India's Startup Economy Diverges: IPO Market White-Hot as Late-Stage Unicorns Take 60% Haircuts

The IPO market is running on all cylinders. Over 70 IPOs have already raised more than ₹70,000 crore in 2026, and the mega-listings of Jio Platforms (₹37,000-40,000 Cr, expected during the Navratri-Diwali window) and NSE (~₹30,000 Cr) could push the annual tally past ₹1 lakh crore for the second consecutive year. Retail investor appetite has roared back — average subscription post-June surged to 30x, a four-fold jump from just 7.5x in the first half...