Chennai: Uniqus Consultech, in partnership with the Indian Venture and Alternate Capital Association (IVCA), has released a new report titled “India IPO & Capital Markets Outlook” at the IVCA Conclave 2026 held in Mumbai. The report offers a comprehensive analysis of India’s evolving capital market landscape, examining the country’s attractiveness as an investment destination, IPO trends, ownership patterns and key regulatory considerations in offer documents.
The report was unveiled by Jamil Khatri, Co-Founder and CEO of Uniqus Consultech, and Rajat Tandon, President of the Indian Venture and Alternate Capital Association. The study highlights how India’s capital markets are undergoing a structural transformation driven by strong domestic investor participation, robust fundraising activity and increasing global investor interest.
According to the findings, India’s IPO market remained resilient in 2025 despite global market volatility, raising approximately ₹1.76 lakh crore, representing a 10% increase compared to 2024. Of the total proceeds, 63% came from offer for sale (OFS) transactions while 37% were primary issuances.
The report also notes a significant shift in market ownership patterns. Domestic institutional investors (DIIs) now hold roughly ₹88 lakh crore in NSE-listed companies, surpassing foreign institutional investors (FIIs), whose holdings stand at around ₹78 lakh crore. Meanwhile, India’s total market capitalisation has nearly doubled from ₹229 lakh crore in July 2021 to ₹477 lakh crore in 2025, reinforcing the country’s position as a $5.2 trillion equity market.
The analysis further indicates that companies largely utilised IPO proceeds to strengthen their financial positions and support core business operations. Approximately 32% of funds were allocated toward working capital, 27% toward debt repayment, and 18% toward capital expenditure.
The report also points to a robust pipeline for upcoming public offerings. Around 200 draft offer documents have been filed with the Securities and Exchange Board of India (SEBI), representing a potential issuance of over ₹1.81 lakh crore. This pipeline is supported by strong domestic liquidity and a relatively stable macroeconomic environment.
Commenting on the report, Raghuram K, Partner – Accounting & Reporting Consulting (ARC) at 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 of the Indian Venture and Alternate Capital Association, 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 suggests that India could witness a broader and deeper IPO cycle, driven by structural investor confidence, disciplined capital formation and sustained domestic liquidity. Expanding retail participation and improving regulatory transparency are also expected to play a significant role in shaping the next phase of the country’s capital market growth.
