India’s IPO boom cools as weak markets force issuers to cut back
Companies raised $5.78 billion through IPOs so far in 2026, compared with $7.32 billion in the year-earlier period. That follows record fundraising of $22.36 billion in 2025 and $20.65 billion in 2024.
India's initial public offering (IPO) boom is losing steam as market conditions force companies to reduce deal sizes and accept lower valuations, according to data compiled by Bloomberg. In 2026, firms have raised approximately $5.78 billion through public offerings, down from $7.32 billion in the previous year. This decline follows record fundraising of $22.36 billion in 2025 and $20.65 billion in 2024.
Notable companies, including Temasek-backed Manipal Health Enterprises, Indo-MIM, and Juniper Green Energy, have scaled back their IPO sizes to secure deals. Other firms, such as Zepto and Sify Infinit Spaces, have opted for pre-IPO placements or deferred listings. The decline in IPO activity is attributed to a broader weakening in India's capital markets, with local institutions now playing a dominant role as buyers.
Companies are increasingly negotiating for tougher pricing and investment bankers report that some issuers prefer to raise less capital rather than accept lower valuations.
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