With investor confidence strong and market fundamentals robust, 2026 is poised to be another notable year for India’s primary market. Equirus Capital estimates that IPO fundraises could reach $20 billion (₹1.78 lakh crore), with high-profile companies such as Reliance Jio, National Stock Exchange (NSE), and Oyo expected to launch share sales.
The sustained strength of the IPO market reflects persistent investor demand, despite significant capital raised in the last five years. Between 2020 and 2025, companies mobilized ₹5.39 lakh crore via IPOs, surpassing the ₹4.55 lakh crore raised in the previous two decades, even though the number of public offerings was almost half. As of October 30, 2025, ₹1.30 lakh crore has already been raised, indicating that 2025 could rival or surpass prior records.
Equirus Capital anticipates a surge in new-age and digital economy IPOs, boosting market liquidity and potentially setting fresh benchmarks. Reliance Jio’s listing could be among the largest ever, with a proposed valuation of $170 billion. Other expected IPOs include SBI Mutual Fund’s 6% stake sale, the long-awaited NSE listing, and Oyo, aiming for a $7-8 billion valuation.
