$6 billion share sale wave set to hit India in second half of 2026 as dealmaking likely to pick up

Dealmaking activities are slated to pick up in the second half of 2026 after a subdued first six months, as a host of companies are expected to raise a whopping ₹60,000 crore or $6 billion, according to a Bloomberg analysis.

This barrage of shares is expected to hit the Indian stock market across initial public offerings (IPOs), institutional placements and government stake sales to lock-in expiries, creating a busy period for equity offerings in 2026.

The Indian stock market has seen a subdued trend in IPOs or dealmaking this year after a blockbuster last year, as the underperformance since the start of 2026 kept buyers at bay. The Indian benchmark indices are struggling on a YTD basis amid tariff fears and the Middle East crisis, which has pushed oil prices higher, threatening to derail the growth of the world's third biggest oil importer.

IPO activity to pick up

In signs of the increase in activity, quick-commerce company Zepto has filed an updated draft prospectus for an IPO that could raise $1 billion. Similarly, National Stock Exchange of India (NSE) may be close behind with a $2.5 billion filing. Investors would also track updates on the much-awaited Reliance Jio IPO.

So far in 2026, IPOs have raised about $3.5 billion this year, according to Bloomberg data. This lags the pace of the previous two record-setting years, when proceeds topped $20 billion each.

Lock-in expiry to free up $31 bn worth of stocks

The supply of shares could increase further as lock-up periods expire for more than 75 listed companies over the next four months. According to Nuvama Wealth Management, it could free up to $31 billion worth of stocks. However, it’s important to note that not all of these shares will come for sale, as a sizable portion of these shares are also held by promoters & group.

Despite the crowded issuance, bankers remain confident that demand will hold up, supported by strong participation from domestic institutions and retail investors, the Bloomberg report added.

“This sustained pace of issuance indicates healthy underlying liquidity and participation across domestic institutions, foreign investors and retail segments,” said Samarth Jagnani, head of global capital markets for India and Southeast Asia at Morgan Stanley, told the news agency.

The report further states that about 163 companies have received approval from the Securities and Exchange Board of India to launch IPOs, according to data from Prime Database, suggesting that India remains one of the world’s most active primary markets. Meanwhile, another 62 companies have filed draft prospectuses and are awaiting regulatory clearance.

Some investors, however, caution that the market’s capacity to absorb new supply may be tested if multiple large offerings are launched simultaneously, the Bloomberg report added.

(With inputs from Bloomberg)

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