Recent years have witnessed a rising incidence of Offers-for-Sale (OFS) in primary market issuance, according to reports from Moneycontrol.com. This trend reflects the evolving structure of initial public offerings as companies increasingly involve existing stakeholders in the public listing process. Despite recent delays, 2026 is still on pace to beat last year's deal count, according to Renaissance Capital, with the year already setting a record for IPO proceeds - even without SpaceX's blockbuster June offering.
The IPO market has experienced a slew of delays in recent months, with companies like Oura postponing plans in late September, followed by Bamboo Insurance and Holtec Nuclear shortly before that. As reported by Moneycontrol.com, the implied valuation of close to 21.6x EV/EBITDA is well ahead of international peers, suggesting strong market confidence despite current challenges. JPMorgan CFO Jeremy Barnum described the firm's pipeline as 'very, very strong', noting that IPOs are being 'delayed rather than cancelled' due to temporary market conditions.
The increasing prevalence of OFS structures in IPOs represents an opportune exit strategy for promoters and private equity investors, according to Moneycontrol.com analysis. Goldman CEO David Solomon acknowledged that while activity got 'a little bit softer' in September, the IPO market was 'wide open' before valuation expectations changed. Market experts suggest companies are prepping IPOs, filing confidentially, and giving themselves optionality for when market conditions improve. One potential catalyst for renewed activity would be an end to the Iran war, which could bring down oil prices and help kickstart deal flow again.
