IPO Frenzy Continues: Dalal Street May See $30-Billion Worth Offers In 2026, Says Avendus' Gaurav Sood

India’s IPO market, which has already seen about $20 billion worth of listings in each of the past two years, could scale up meaningfully in 2026, according to Gaurav Sood, Managing Director and Head of Equity Capital Markets at Avendus Capital. Sood said the market is now positioned to potentially see $25–30 billion worth of IPOs, underpinned by a strong and diversified pipeline.

At the core of this momentum are new-age companies, fintech and consumer tech, which Sood said will continue to dominate IPO activity by sector. Alongside technology-led listings, renewables and the broader energy space are also expected to see growing interest.

REITs and InvITs remain relevant vehicles for investors, while select financial services firms and healthcare companies — both multi-specialty and single-specialty — are emerging as attractive candidates for the public markets, believes Sood.

A key structural theme shaping the IPO landscape is the increasing number of multinational companies listing their India businesses. Sood said this is not a short-term trend but a “multidecadal theme”, reflecting India’s rising importance for global corporations as a growth and profit centre. This, he added, will continue to be a major driver of market activity in the years ahead.

On investor participation, Sood expects foreign institutional investor (FII) selling to slow somewhat in 2026. He also pointed out that, unlike secondary markets, primary markets have continued to attract strong FII interest, especially in large, high-quality IPOs, reinforcing confidence in India’s long-term growth story.