India's primary market is anticipated to raise up to $25 billion in 2026, driven by large IPOs from companies like Jio Platforms, the National Stock Exchange, and PhonePe, according to Ranvir Davda, co-head of investment banking at HSBC India. While the number of IPO deals may decline, the total value is expected to remain robust, similar to the previous years that saw record fundraising. In 2024 and 2025, the IPO market raised nearly $21-23 billion through 94 and 115 mainboard IPOs, respectively. This year, 20 companies have already raised $2.5 billion, with projections suggesting a total fundraising between $21 billion and $25 billion. The current market environment is marked by volatility, influenced by global events such as the West Asia conflict, leading to deferred offerings and shorter trading windows. Companies are adapting by negotiating more flexible terms and tapping alternative funding sources, including alternative investment funds and family offices. Despite challenges, key sectors like consumer-tech and fintech are expected to attract investment as essential components of India's growth.