India's listed new-age firms may command $1 trillion m-cap by 2030; 210 cos IPO-ready: Redseer
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India's listed new-age companies could collectively command a market capitalisation of nearly $1 trillion by 2030, up 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, which is reshaping the country's primary market.
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, boAt, and many 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 (NATC) IPO momentum remained resilient in FY26, with nine companies making their stock market debut, including Shadowfax Technologies, Fractal Analytics, Amagi, and Aye Finance. While the number of IPOs remained unchanged from the previous financial year, the amount raised increased to ₹32,509 crore from ₹27,584 crore in FY25 and a mere ₹3,040 crore in FY24.
New-age firms' m-cap share to more than double
According to the report, the listed new-age ecosystem currently accounts for around 4.6% of India's total market capitalisation, a share that could expand to about 11.5% by 2030 under Redseer's base-case scenario. More than 50 new-age companies are already listed on Indian stock exchanges.
The report also noted that 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. India now ranks as the world's third-largest IPO market by proceeds while maintaining the strongest long-term growth trajectory among major markets.
Redseer expects the momentum to continue, with calendar year 2026 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 fundraising in the second half alone to surpass the $18.5 billion raised during the corresponding period of 2025, reflecting a strong pipeline of companies preparing to go public.
Domestic investors drive IPO resilience
A key trend highlighted by the report is the changing nature of capital backing IPOs. While foreign institutional investors have remained net sellers in the secondary market in three of the past four years, domestic institutional investors - including mutual funds, insurance companies, and pension funds - have steadily increased their participation in IPOs, 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 market volatility, the report said.
The study also notes a clear shift in investor preferences towards 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 increased from 50% to 70%, while median pre-IPO revenue growth moderated from 50% to 33%. The trend suggests investors are placing greater emphasis on profitability, operational discipline, and sustainable growth rather than pursuing growth at any cost.
Rohan Agarwal, Partner at Redseer Strategy Consultants, said the evolution of India's IPO market extends well beyond the number of companies going public.
"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. Those changes have altered the quality of the pipeline and strengthened the foundations of India's public markets in ways that are only beginning to be appreciated," he said.