India’s initial public offering boom is fading, with proceeds down by a fifth from a year earlier as companies cut deal sizes, accept lower valuations and delay listings, raising doubts about sustaining momentum after two record years.
Companies have raised about $5.78 billion through public offerings so far in 2026, compared with $7.32 billion in the year-earlier period, data compiled by Bloomberg show. That follows record fundraising of $22.36 billion in 2025 and $20.65 billion in 2024.
Several closely watched IPO candidates, including Temasek-backed Manipal Health Enterprises Ltd., Indo-MIM Ltd. and Juniper Green Energy Ltd., have cut the size of their offerings to get deals done. Rapid-commerce firm Zepto Ltd. has opted for a pre-IPO placement, while Sify Infinit Spaces Ltd. has put its offering on hold and Walmart Inc.-backed PhonePe Ltd. has deferred its listing plans.
The deterioration reflects a broad weakening in India’s capital markets. Companies that only months ago were pursuing lofty valuations are now dialing back their ambitions. Local institutions, which have emerged as the dominant buyers amid subdued foreign participation, are driving tougher negotiations on pricing, investment bankers said.
