India’s IPO pipeline deepens as Uniqus and IVCA map a stronger equity market

Launched at the IVCA Conclave 2026 in Mumbai, the Uniqus Consultech and IVCA report says India became a $5.2 trillion equity market in 2025, with about INR 1.76 lakh crore raised through IPOs, while Raghuram K, Partner, Accounting & Reporting Consulting, Uniqus Consultech, and Rajat Tandon, President, IVCA, linked the trend to deeper domestic participation and a maturing capital market ecosystem.

India’s capital markets are being shaped by stronger domestic participation, higher fundraising activity, and a growing pipeline of public issues, according to a new report launched by Uniqus Consultech in partnership with the Indian Venture and Alternate Capital Association at the IVCA Conclave 2026 in Mumbai.
Titled India IPO & Capital Markets Outlook, the report examines India’s capital market landscape through the lens of IPO trends, ownership patterns, investment attractiveness, and regulatory aspects linked to offer documents. The analysis says India emerged as a $5.2 trillion equity market in 2025, with market capitalisation nearly doubling from INR 229 lakh crore in July 2021 to INR 477 lakh crore in 2025.

The report says India’s IPO market remained resilient in 2025 despite global volatility, raising about INR 1.76 lakh crore, up 10 percent over 2024. Of the total proceeds, 63 percent came from offer for sale components and 37 percent from primary issuances. It also points to a change in ownership patterns, with domestic institutional investors holding around INR 88 lakh crore in NSE listed companies, compared with about INR 78 lakh crore held by foreign institutional investors.
According to the report, IPO proceeds were largely used to strengthen balance sheets and support core business operations. About 32 percent went toward working capital, 27 percent toward debt repayment, and 18 percent toward capital expenditure. The pipeline remains active as well, with around 200 draft offer documents filed with SEBI, representing a potential issuance of more than INR 1.81 lakh crore.

Raghuram K, Partner, Accounting & Reporting Consulting, Uniqus Consultech, said, “The findings highlight how India’s capital markets are evolving from being primarily a growth story to becoming a structural valuation story. Strong domestic participation, deepening institutional ownership and a robust IPO pipeline are collectively strengthening the resilience and maturity of India’s equity markets.”
Rajat Tandon, President, IVCA, said, “India’s capital markets are increasingly reflecting the depth and maturity of the country’s alternate capital ecosystem. Over the past decade, private equity and venture capital have played a pivotal role in nurturing companies, strengthening governance, and preparing businesses for the public markets. A vibrant IPO environment is therefore not just a market outcome, it is a natural extension of the value creation journey that begins with long term private capital.”

He added that as domestic pools of capital deepen and regulatory frameworks continue to evolve, India is steadily building a more resilient and globally relevant capital market ecosystem.
The report suggests that India could see a broader and deeper IPO cycle ahead, supported by domestic liquidity, expanding retail participation, and greater regulatory transparency. The launch also places focus on how private capital, institutional ownership, and public market readiness are becoming more closely linked in India’s next phase of capital market growth.

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