India's IPO market set for another record year after strong Q3 performance

India's primary market is poised for a third consecutive blockbuster year after the July-September quarter delivered a record $9 billion in IPO proceeds, the highest ever for that period. Year-to-date fundraising now exceeds $13 billion, suggesting the 2026 total could approach the $20 billion benchmarks set in the last two years. The surge was driven by mega-offers from the National Stock Exchange of India Ltd., SBI Funds Management Ltd. and Manipal Health Enterprises Ltd., which together raised more than $4.3 billion.

While the broader equity market has slipped about 13% this year, strong domestic liquidity and institutional demand have kept the IPO pipeline robust, with around 144 firms already cleared to list and another 73 awaiting approval. Upcoming large offerings include Jio Platforms Ltd.'s $3.1 billion share sale, Avaada Electro Ltd.'s $800 million IPO and a $400 million deal by Advanta Enterprises. Market participants say volatility and pricing windows will shape the timing of these deals, but the depth of the pipeline bodes well for another record-setting year.