India's listed new-age firms could collectively command a market capitalisation of nearly $1 trillion by 2030, up sharply from around $150 billion currently, according to a report by Redseer Strategy Consultants. The projected growth is expected to be driven by a robust pipeline of IPO-bound startups and deeper domestic institutional participation, reshaping the country's primary market.
Key Highlights
- India's new-age listed firms may hit $1 trillion market cap by 2030, up from $150 billion.
- Around 210 new-age companies are IPO-ready over the next 24 months.
The Redseer India IPO Report 2026 estimates that around 210 new-age companies are IPO-ready over the next 24 months, including Zepto, PhonePe, Reliance Jio, Flipkart, Razorpay, and boAt, among others. The report is based on an analysis of more than 300 mainboard IPOs between FY21 and FY26 and an assessment of 1,400 new-age companies.
India's new-age technology company (NATO) IPO momentum remained resilient in FY26, with nine companies making their market debut, including Shadowfax Technologies, Fractal Analytics, Amagi, and Aye Finance. While the number of IPOs stayed unchanged from the previous financial year, the amount raised rose to Rs 32,509 crore, up from Rs 27,584 crore in FY25 and just Rs 3,040 crore in FY24.
New-Age Firms' Market Cap Share to More Than Double
The listed new-age ecosystem currently accounts for around 4.6% of India's total market capitalization, a share Redseer expects could expand to about 11.5% by 2030 under its base-case scenario. More than 50 new-age companies are already listed on Indian exchanges. IPO proceeds have grown nearly eight-fold over the past decade, making India the only major capital market to sustain uninterrupted long-term growth in primary issuance - now ranking as the world's third-largest IPO market by proceeds.
Second Half of 2026 Expected to Surpass Last Year
Redseer expects the momentum to continue, with CY2026 on track to become another landmark year for listings. While IPO activity remained relatively subdued in the first half of the year, the report expects second-half fundraising alone to surpass the $18.5 billion raised in the corresponding period of 2025, reflecting a strong pipeline of companies preparing to go public.
Also Read: IPO Market Defies Slump: Rs 22,572 Cr Raised by 27 Firms in H1
Domestic Investors Drive IPO Resilience
A key trend highlighted in the report is the changing nature of capital backing IPOs. While foreign institutional investors (FIIs) have remained net sellers in the secondary market in three of the past four years, domestic institutional investors (DIIs)- including mutual funds, insurance companies, and pension funds - have steadily increased their IPO participation, supported by sustained inflows through systematic investment plans (SIPs). This growing domestic investor base has made India's IPO market less dependent on overseas capital and more resilient during periods of global volatility, the report said.
Shift Toward Profitability Over Growth-at-Any-Cost
The study also notes a clear shift in investor preferences toward businesses with stronger financial fundamentals. Between the FY22 and FY26 cohorts of new-age IPOs, the proportion of companies that were profitable at the time of listing rose from 50% to 70%, while median pre-IPO revenue growth moderated from 50% to 33% - suggesting investors are placing greater emphasis on profitability and operational discipline rather than growth at any cost.
Rohan Agarwal, Partner, Redseer Strategy Consultants, said the evolution of India's IPO market extends well beyond headline listing numbers. "India's IPO story has become far more interesting than the number of companies coming to market every year. Over the last decade, the market has developed greater depth, businesses have become more resilient, and domestic pools of capital have grown substantially," he said, adding that these shifts have strengthened the foundations of India's public markets in ways only beginning to be appreciated.
