IPO Valuations Dip in India as Local Funds Flex Pricing Muscle

India’s domestic funds are driving a harder bargain on IPO pricing, using their growing clout to rein in valuations even for the biggest deals as the broader stock market struggles. Domestic funds are reining in valuations for even the largest initial public offerings in India as they increasingly exert pricing power to push for discounts reflecting the equity market’s struggles. The median price-to-book ratio for IPOs raising at least 10 billion rupees ($104 million) dropped to 7.4 times in 2026 from 10.2 times last year, per data from fintech platform Chittorgarh.

Only two loss-making companies were in the cohort this year, down from at least five each in 2025 and 2024. Indian stocks face pressure from the Iran war, global trade tensions, and AI industry anxiety. With persistent foreign selling, local money managers are seizing control of deal terms, forcing cheaper entry points or risking scrapped sales. "A year back, companies were not budging on pricing," said Ritesh Taksali, chief investment officer at Edelweiss Life Insurance. "Now you can get some companies at a good discount." The share of domestic institutions in IPO proceeds rose to 33% this year from 24% in 2021, per primedatabase.com.

The impact hit marquee listings: the National Stock Exchange of India IPO was downsized by about 15%, Zepto Pvt. paused its August offering, and Prestige Estates Projects Ltd.’s hospitality unit delayed its sale. Fund managers still see pricing as often frothy, but investors are now more selective. "I would like, as a buyer, for more value to be left on the table," said Gaurav Misra, Mirae Asset Mutual Fund’s head of equities. "The clearest sign is at the top end," said Rajesh Singla, CEO and Fund Manager at Alpha AMC, noting NSE trimmed its offer size ahead of opening.

印度国内基金正利用其日益增强的议价能力，在IPO定价中博取折扣，即使是最大交易也受影响，因为更广泛的股市面临挑战。印度国内基金正在收紧即使是印度最大规模的首次公开募股（IPO）的估值，因为他们日益施加定价权，以推动反映股权市场挣扎的折扣。每个募集至少10亿卢比（1亿美元）的IPO的中位数市净率在2026年降至7.4倍，较去年的10.2倍下降，据金融科技平台Chittorgarh数据显示。今年该类别中仅有两家亏损公司，而2025年和2024年每年至少有五家。印度股票面临伊朗战争、全球贸易紧张局势和AI行业焦虑的压力。随着外资持续抛售，基金经理们把握控制交易条款的主动权，逼迫更低的入场价格或冒着发行被取消的风险。“去年，公司在定价上绝不妥协，”Edelweiss Life Insurance首席投资官Ritesh Taksali说。“现在您可以以优惠价格买到一些公司。”今年国内机构在IPO募集资金中的份额升至33%，较2021年的24%上升，据primedatabase.com数据显示。冲击了标志性上市：**National Stock