Why is the India IPO market starting 2026 slowly?

The market typically experiences a cautious start in January as investors return from holidays and assess new year market cues.

Which types of IPOs are active in India in early January 2026?

Small and Medium Enterprise (SME) IPOs are seeing more activity, with three offerings scheduled, while mainboard IPOs are fewer.

What is expected for the Indian IPO market later in January 2026?

A stronger pipeline of larger IPOs is anticipated later in the first quarter, despite the quiet start to the year.

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India IPO Market: Slow Start to 2026

3 Jan

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Summary

Only one mainboard IPO opened in early January 2026.
Three SME IPOs are scheduled for the first week.
Investor participation is typically cautious at the year's start.

The Indian IPO market has begun 2026 with a subdued pace, marked by the opening of only one mainboard public issue in the initial week. This cautious start is attributed to the typical year-end sentiment, as investors return from holidays and assess market conditions before committing new capital. The focus has instead gravitated towards three Small and Medium Enterprise (SME) IPOs scheduled between January 6 and January 9.

Activity in the SME sector remains robust, featuring offerings in infrastructure materials, electric mobility, and sustainable textiles. This contrasts with the mainboard, where companies appear reluctant to test market sentiment in the opening days of the year. Only one listing, Modern Diagnostic, is lined up for the upcoming week, further highlighting the quiet start for larger public offerings.

Despite the slow beginning, the pipeline for more significant IPOs expected later in the first quarter remains strong. This suggests that while companies are adopting a wait-and-see approach in early January, the broader outlook for the IPO market throughout the quarter is anticipated to be more active.