Kotak Investment Banking forecasts a 32% increase in Initial Public Offerings (IPOs) to Rs 2.50 lakh crore in 2026, driven by large issuances exceeding $1 billion. This follows a mixed 2025 where IPOs grew 13% to Rs 1.89 lakh crore, but overall equity capital markets activity declined 18% to Rs 5.1 lakh crore. New-age and consumer companies are expected to lead fundraising, with domestic institutional investors remaining crucial. Valuations are seen as more attractive, potentially drawing more investors.