Mumbai, Feb. 24 -- Even as India witnessed record public issue filings and listings in 2025, many of the country's fastest-growing large companies remain privately held, according to the JM Financial and Hurun India Unlisted Gems 2026 report, adding that the next wave of public market candidates is building.

With Rs.8.9 trillion in combined revenue across 100 large unlisted companies, India's initial public offering (IPO) pipeline remains far from thin, it said.

In markets such as China, a majority of billion-dollar firms have already gone public, according to Rupert Hoogerwerf, chairman and chief research officer of Hurun. "Close to 70% of unicorns have already been listed based on the latest research," Hoogerwerf told Mint.

India con...