Local Funds Push Down Indian IPO Valuations Amid Market Pressures

IPO Valuations Dip in India as Local Funds Flex Pricing Muscle. (Bloomberg) -- 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 biggest initial public offerings in India as they increasingly exert their pricing power to push for discounts that reflect the broader equity market's struggles. The median price-to-book ratio for IPOs that raised at least 10 billion rupees ($104 million) has dropped to 7.4 times in 2026, compared to 10.2 times last year, according to data from