Asia Pacific's equity capital markets are poised for another exceptional year in 2026, building on unprecedented momentum that established the region as the global leader in share sales. The region's remarkable performance in 2025, combined with a robust pipeline of major offerings, signals continued dominance in the global IPO landscape.

Record-Breaking 2025 Performance

Asia Pacific's equity markets delivered outstanding results in 2025, with comprehensive data revealing the region's commanding position in global capital markets.

The surge was fueled by Hong Kong's sharp rebound and India's second consecutive year of record initial public offerings, marking a significant shift in global capital market dynamics.

2026 Outlook and Projections

Market projections for 2026 indicate continued strength across key Asian markets. Hong Kong listings may raise as much as $45.00 billion in 2026, according to estimates by KPMG LLP, which would represent the biggest haul in six years. Indian IPOs are expected to achieve a third straight annual record, according to banking industry sources.

The 2026 pipeline features major offerings from several high-profile companies across technology, retail, and consumer sectors, with long-dormant IPO plans returning to active consideration.

Major Hong Kong Listings Pipeline

Several significant Hong Kong listings are under consideration for 2026, spanning established conglomerates and technology firms.

Revival of Dormant IPOs:

• A.S. Watson Group: CK Hutchison Holdings Ltd., controlled by billionaire Li Ka-shing, is considering listing its health and beauty retailer in a share sale that could raise $2.00 billion or more. The IPO was originally planned as far back as 2013.
• Syngenta Group: The Chinese-owned agricultural technology company held preliminary talks with financial advisers for a potential 2026 listing, more than a year after withdrawing a $9.00 billion Shanghai listing plan.

Second Listings of Chinese Firms: Multiple Shenzhen and Shanghai-listed companies are pursuing Hong Kong secondary listings:

China's Technology and AI Sector

China's artificial intelligence and semiconductor companies represent major opportunities in the 2026 pipeline. ChangXin Memory Technologies and Yangtze Memory Technologies Co., both chipmakers, are considering mainland China IPOs that could each achieve valuations of as much as 300.00 billion yuan ($43.00 billion).

Baidu Inc. has confidentially filed a Hong Kong IPO for its AI chip unit Kunlunxin, which has been valued at at least $3.00 billion. The technology giant indicated that a carve-out listing would better reflect the unit's value.

India's IPO Market Expansion

India's IPO market continues to demonstrate exceptional strength with major established companies and digital champions preparing for public offerings.

Established Giants:

• Jio Platforms Ltd: Reliance Industries Ltd. has started drafting an initial prospectus for its wireless carrier in what could be India's biggest-ever IPO
• National Stock Exchange of India Ltd: The stock exchange's IPO could come in 2026 at the earliest, according to its CEO
• SBI Funds Management Ltd: India's biggest asset manager is considering an IPO of as much as $1.20 billion in the first half

Digital Champions:

Regional Market Developments

Beyond Hong Kong and India, other Asian markets are contributing to the regional pipeline. Japan's PayPay Corp., SoftBank Group Corp.'s digital payment provider, confidentially filed a draft registration for a US stock market debut. South Korea's SK Hynix Inc. is exploring a potential New York listing to narrow its valuation gap with global peers like Micron Technology Inc.

The Singapore-based fast fashion giant Shein Group Ltd. has confidentially filed for a Hong Kong IPO, though the long-anticipated offering requires Beijing's approval. Malaysia's port operator MMC Port Holdings Sdn. postponed its planned $2.00 billion IPO to 2026 to include full-year results and strengthen valuation.

India's IPO market has witnessed a dramatic transformation over the past five years, with average mainboard offering sizes surging significantly, according to a comprehensive report by Pantomath Group. This growth reflects a structural shift in the country's capital markets and demonstrates increasing confidence among companies in accessing public funding.

Mainboard IPO Growth Accelerates

The data reveals a substantial increase in average IPO sizes across the mainboard segment. The following table illustrates this remarkable growth trajectory:

This increase represents a clear step-change from the pre-2020 era and signals stronger reliance on public markets by Indian companies to raise growth capital. The expansion in deal sizes indicates deeper investor confidence and a maturing equity ecosystem that can absorb larger offerings.

SME Segment Shows Remarkable Expansion

The small and medium enterprises segment has demonstrated even more impressive growth rates. SME IPO sizes more than doubled during the same period, pointing to deeper capital absorption and widening investor participation across market segments.

Record-Breaking 2025 Performance

The year 2025 emerged as a watershed period for Indian capital markets, with unprecedented activity across both mainboard and SME segments. The comprehensive IPO landscape for 2025 included:

This massive capital mobilization underscores both the scale and breadth of capital formation in the country's primary markets, establishing 2025 as a landmark year for Indian equity markets.

Global Leadership Position

India's IPO performance has positioned the country as a global leader in equity issuance activity. The nation achieved first place worldwide by number of IPOs, accounting for nearly one-fifth of global IPO volumes. This performance placed India ahead of major markets including the United States, Greater China, Europe, and ASEAN in terms of total issues launched.

In terms of capital raised, India secured fourth position globally, contributing approximately 11% of total global IPO funds. While this ranking reflects fewer large transactions compared to markets like the United States and certain Asian economies, the report emphasizes that this divergence represents structural differences rather than market weakness.

Market Characteristics and Outlook

India's IPO market distinguishes itself through broad-based participation across size segments. The combination of high-frequency small and mid-sized offerings, complemented by select large issuances, has created a unique blend of scale, consistency, and diversity. This approach differentiates India from more episodic or concentrated global markets and reinforces its standing as the world's most active IPO ecosystem.