BofA sees late-2026 IPO rebound as MNC India units explore listings

BofA Securities expects India’s IPO market to recover in the second half of 2026, led by large offerings and potential MNC subsidiary floats. Consumer-facing groups including Coca-Cola, Pernod Ricard, Carlsberg and Fossil are among companies reportedly assessing Indian listings, while Jio Platforms is targeted for a next-quarter debut.

— Source publishedThu, 27 Aug, 2026, 06:01 IST·First seen Thu, 27 Aug, 2026, 06:10 IST·Source Mint · Markets

What happened

BofA expects India’s IPO market to rebound in late 2026, supported by large issues and MNC subsidiary listings. Jio Platforms is targeted for a next-quarter

Key facts

  • 59 companies raised ₹72,078 crore through IPOs in 2026 as of 22 August
  • 103 companies raised ₹1.75 lakh crore through IPOs in 2025
  • SBI Funds Management IPO: $1 billion
  • Shiprocket IPO: $170 million
  • Ather Energy QIP: $135 million
  • FMC India crop-protection business sale: $252 million

Why this matters

Potential local listings may create better-capitalized, more independent Indian counterparts for partnerships and acquisitions, while also raising competitive intensity for consumer assets and talent.

What to watch

  • Jio Platforms IPO timing, pricing, subscription levels and post-listing performance.
  • SEBI filing activity, draft prospectuses and reported banker mandates for Coca-Cola, Pernod Ricard, Carlsberg, Fossil and other MNC India units.
  • Foreign portfolio inflows, India equity-market volatility and consumer-sector IPO valuation multiples.
  • Evidence of parent companies transferring India assets, trademarks, manufacturing operations or distribution rights into standalone local entities.
  • Quarterly India growth, margin and capex disclosures from prospective issuers.
  • Global consumer groups will accelerate legal, governance, accounting and management-team separation for India units that could be listed or partially monetized.
  • Potential issuers will emphasize India-specific growth plans: local manufacturing, tier-2/3 city distribution, quick-commerce partnerships, premiumization and direct-to-consumer channels.
  • Private-equity-backed retail and consumer firms may revive exit planning as comparable public valuations improve.
  • Listed Indian consumer peers may face higher competition for investor capital, senior talent, retail locations and distribution partners.