IPO Boom Meets Increased Market Vigilance at Moneycontrol Global Wealth Summit 2026

India's IPO Market: Sustainability and Discipline

India's Initial Public Offering (IPO) market has reached an inflection point, with a record-breaking 2025 behind it. In that year, 103 companies raised ₹1.75 lakh crore, and 249 draft papers were filed with the Securities and Exchange Board of India (SEBI). As the pipeline for 2026 is stronger, the question is no longer about supply, but about sustainability. Is the market's momentum durable, or is it moving faster than its foundations?

Market leaders gathered at the Moneycontrol Global Wealth Summit 2026 to examine the pace of IPOs and the conditions required to sustain them. Abhinav Bharti, Managing Director and Head of India ECM at JP Morgan, brought the focus back to first principles. IPOs, he explained, are a derivative of the secondary market, and stability matters more than valuations. With 160 filings in the pipeline, Bharti described the current phase as a pause, not a retreat, while advocating for greater flexibility in pricing and allocation, similar to US and Hong Kong markets.

Historical context provided further insight into the market's resilience. Jayasankar Venkataraman, Managing Director and Deputy CEO at Kotak Investment Banking, pointed out that past disruptions, such as the COVID-19 pandemic and the Russia-Ukraine war, have only caused short pauses of 30 to 45 days. The market has consistently absorbed shocks without structural damage. Last year's $30 billion in block deals, a third from foreign MNCs, reinforced that depth. "That shows the kind of depth that exists for quality companies," Venkataraman noted.

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Corrections in the market are shaping the opportunity for investors. Atul Mehra, Managing Director and CEO of Axis Capital, argued that lower valuations, steady Systematic Investment Plan (SIP) flows, and cash-rich corporates create a constructive setup. Mehra also highlighted the growing use of SEBI's confidential filing route. "We are seeing many companies, issuers, and private equity investors opting for confidential filings," he said. His strongest conviction was around Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), a market that has expanded tenfold in four years.

From the private capital lens, timing looks different. Manish Kejriwal, Managing Director of Kedaara Capital, emphasized that exit strategies are defined at entry, not dictated by market cycles. India's three exit routes – IPOs, sponsor-to-sponsor deals, and strategic buyouts – offer a level of flexibility that few markets can match.

The through line across the discussion was clear: the pipeline is strong, and the capital is available. What will define this cycle is not just momentum, but the discipline, depth, and maturity shaping how that momentum plays out.

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