Stories
India's IPO Market Soars: Record Quarter Fuels Blockbuster Year Ahead
- •India's IPO market is set for a third consecutive blockbuster year, driven by strong third-quarter momentum and a packed pipeline.
- •Listing proceeds in July-September surpassed $9 billion, the highest ever for the period, pushing total fundraising this year to over $13 billion.
- •Large IPOs from National Stock Exchange of India Ltd., SBI Funds Management Ltd., and Manipal Health Enterprises Ltd. contributed over $4.3 billion.
- •The primary market shows resilience despite broader equity market volatility and a 13% drop in the NSE NIFTY 50, with strong domestic liquidity supporting activity.
- •A significant backlog of IPOs, including Jio Platforms Ltd.'s proposed $3.1 billion share sale, primes India for another potential record fundraising year.
Key Questions Answered
Listing proceeds surpassed $9 billion in July-September, driven by large initial public offerings from the National Stock Exchange of India Ltd., SBI Funds Management Ltd., and Manipal Health Enterprises Ltd. This robust momentum pushed total fundraising for the year past $13 billion.
Upcoming offerings being prepared include Jio Platforms Ltd.’s proposed share sale of more than $3.1 billion, Avaada Electro Ltd.’s $800 million IPO, and a $400 million deal by Advanta Enterprises. Additional companies like Oravel Stays Ltd., Torrent Gas Ltd., and Sify Infinit Spaces Ltd. have already received regulatory approvals.
The benchmark NSE NIFTY 50 has fallen about 13% this year, making India the second-worst-performing major equity market globally after Indonesia. However, strong domestic liquidity and institutional demand have kept the primary market resilient despite this broader volatility.
