India's primary markets are projected to see approximately Rs4 lakh crore in capital formation through IPOs in 2026, according to a Pantomath Capital report. The report indicates a structural shift towards steady capital mobilization, with India leading global IPO volumes. Mainboard IPOs exceeded 100 deals in 2025, supported by diverse offerings. Proceeds are largely directed towards expansion and capacity creation, with financial services, manufacturing, and industrials leading fund mobilization. Investor participation is also broadening beyond major cities.