What is the new normal for India's IPO market according to JP Morgan?

JP Morgan states that $20 billion in annual issuances is the new normal for India's IPO market.

How much of India's IPO demand is driven by consumer technology?

Consumer technology and new-age businesses currently drive nearly one-fifth of the demand for IPOs in India.

What is the projected market capitalization for India in five years?

India's overall market capitalization is projected to double to $10 trillion in the next five years.

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India IPO Market Hits $20B "New Normal"

9 Dec, 2025

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Summary

India's IPO market has reached a new normal of $20 billion annual issuances.
Consumer technology drives nearly one-fifth of demand, expected to grow.
India's overall market cap aims to double to $10 trillion in five years.

India's initial public offering (IPO) market has established a new benchmark, with annual issuances now consistently reaching $20 billion. This trend is expected to continue as an annualized run rate over the coming years, bolstered by strong investor interest. Consumer technology and new-age businesses are significant contributors, currently driving close to 20% of demand, a figure anticipated to exceed 30% in the next five years.

Significant future growth is projected, with at least 20 startups valued in the hundreds of millions preparing for IPOs, and several larger offerings exceeding $1 billion. This surge is partly driven by private equity funds seeking exits. Despite a current slowdown in fresh capital raising and qualified institutional placements, overall equity capital markets are expected to rebound with anticipated foreign inflows next year.