India IPO pipeline 2026: $25bn target, 170 deals ahead

A backlog builds after 2025’s record wave

India is carrying a growing backlog of initial public offerings after an unusually busy 2025. An EY report highlighted that businesses raised more than $12 billion through about 370 listings during 2025. That pace helped push a large number of companies into the public market, but it also left a long queue of issuers preparing to tap investors next.

After a lacklustre six months, the IPO landscape is starting to show early signs of recovery. The improvement comes as the energy shock linked to the U.S.-Iran conflict eased, helping sentiment stabilise. With two large listings nearing, bankers and issuers are again positioning for a reopening of risk appetite.

APAC sets the backdrop for India’s revival

Across Asia Pacific, equity capital markets had a strong year. IPO proceeds in APAC rose to $10 billion in 2025, up 73% year-on-year, and Hong Kong/China and India accounted for more than half the region’s IPO activity. The regional pipeline is expected to carry into 2026, reflecting continued deal flow across major markets.

J.P. Morgan’s Asia Pacific equity capital markets head Peihao Huang said the region still has “pockets of volatility” but sees a strong pipeline into 2026. The bank pointed to interest in broader AI themes, resilient earnings, and clearer policy support as factors supporting IPOs, cross-border listings, and other financings.

India and Hong Kong dominate the big-ticket deal flow

In 2025, Hong Kong led APAC with 32% of IPO volumes. India posted its highest annual tally ever at 25% and delivered five IPOs of $1 billion-plus. One highlighted transaction was the $1.3 billion IPO of LG Electronics’ India unit, where J.P. Morgan served as senior book running lead manager and domestic marketing coordinator.

That deal drew about $10 billion in bids, described as a near two-decade record, underlining the depth of domestic liquidity available for large-cap offerings. Separately, 2025 was a record year for jumbo ECM deals across APAC, with 61 transactions above $1 billion, nearly double the previous year.

Bankers’ forecasts lift expectations for 2026

Top investment bankers expect India’s IPO fundraising in 2026 to remain elevated. Kotak Mahindra Capital and Goldman Sachs expect as much as $15 billion in IPO proceeds next year, described as roughly 14% higher than the current year’s level. JPMorgan expects proceeds to stay above $10 billion for the next few years.

The three banks together account for nearly one-third of the market for such deals, according to the report. Bankers also expect several billion-dollar-plus deals, with digital and financial services cited as likely dominant sectors.

The 2026 pipeline: large names and a crowded approvals queue

The pipeline includes much-awaited listings such as Mukesh Ambani’s telecom firm Jio Platforms Ltd. and the National Stock Exchange of India. Walmart-backed PhonePe Ltd., Temasek-backed Manipal Hospitals Pvt., and delivery platform Zepto Ltd. are also among companies expected to debut next year.

Regulatory throughput is also shaping expectations. More than 90 companies have already received approval from India’s market regulator for public issues, while a similar number have filed draft documents and are waiting for clearance.

SEBI official Tuhin Kanta Pandey said there are more than 170 IPOs in the pipeline expected to raise 2.7 trillion Indian rupees ($10.44 billion) over a period of time. The statement frames the scale of prospective supply that could reach public markets as conditions allow.

Billion-dollar-plus issuances are becoming more common

JPMorgan bankers said India’s equity capital markets are seeing a steady rise in deals above $1 billion as domestic equities trade near historic peaks and international appetite improves. The bank said India’s local ECM market saw 12 deals above $1 billion in 2025 so far, compared with 10-plus in full-year 2024.

For 2026, JPMorgan’s India ECM head Abhinav Bharti said at least four to five IPOs are expected to raise over $1 billion each. He said the combined amount from such transactions is expected to touch $1 billion, while another update cited a potential combined total of up to $1 billion.

India’s “new normal” framing for IPO volumes

JPMorgan also argued that around $10 billion of IPOs per year is becoming India’s “new normal,” calling it a structural shift rather than a temporary surge. The bank said the market has already seen $11 billion of issuances in 2025, the same as last year, and could close 2025 with over $13 billion.

It added that some large issues are in process, including a ₹10,000 offering from ICICI Prudential AMC. JPMorgan also said at least 20 startups with valuations in the hundreds of millions in the private market are preparing for IPOs.

Key figures at a glance

Market impact: what is changing for issuers and investors

A large approvals queue, combined with bankers’ expectations of sustained $10 billion-plus annual issuance, points to continued supply of paper for investors. The mix is also shifting toward technology-driven and consumer-focused businesses, alongside financial services and healthcare candidates.

At the same time, the rise in jumbo deals and the expectation of multiple $1 billion-plus IPOs in 2026 suggests larger issuers are willing to test the market. That can influence pricing discipline and allocation as investors balance new issuance against secondary-market opportunities.

Why the story matters: liquidity, depth, and regional positioning

India’s ability to deliver multiple $1 billion-plus IPOs in a year, and to attract very large bid books in marquee transactions, is being cited by banks as evidence of deep domestic liquidity. That is also supporting the argument that elevated issuance can persist even when global volatility interrupts risk sentiment.

Regionally, APAC’s 2025 rebound and Hong Kong’s resurgence are important comparators. With Hong Kong/China and India accounting for more than half of APAC IPO activity, shifts in either market can materially affect regional ECM volumes and investor allocation decisions.

What to watch next

Near-term attention is likely to remain on the timing of large, widely anticipated offerings and on the pace of regulatory clearances for the broader queue. Bankers have also pointed to infrastructure, healthcare, technology, and financial services as recurring themes in India’s equity capital markets pipeline.

For investors, the next checkpoints are the line-up of billion-dollar-plus issues and whether 2025’s fundraising closes above $13 billion as JPMorgan expects, before the market tests the $10-25 billion range projected for 2026.