‘This could be largest IPO yr in Indian history’

Indian capital markets are witnessing a boom in IPO activity in 2025, with the current calendar year being expected to be the largest IPO year in India’s history, according to India heads of foreign banks on Wednesday.

- BS REPORTER

Speaking during a session moderated by Manojit Saha of Business Standard, HSBC India CEO, Hitendra Dave, said, “I think by all accounts, 2025 promises to be the largest IPO year of all time for India. The next two months will be very busy. It’s like going from one transaction to another, but at the same time do justice to all the mandates that you have.”

Citi India Head, K Balasubramanian, highlighted that in the last 10 years, the number of billion dollar IPOs that have happened in the market was probably five or around that. This calendar year, from January till now and the coming three months, there are around 9-10 IPOs of billion dollars.

“That's a significant shift in terms of the size of transactions that is happening in the Indian market. What has changed in the market over the last five years is the financialisation of savings as a lot of money is actually moving into the capital markets, both secondary and primary,” said Balasubramanian.