Goldman Sachs, JPMorgan Expect India’s Record IPO Boom To Extend Into 2026

India’s initial public offering proceeds could scale fresh records for a third straight year in 2026, supported by a strong deal pipeline and sustained investor appetite, according to data and estimates compiled by Bloomberg.

Kotak Mahindra Capital Co. and Goldman Sachs Group Inc. expect IPO fundraising next year to reach as much as $25 billion, implying a roughly 14 percent increase from current-year levels, Bloomberg reported. JPMorgan Chase & Co. sees annual proceeds remaining above $20 billion over the next few years. Collectively, the three investment banks account for nearly one-third of India’s IPO market.

India’s primary market has gained momentum over the past two years, driven by rising inflows from mutual funds and retail investors,

encouraging more companies to tap public markets. Investor appetite continues to strengthen, with the 2026 pipeline expected to include high-profile offerings such as billionaire Mukesh Ambani-led Jio Platforms Ltd. and the National Stock Exchange of India, the country’s largest bourse, according to Bloomberg.

“India is one of the few emerging markets offering strong growth,” Abhinav Bharti, head of India equity capital markets at JPMorgan and the top IPO arranger in the country this year, told Bloomberg. He added that with relative valuations at multi-year lows, foreign investors are likely to increase allocations in 2026.

Stock valuations in India are trending back toward their five-year average, while the premium over global peers has dropped to a four-year low, Bloomberg data showed. Earnings are also rebounding, with MSCI India constituents projected to post earnings growth of 15.9 percent in 2026, compared with about 2 percent this year, according to Bloomberg Intelligence.

This backdrop is attracting global investors seeking alternatives to China. India has emerged as the world’s fourth-busiest market for IPOs in 2025, with regulators streamlining approvals and several well-known companies preparing to list. By deal count, India has outpaced global peers this year, even as its secondary markets underperformed other emerging markets by the widest margin since 1993, Bloomberg noted.

More than 90 companies have already received regulatory approval for IPOs, while a similar number have filed draft prospectuses and are awaiting clearance. Among the firms expected to list next year are Walmart Inc.-backed PhonePe Ltd., Temasek-backed Manipal Hospitals Pvt., and quick-commerce platform Zepto Ltd., according to Bloomberg data.

“The momentum we saw in 2024 and 2025 will carry forward, and we should see several billion-dollar-plus deals,” V. Jayasankar, managing director at Kotak Mahindra Capital, told Bloomberg, adding that digital and financial services are likely to remain dominant sectors.

However, the rally has been uneven. Around half of the 352 IPOs launched this year are trading below their offer prices, reflecting mixed deal quality in an increasingly crowded market. Investors have also raised concerns over mispricing in some offerings, while any delays in an India-US trade agreement could weigh on sentiment, Bloomberg reported.

With India’s valuation premium to emerging markets narrowing, global funds that remain underweight on the country “may be compelled to return in size,” Sunil Khaitan, head of India financing at Goldman Sachs, told Bloomberg. “It’s not just that there is supply — it’s good-quality supply.”