Winning Bizness Desk

Mumbai.India’s primary market is heading for another historic phase, with 2026 likely to surpass all previous IPO records set over the past 18 years. After a blockbuster 2025, when nearly 100 companies raised a record ₹1.77 lakh crore through mainboard IPOs, market estimates suggest that 192 companies could collectively raise around ₹2.56 lakh crore next year. If achieved, this would mark the biggest fund-raising year ever for India’s IPO market, reflecting strong investor confidence, deep liquidity and a robust pipeline of new-age as well as established companies.

Strong IPO pipeline entering 2026

The upcoming year already shows signs of heavy activity. According to data from Prime Database, the Securities and Exchange Board of India has cleared 88 companies to launch IPOs worth ₹1.16 lakh crore. Another 104 companies, aiming to raise nearly ₹1.4 lakh crore, are awaiting regulatory approval. Together, these numbers point to a packed IPO calendar right from the start of 2026, with companies eager to tap favourable market conditions.

Big ticket names dominate investor interest

Several marquee names are expected to drive excitement in the IPO market next year. These include well-known and highly anticipated listings that investors have been tracking for years. Among the major companies expected to file or launch IPOs are:

• National Stock Exchange
• Reliance Jio
• Manipal Hospitals
• PhonePe
• Zepto
• Boat

PhonePe has already submitted draft papers for a ₹10,000 crore public issue, making it one of the most talked-about IPOs in the pipeline. Alongside it, new-age companies such as Zepto, Boat, OfBusiness and CoreFoods are expected to add momentum and variety to the 2026 IPO calendar.

Why companies are raising capital now

According to Axis Securities senior vice president Rajesh Palviya, companies across sectors are approaching the market for multiple reasons. These include business expansion, operational improvement and debt repayment. He points out that domestic markets currently enjoy strong liquidity, backed by resilient retail participation and a stable economic environment. As a result, most IPOs are receiving healthy responses despite occasional volatility in the secondary market.

Where the IPO money is going

A significant portion of funds raised in 2025 came through offer for sale transactions, allowing promoters and large investors to exit partially. Key highlights include:

• Promoters, private equity and venture capital investors earned ₹1.10 lakh crore through share sales
• Companies retained around ₹67,000 crore for expansion and operational needs

Many PE-backed firms are now ready for mainboard listings to unlock value, while investors continue to wait for large, high-quality names such as NSE and Reliance Jio.

Rising applications signal sustained momentum

Market experts believe the ₹2.56 lakh crore target for 2026 is achievable, even though small-cap stocks may face pressure. The broader IPO market is expected to remain strong. Supporting this view is the sharp rise in IPO applications:

• 2025 saw 244 IPO applications filed with Sebi
• This marks a 55 percent jump from 157 applications in 2024
• In 2024, 91 companies raised ₹1.6 lakh crore
• In 2023, 57 companies raised ₹49,436 crore

Despite challenges, the primary market continues to shine, setting the stage for another record-breaking year.