According to a report by the consulting firm Redseer, the ecosystem of registered new technology companies in India is projected to reach a market capitalization of $1 trillion by 2030. This growth is driven by the presence of a large number of companies preparing to go public.
The Redseer India IPO Report: 2026 established that there are currently about 210 new technology companies in the country ready for an Initial Public Offering (IPO) within the next two years. This estimate was based on an analysis of 1400 firms.
An analysis of over 300 IPOs conducted between the fiscal years 2021 and 2026 showed that registered new technology companies in India currently have a market capitalization of approximately $150 billion, equivalent to about 4.6% of the country's total market value. However, according to Redseer's base case scenario, this share could increase to nearly 11.5% by 2030.
The report also noted that the Indian IPO market has grown almost eightfold in terms of funds raised over the last decade, becoming the only major capital market capable of sustaining continuous primary listing growth. Currently, India ranks third globally in terms of funds raised through IPOs.
Thanks to the growing participation of domestic institutional investors, including pension funds, insurance companies, and mutual funds, as well as stable inflow of funds through Systematic Investment Plans (SIPs), the IPO market has become more resilient. This has reduced the market's dependence on foreign capital during times of global instability.
Furthermore, there is a shift in investor preferences towards companies demonstrating profitable growth. Among new technology firms listed between the fiscal years 2022 and 2026, the proportion of companies reporting post-tax profit (PAT) at the time of listing increased from 50% to 70%. Meanwhile, the median revenue growth leading up to the IPO slowed from 50% to 33%.
Redseer Partner Rohan Agarwal stated that 'the story of the Indian IPO has become much more interesting than just the number of companies going to market annually. Over the last decade, the market has gained greater depth, enterprises have become more robust, and domestic capital reserves have significantly grown.'
Associate Partner Abhishek Tandon emphasized that the IPO reflects years of business building, where factors such as corporate governance, financial discipline, and valuation at the time of listing converge.
