India's IPO market is set for a massive year in 2026. A record number of companies are preparing to list, with a fundraising pipeline exceeding Rs 2.5 lakh crore. Technology, financial services, and consumer businesses will lead the charge. Major listings like Reliance Jio, Flipkart, and PhonePe are anticipated.

Over the last two days at the ETBFSI Converge Summit 2025, we brought together dozens of luminaries from the finance world, including Securities and Exchange Board of India chairman Tuhin Kanta Pandey, banking veteran K.V. Kamath, and the CEOs of banks, NBFCs, insurance companies and tech firms. The idea was to discuss how they are preparing for India’s financial momentum, as macro indicators show strong signs of positivity. I nudged them on the realities as well, and they agreed that while big-ticket reforms are not happening yet, it is only a matter of time.

The Securities and Exchange Board of India (Sebi) has given the green light for IPOs from Molbio Diagnostics, LEAP India, Foodlink F&B Holdings, Technocraft Ventures, and Eldorado Agritech. These companies are set to raise significant funds through fresh issues and offer for sale components. However, Inox Clean Energy and Sky Alloys and Power have withdrawn their IPO plans.

Exposure remained broadly stable quarter-on-quarter, reflecting a lending environment characterised by portfolio expansion, increasing borrower formalisation, disciplined lender behaviour and a stable-to-improving risk profile, according to CRIF High Mark.

Torrent Gas Ltd. has appointed Axis Bank, Kotak Mahindra Capital, and Citigroup to manage its planned initial public offering, which could raise up to $450 million. The city-gas distributor aims to use the proceeds for capital expenditure and debt reduction, amidst a busy IPO market in India.

Foreign direct investment equity inflows into India saw a significant jump of 20.5 percent year-on-year, reaching $16.4 billion in the July-September quarter. This growth reflects a positive trend in the first half of the fiscal year. Key sectors like computer software and hardware, services, and trading attracted substantial investments. Maharashtra led the states in receiving the highest FDI.

December is projected to contribute Rs 35,000–40,000 crore, supported by large-scale offerings such as Meesho’s Rs 6,500 crore issue, ICICI Prudential AMC’s nearly Rs 10,000 crore offering, and Fractal Analytics’ Rs 4,900–5,000 crore IPO.

Breaking down the funding mix for the upcoming year, Singh said that approximately 55% of the incoming capital would be sourced from the domestic market through banks and the domestic debt capital market (DCM), with the latter contributing around 6%. The remaining 45% would be raised from global sources, including international banks about 25% and the global DCM around 18-20%.

Early investors in Meesho, including Elevation Capital, Peak XV and Y Combinator, are set for major gains in the IPO’s offer-for-sale as they sell 10.38 crore shares at ₹111 each. Their combined initial investment of about ₹131 crore has grown to over ₹1,020 crore — translating into returns of roughly ₹877 for every ₹100 invested.

Vedanta's ESL Steel is set to raise ₹2,000 crore via non-convertible debentures. This fundraising follows a previous ₹5,000 crore raise earlier this year.

Fractal Analytics has secured regulatory approval for its IPO, positioning it to become India’s first AI-led listed company. The firm plans to strengthen global operations, expand its AI product pipeline and pursue acquisitions as demand for advanced analytics accelerates worldwide

SBI Ventures plans to launch a Rs 2,000 crore climate-focused fund in early 2025 to invest in early and growth-stage climate startups, particularly in frontier technologies and AI innovations. The fund aims to address India's significant financing gap for climate goals, especially in adaptation and resilience sectors, by attracting domestic and global investors.

Indian stock markets surged on Thursday, approaching record highs. Investor confidence grew as the government signaled progress on a trade pact with the US. The Nifty index briefly surpassed its all-time closing high. Key companies like Eicher Motors and Reliance Industries saw significant gains. Foreign and domestic investors showed strong buying interest. Asian markets also experienced mixed movements.

Shaadi, a leading Indian marriage matchmaking service, is gearing up for its initial public offering. The Mumbai-based company is in early-stage discussions with investment bankers about a potential listing. This move comes as India's IPO market remains robust, with companies actively pursuing public offerings. Details regarding valuation and timing are still under consideration.

Earnings of India Inc that have released quarterly results so far, grew around 14 per cent year‑on‑year in Q2 FY26, driven largely by oil and gas, technology, cement, capital goods and metals, a report said on Wednesday.

India’s primary market is set for a landmark 2026, with marquee names like Reliance Jio, NSE, PhonePe, Flipkart, OYO and SBI Mutual Fund preparing IPOs that could collectively raise up to $20 billion. After a record five-year fundraising boom, promoters and PE investors are accelerating listings amid strong domestic participation and deepening capital markets.

CEA Nageswaran says that initial public offerings have increasingly become exit vehicles for early investors, remarking that the trend undermines the spirit of public markets. With global capital now influenced by geopolitical fault lines, he asks India to strengthen domestic financing, deepen bond markets and ensure equity markets support long-term investment, ot short-term exits.

Niveshaay has spearheaded a Rs 325 crore funding round for Waaree Energy Storage Systems, aiming to boost battery manufacturing and scale containerized BESS solutions. This investment supports India's growing energy storage market, driven by supportive government policies and the increasing need for grid reliability. Waaree's integrated model is poised to capitalize on this expansion.

As per the draft papers, Clean Max is seeking to raise Rs 5,200 crore through its IPO, comprising a fresh issue of shares worth up to Rs 1,500 crore and an offer-for-sale (OFS) worth Rs 3,700 crore by promoters and an investor shareholder.

SMFG India Credit Company is set to raise up to 14 billion rupees through the sale of three-year floating-rate bonds. The bonds will carry a coupon rate of 161 basis points over 12-month overnight index swaps. Commitment bids for the issue are invited for Tuesday.