New Delhi, Aug. 3 -- India's initial public offering boom is fading, with proceeds down by a fifth from a year earlier as companies cut deal sizes, accept lower valuations and delay listings, raising doubts about sustaining momentum after two record years.

Companies have raised about $5.78 billion through public offerings so far in 2026, compared with $7.32 billion in the year-earlier period, data compiled by Bloomberg show. That follows record fundraising of $22.36 billion in 2025 and $20.65 billion in 2024.

Several closely watched IPO candidates, including Temasek-backed Manipal Health Enterprises Ltd., Indo-MIM Ltd. and Juniper Green Energy Ltd., have cut the size of their offerings to get deals done. Rapid-commerce firm Zepto Ltd. h...