India’s IPO market continues to set new records, driven by large deals and sustained domestic demand, even as market volatility remains a challenge.
India’s initial public offering market is on course for a third straight record year, helped by a strong third quarter and a long queue of companies waiting for a favourable opening. According to Bloomberg data cited by Business Standard, companies raised more than $9 billion in July to September, the most ever for that period, lifting year-to-date fundraising to above $13 billion. That puts the market within sight of another year of heavy issuance after two consecutive years in which fundraising topped $20 billion.
The rebound has been driven by several large deals, including offerings from the National Stock Exchange of India, SBI Funds Management and Manipal Health Enterprises, which together brought in more than $4.3 billion. Even so, the broader equity backdrop remains uneven. The NSE NIFTY 50 has fallen about 13% this year, making India one of the weakest major stock markets globally, but domestic liquidity and institutional demand have still given issuers room to come to market. Morgan Stanley’s Samarth Jagnani said market swings may affect the timing of deals, but not the deeper forces supporting issuance.
The latest numbers also fit a broader pattern this year: activity has been increasingly concentrated in the second half, with investors becoming more selective about pricing, governance and earnings quality. Business Standard reported in August that Indian IPOs had already delivered a record ₹1.9 trillion in FY26, with 366 offerings across the mainboard and SME markets, although average oversubscription and first-day gains have both fallen sharply from earlier peaks. That suggests the market is still open, but only for companies able to satisfy more demanding buyers.
Looking ahead, the pipeline remains large enough to keep bankers busy well into the final quarter and possibly into early 2027. Among the deals being prepared are Jio Platforms’ proposed share sale of more than $3.1 billion, Avaada Electro’s $800 million flotation and a $400 million issue by Advanta Enterprises. Business Standard said 144 companies have already won regulatory approval, while another 73 have filed draft prospectuses and are waiting for clearance, including Oravel Stays, Torrent Gas and Sify Infinit Spaces. Kailash Soni, Goldman Sachs’s head of India equity capital markets, said the pipeline supports another possible record year, but that market volatility and execution windows will determine how quickly issuers move.
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