India's IPO Market Slows in 2026 Amid Valuation Normalization and Stricter SME Listing Norms

India's IPO market has slowed in 2026, with 32 companies listing compared to 50 last year, and many stocks trading below issue prices. January saw only 18 IPOs raising ₹5,500 crore, amid valuation normalization and equity market downturns influenced by global trade tensions and foreign investor selling. Meanwhile, the transition of companies from SME platforms to the mainboard has declined due to stricter listing norms and increased tenure requirements, impacting migration trends and market dynamics.