Indian Large Companies Maintain Private Status Amid Ongoing IPO Boom

India's Unlisted Gems: A Growing Pipeline of Public Market Candidates

According to the JM Financial and Hurun India Unlisted Gems 2026 report, India's fastest-growing large companies remain privately held, with a combined revenue of ₹8.9 trillion across 100 large unlisted companies. This suggests that the country's initial public offering (IPO) pipeline remains substantial, despite a slowdown in activity in 2026.

Key Statistics

• 100 large unlisted companies with combined revenue of ₹8.9 trillion
• 20% three-year revenue compound annual growth rate for these unlisted companies, compared to 9-11% for the Nifty 50
• 12% revenue growth in 2024-25, versus 4.5-7% for the benchmark index

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Market Trends

India continues to house almost 70% of its unicorns in the private market, with large consumer and retail players dominating the cohort. Reliance Retail, Flipkart, and Malabar Gold and Diamonds lead the list, while capital-intensive manufacturing bets such as Tata Electronics and Tata Passenger Electric Mobility have emerged as fast growers. Infrastructure and core industry players like Gawar Construction and Wonder Cement also made the list, alongside financial services firms, including SBI General Insurance and Zerodha Broking.

IPO Activity

A decade-high number of IPO filings in 2025 brought the country close to record annual fundraising levels. In 2026, the activity slowed amid volatile equity markets and muted investor response to some recent listings. According to Trendlyne data, 31 companies across the mainboard and SME segments have raised funds so far this year, with three more expected to list next week.

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Geographic Distribution

Mumbai leads the list with 20 companies, followed by Bengaluru with 17. Technology companies account for only about 10-15% of the cohort by revenue, with no dedicated artificial intelligence-focused firms yet emerging as dominant near-term listing candidates.