Mumbai, Sept. 22 -- India's equity capital markets activity may fall below last year's record $60 billion as a subdued start to 2026, uncertainty over crude oil and global interest rates weigh on dealmaking, Jefferies' managing director Jibi Jacob told Mint in an interview.

"We expect the total levels to be somewhere between $55-60 billion across IPOs, blocks and QIPs," he said, after about $34 billion was raised so far this year. The figure includes listings for which dates have been announced but are yet to get listed.

Jacob, who heads equity capital markets for India, said block deals are likely to average $25-27 billion by the end of this year, lower than the $30 billion in 2025. "Even IPOs are expected to hover around the $17-$19 b...