India's IPO Boom: The New $20 Billion Normal

India is experiencing a sustained surge in initial public offerings (IPOs), with $20 billion per annum predicted as the annual norm. Driven by consumer technology and new age businesses, this trend is poised to become a significant aspect of India's financial landscape, supported by private equity investments and strategic foreign interest.

India is witnessing a surge in initial public offerings (IPOs), with an expected annual figure of $20 billion becoming the standard, as highlighted by prominent investment bankers. The nation has already seen $21 billion in IPO issuances in 2025, matching last year's performance, with a projected increase to $23 billion by year's end.

Abhinav Bharti, Head of Equity Capital Markets at JP Morgan, emphasized the growing influence of consumer technology and new age businesses, which are currently driving nearly 20% of the demand, a figure projected to exceed 30% within the next five years. At least 20 startups with substantial private valuations are gearing up for IPOs.

Investors can anticipate substantial issuance activity with four to five companies planning offerings exceeding $1 billion, raising a collective total of $8 billion, featuring technology-driven ventures prominently. Although private capital expenditure remains sluggish, the anticipated return of foreign investments and a promising mergers and acquisitions outlook position India favorably in the global market.

(With inputs from agencies.)