HKG:6809 2 February 2026

March 15, 2026, 8:42 PM EDT. India's equity raise calendar is slowing as companies delay initial public offerings (IPOs) amid volatility sparked by the West Asia conflict. So far in 2026, India has raised about $5 billion in equity, down from $6 billion in Q1 2025, with IPO proceeds declining to $1.7 billion from $2.3 billion. Market experts say this pause is tactical, reflecting investor caution rather than structural market change. IPO demand has dropped sharply, with median subscription rates falling to 3 times from 28 times late last year. Despite this, strong domestic liquidity and retail interest suggest the slowdown is temporary. India remains a top IPO destination among emerging markets, second only to the Czech Republic. Companies prefer stable conditions to set valuations, while investors focus on near-term earnings and conservative multiples amid geopolitical uncertainty.