Is India’s IPO Market Set to Raise $20 Billion in the Next Year?
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Synopsis
India's IPO market is on the verge of a significant boom, with Citigroup predicting a surge of up to $20 billion in the next 12 months. Amid growing investor interest and a robust pipeline of listings across key sectors, this forecast underscores India's rising status as a major player in the global equity capital markets.
Key Takeaways
- India's IPO market may raise up to $20 billion in the next year.
- The forecast is driven by strong demand and a record pipeline of listings.
- Key sectors include technology, healthcare, and consumer.
- Reliance Jio Infocomm Limited's IPO is expected to be historic.
- Despite global uncertainties, India's capital market remains resilient.
New Delhi, Oct 10 (NationPress) India's thriving primary market is capturing global interest as Citigroup Inc. forecasts that Indian initial public offerings (IPOs) could potentially secure up to $20 billion within the upcoming 12 months.
This optimistic outlook is fueled by strong investor interest and an impressive lineup of forthcoming listings in the technology, healthcare, and consumer sectors.
As per Citigroup, India is poised to be one of the most dynamic equity capital markets (ECM) globally, joining Hong Kong in activity over the next year.
Harish Raman, Citi's head of equity capital markets execution and solutions for Asia Pacific, stated, "India is likely to be the world's most active ECM market alongside Hong Kong in the upcoming year."
He remarked that the current pipeline is unprecedented, featuring both domestic and international companies.
In 2025 alone, IPOs in India have already generated $12 billion, with an additional $5 billion anticipated for October.
This bullish outlook coincides with India's ongoing IPO surge this year. Reports indicate that by September, companies had amassed nearly Rs 85,000 crore through 74 mainboard offerings.
The forthcoming IPO of LG India, valued at Rs 15,000 crore, is expected to drive total fundraising beyond Rs 1.3 lakh crore.
Numerous high-profile companies—such as Pine Labs, Meesho, ICICI Prudential Asset Management, Groww, and Physics Wallah—are also gearing up to enter the market soon.
Next year, Reliance Jio Infocomm Limited is anticipated to unveil what could be India's largest IPO ever, according to another report.
Citigroup attributes this boom to robust domestic liquidity, which is bolstered by millions of retail investors and mutual funds, even as foreign investors have withdrawn over $15 billion in 2023 amid global uncertainties.
Analysts suggest that even with worries about US tariffs and declining corporate earnings, India's capital market remains strong and continues to draw both institutional and retail investors.
They believe that the current IPO frenzy is indicative of strong investor sentiment, solid corporate performance, and India's increasing allure as a global investment hub.
Point of View
The ongoing IPO boom in India reflects a significant opportunity for both local and international investors. The resilience of the capital market amidst global uncertainties demonstrates India's growing importance as a viable investment destination, showcasing its potential for robust economic growth and stability.
NationPress
11/10/2025
Frequently Asked Questions
What is the projected amount for India's IPOs in the next year?
India's IPO market is projected to raise up to $20 billion over the next 12 months.
Which sectors are seeing the most IPO activity?
The technology, healthcare, and consumer sectors are expected to dominate the upcoming IPO listings.
How much have Indian IPOs raised so far in 2025?
As of now, IPOs have raised $12 billion in India in 2025.
What is the significance of Reliance Jio's upcoming IPO?
Reliance Jio's IPO is anticipated to be India's largest IPO on record, signifying the growing scale of the market.
What factors are driving the IPO boom in India?
Strong domestic liquidity, retail investor participation, and robust corporate earnings are key factors driving the IPO boom.
