New Delhi, Dec. 31 -- India's equity capital markets are set to witness close to Rs 4 lakh crore in capital formation in 2026, marking a significant milestone in the country's financial evolution, according to Primary Pulse 2025, a report released by Pantomath Capital.

The findings point to a structurally stronger and more resilient IPO ecosystem, positioning India as a global leader in IPO deal volume.

The report highlights a sharp transformation between 2020 and 2025, as India's primary markets shifted from cyclical fund-raising to sustained capital mobilisation.

IPO fund-raising volumes have surged nearly twelve-fold over the past decade, supported by steady participation across both mainboard and SME segments. In 2025, mainboard IP...