Nearly 210 new-age companies will be ready for initial public offerings (IPOs) over the next 24 months, with the market capitalisation of listed new-age firms projected to grow from $150 billion currently to $1 trillion by 2030, according to a report by consulting firm Redseer.
The report projects that the new listings will expand the share of new-age companies in India’s equity market from 3 per cent to 11.5 per cent by the end of the decade, positioning India third globally by mainboard proceeds but first by trajectory.
The report highlights that the IPO market used to reward growth in such new-age firms, but it now demands profitable growth.
“Domestic institutions have become an anchor buyer of the new-age cohort. They are underwriting a cohort where 14 of 20 listings now arrive profitable, where pricing is set against listed comparables rather than the last private round, and where a company’s readiness at listing measurably predicts the returns that follow,” the report noted.
The report projects that the second half of calendar year 2026 will raise more than all of last year, bringing in $19-22 billion in just six months.
More than 200 companies are lined up to raise funds from the public market, with over 150 already holding approval from the Securities and Exchange Board of India (Sebi).
The second half is set to begin with SBI Funds Management eyeing $1.22 billion through its IPO, followed by mega IPOs such as those of the National Stock Exchange (NSE) and Jio Platforms, with valuations placing them among the top 10 listed companies.
Calendar year 2025 was India’s best-ever primary market year, with more than 100 mainboard issues raising a record $18.5 billion, the report added.
India’s mainboard IPO market has grown eightfold over the past decade, including more than 300 new listings in five years.
Growth was supported by a deep domestic capital base, strong corporate earnings, a maturing exit pipeline and a supportive regulatory infrastructure, the report noted.
