India IPO Fundraising Drops to $5.78 Billion in 2026

India's initial public offering market is experiencing a significant slowdown in 2026, with fundraising proceeds falling to approximately $5.78 billion. This represents a decline from the $7.32 billion raised during the same period in the previous year, following record-breaking growth in 2024 and 2025.

Market volatility and subdued foreign participation have led several companies to adjust their strategies. Manipal Health Enterprises Ltd. reduced its offering from over $1 billion to $960 million, while Indo-MIM Ltd. cut its target from $700 million to approximately $396 million. Juniper Green Energy Ltd. also lowered its planned IPO size from $314 million to $188 million. Other firms, including PhonePe Ltd. and Sify Infinit Spaces Ltd., have put their listing plans on hold entirely.

Despite the broader slump, some high-profile offerings remain resilient. Jio Platforms Ltd. and the National Stock Exchange of India Ltd. are still on track for IPOs exceeding $1 billion, expected in September or October. Additionally, the rapid-commerce firm Zepto opted for a pre-IPO placement after its valuation fell below its previous $7 billion peak.