India’s IPO Market Analyzed: What to Expect in 2026

Key Points

• 103 companies raised ₹175,901 crore in mainboard IPOs in 2025, a 10% increase.
• 249 companies filed offer documents for approval, up from 145 in 2024.
• Tata Capital, HDB Financial Services, and LG Electronics led large offerings in 2025.
• SME IPOs surged by 30%, with Safe Enterprises Retail Fixtures and Capital Numbers Infotech being major contributors.
• The average IPO size increased threefold over four years, demonstrating market growth.
• Analysts predict strong potential for India’s IPO landscape in 2026, driven by favorable conditions.

The Indian stock market has been booming, particularly when it comes to Initial Public Offerings (IPOs) in 2025. A total of 103 companies successfully raised a massive ₹1,75,901 crore through main board IPOs. This is a 10% jump compared to the ₹1,59,784 crore raised by 91 companies in 2024, according to primedatabase.com. This surge shows a lot of confidence in the Indian economy and companies wanting to share their success with investors.

2025 IPO Highlights

In 2025, several companies stood out. Tata Capital led the way with an offer size of ₹15,512 crore, followed by HDB Financial Services at ₹12,500 crore and LG Electronics at ₹11,605 crore. On the other hand, Jinkushal Industries had the smallest IPO with an issue size of just ₹116 crore. The average size of these IPOs remained relatively steady at approximately ₹1,708 crore.

SME IPOs Gain Momentum

The Small and Medium Enterprises (SME) sector also saw a significant increase. A total of 267 IPOs collected ₹11,430 crore – a 30% rise compared to the ₹8,761 crore raised by 240 IPOs last year. Safe Enterprises Retail Fixtures and Capital Numbers Infotech were the largest SME IPOs, each with an issue size of ₹161 crore. Notably, the average issue amount for SME IPOs tripled over just four years, growing from ₹13 crore in 2021 to ₹43 crore in 2025.

Looking Ahead to 2026

Thomas V Abraham, a research analyst at Mirae Asset ShareKhan, believes India’s IPO market will continue to do well in 2026. He says that things like valuations being reasonable, steady investments from regular people (SIPs), and money coming in from other countries are all helping to fuel the growth. He predicts that sectors like telecom, technology, and consumer products will see many new IPOs because India is becoming more technologically advanced.

Key IPOs to Watch in 2026

Abraham anticipates that companies like Reliance Jio, Zepto, Flipkart, PhonePe, and Oyo will likely go public in 2026. Reliance Jio aims to raise over ₹70,000 crore by selling off 5% of its shares. The National Stock Exchange (NSE) IPO is also expected to attract significant interest because of its important role in trading. Flipkart, PhonePe, and Zepto are also aiming for large IPOs, potentially raising over ₹1.67 trillion in total. Oyo, the hotel chain, is also looking to raise money to help it get back on its feet.

Sebi Approvals in 2025

As of late 2025, the Securities and Exchange Board of India (Sebi) has approved the offer documents for 100 companies to launch IPOs. Notable companies included Credila Financial Services, Dorf-Ketal Chemicals India, Hero Fincorp, Greaves Electric Mobility, Veritas Finance, Hero Motors, and ShadowFax Technologies. This indicates a continued interest in the market and a solid pipeline of potential IPOs.

The Indian IPO market is poised for continued growth, offering exciting opportunities for investors.