The expansion in India’s initial public offerings (IPOs) is expected to continue, with companies poised to raise more than US$30 billion in the next 12 months, according to Kotak Mahindra Capital.
Around 150 companies are planning to tap the equity market, V Jayasankar, head of investment banking at Kotak, the country’s top arranger for equity deals this year, said in an interview.
“The pace of IPO filings is robust, and it reflects the deepening confidence of issuers in India’s capital markets,” he said.
India’s IPO market had a slow start to the year after companies raised a record US$21 billion in 2024. But activity has picked up in recent months.
A number of billion-dollar deals are on their way, with this month’s solid debut by HDB Financial Services also boosting sentiment. The shadow lender’s US$1.5 billion IPO was India’s biggest in 2025.
Overall IPO proceeds for this year stand at US$7 billion, and Jefferies Financial Group expects up to US$18 billion to be raised in the second half.
