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That means larger companies are now coming to market in greater numbers and raising significantly more capital.
Promoters and PE funds are racing to list
The expansion of India’s markets has enabled promoters and private equity investors to monetize stakes more efficiently. OFS transactions are growing rapidly. “The growing acceptability of offer-for-sale issues has helped PE funds secure exits and promote promoter-assisted monetization,” notes Shah.
Data show that PE exit behavior is also changing. Between January and October 2025, the share of secondary sales doubled to 16%, even as block deals — still the dominant exit mode — fell from 67% to 56%. This trend is expected to strengthen as $165 billion worth of private equity investments mature and move toward disinvestment.
Three mega IPO themes are set to define 2026
Companies like Oyo, PhonePe and Flipkart are expected to anchor the digital-economy segment. Markets continue to show strong faith in new-age IPOs as these platforms scale quickly and gain large customer bases, says Shah. The expected listing of Jio, NSE and SBI mutual funds could mark a new benchmark for India’s primary market.
Jio, in particular, could be one of the biggest IPOs in Indian history, while the long-awaited NSE listing is likely to attract significant institutional interest. Equirus says these larger issues will improve market liquidity and broaden investor participation.
Rise of Tier-2 and Tier-3 issuers
Democratization is another striking trend. Small-town IPOs accounted for just 4% of IPO funds in 2021—but that rose to 27% in 2024. Issues in tier-2 and tier-3 cities now account for more than a quarter of the value of IPOs raised, Shah said, explaining how equity fundraising is no longer limited to metros. “India stands out as a place where investors can find sustainable growth,” Shah said.
Local participation in capital markets has also increased. For the first time, domestic institutional investors now own more NSE-listed companies than FIIs, reflecting the depth and maturity of India’s savings pool.
If the names in the upcoming pipeline — Jio, PhonePe, NSE, SBI MF, Flipkart, Oyo — all make it to market, 2026 could redefine the scale and diversity of Indian IPOs.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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