Overview
- Companies raised about Rs 1.75 lakh crore via 103 mainboard IPOs in 2025, with 267 SME issues adding roughly Rs 11,430 crore, according to Prime Database figures.
- More than 190 mainboard offerings are queued for 2026, with roughly 84 already cleared by SEBI, and reports indicate potential fundraising that could approach Rs 2.5 lakh crore.
- High-profile candidates for 2026 include Reliance Jio—touted by bankers at up to a $170 billion valuation with a potential first-half listing—along with Flipkart, PhonePe, Zepto, Oyo and SBI Mutual Fund.
- Domestic capital remains the backbone of demand, with equity mutual funds taking in Rs 3.22 trillion in the first 11 months of 2025 and retail investors committing a record Rs 34,840 crore to IPOs in FY26 through November.
- Strength comes with caveats, as a sizable share of 2025 debuts traded below offer price and LSEG data show broader dealmaking surged to $157.9 billion, keeping attention on pricing and post-listing performance.