IPO Boom Ahead: Kotak expects 32% jump in public offers to ₹2.5 lakh crore in 2026

IPO Boom Ahead: The IPO fever is expected to continue in the calendar year 2026, as Kotak Investment Banking (KIB) has estimated 32% growth in the primary market action at ₹2.50 lakh crore this year due to a jump in large issuances of over USD 1 billion.

The capital markets company said 2025 was a good year for new listings, with the Indian markets experiencing 13% growth in initial public offerings (IPOs) to ₹1.89 lakh crore.

However, overall equity capital markets activity, which includes follow-on offers, qualified institutional placements (QIPs) and bulk deals, slipped by 18% to ₹5.1 lakh crore in the year.

A third of the IPOs in the new year will be issuances of over USD 1 billion, and the new-age companies and consumer sector companies are likely to continue to dominate.

He said the valuations have come down in India, and the multiples are closer to the ten-year average, which will attract more investors.

Concerns have been raised about the nature of the IPOs amid frenetic activity in 2025, which saw nearly two-thirds of issuances being offer-for-sale by existing investors with minimal fresh issuances which get used for investments.

The entity feels that domestic institutional investors will continue to be important for the market even in the new year and that 60% of the IPO anchor books in 2025 were subscribed by this lot of investors.

Upcoming IPOs in 2026

The issues of Bharat Coking Coal (₹1,071.11 crore) and Amagi Media Labs (₹1,788.62 crore) will launch on January 9 and January 13, respectively.