Rs 2.5 lakh crore IPO boom in 2026 could create ‘liquidity drain’, says HDFC Securities; pegs Nifty at 28,720

The Indian equity market heads into 2026 facing an unusual paradox. On the one hand, optimism around growth, earnings recovery and policy support is building. On the other, a flood of new listings threatens to stretch liquidity and test investor appetite. According to HDFC Securities, the coming year could well be defined by how markets navigate this delicate balance. The most immediate challenge is the sheer scale of the IPO pipeline. More than 190 companies are expected to tap the primary market in 2026, collectively seeking to raise over Rs 2.5 lakh crore. Such a heavy issuance calendar raises a…