Mumbai, India – 10 March 2026:
Uniqus Consultech, in partnership with the Indian Venture and Alternate Capital Association (IVCA), today launched the report “India IPO & Capital Markets Outlook” at the IVCA Conclave 2026 in Mumbai. The report provides a comprehensive analysis of India’s evolving capital market landscape, attractiveness of India as an investment destination, IPO trends, ownership patterns, and key aspects in the offer document from a regulatory lens.
The report unveiled by Jamil Khatri, Co-Founder & CEO, Uniqus Consultech, and Rajat Tandon, President, IVCA, examines how India’s capital markets are undergoing a structural transformation driven by strong domestic participation, robust fundraising activity, and increasing global investor interest.
India’s IPO market in 2025 remained resilient despite global volatility, raising INR 1.76 lakh crore, up 10% over 2024, with 63% of proceeds from OFS and 37% from primary issuances. Market ownership is also shifting structurally, with DIIs holding approximately INR 88 lakh crore in NSE-listed companies compared to about INR 78 lakh crore by FIIs, while India’s overall market capitalisation has nearly doubled from INR 229 lakh crore in July 2021 to INR 477 lakh crore in 2025.
The analysis also indicates that IPO proceeds were largely deployed to strengthen financial positions and support core operations:
- Working capital: ~32%
- Debt repayment: ~27%
- Capital expenditure: ~18%
The pipeline also remains strong, with around 200 draft offer documents filed with SEBI, representing a potential issuance of over INR 1.81 lakh crore, supported by healthy domestic liquidity and a stable macroeconomic environment.
Commenting on the report launch, Raghuram K, Partner – Accounting & Reporting Consulting (ARC), 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, added, “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. 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.”
Looking ahead, the report notes that India could witness a broader and deeper IPO cycle driven by structural conviction and disciplined capital formation, supported by sustained domestic liquidity, expanding retail participation, and improving regulatory transparency.
To download the full report, click here
