Bullish for BSE, KFINTECH: IIFL Sees IPO Surge in H2 2026

IIFL's investment banking head Nipun Goel told Mint that India's IPO pipeline continues to expand despite war-driven global market volatility, with a major listing surge expected in H2 2026. The commentary mirrors last year's pattern where issuance accelerated in the back half of the calendar.

A robust primary market is a high-margin revenue tailwind for merchant bankers, exchanges, RTAs and depositories. It also signals continued domestic liquidity absorption capacity even as FII flows remain choppy due to geopolitical risks — a structural positive for the broader Indian financialisation theme.

Direct beneficiaries include BSE (listing fees), KFINTECH and CDSL (issuance servicing), and merchant bankers like MOTILALOFS, JMFINANCIL and IIFL itself. Discount brokers ANGELONE benefit from IPO-led account openings and subscription volumes. Broader financials sentiment also gets a lift.

Track DRHP filings with SEBI, IPO subscription trends, and Q1FY27 commentary from merchant bankers. Watch BSE volumes and CDSL incremental demat additions as leading indicators. Risk: escalation in geopolitical conflict could delay launches and compress valuations.

• •Nipun Goel, IIFL investment banking head, expects IPO momentum to hold steady
• •Surge in major listings expected in H2 2026
• •Trend mirrors last year's back-half issuance pattern
• •Outlook holds despite war-induced global market volatility