$20 billion of IPOs per year a new normal for India, says JP Morgan

Initial public offerings worth $20 billion per annum are the “new normal” for India and will become an annualised run rate over the next few years, one of the biggest investment bankers said on Tuesday.

- OUR CORRESPONDENT

‘The market, which has seen a slew of initial share sales this fiscal, has already witnessed $21 billion of issuances in 2025, the same as last year, and we should close the year with over $23 billion, given the fact that some large issues like the Rs 10,000 offering from ICICI Prudential AMC are in process, said JP Morgan.

“Yearly issuance of $20 billion is the new normal for India. It is the new watermark and will become an annualized run rate from here on,” its head of equity capital markets, Abhinav Bharti, told reporters here.

Bharti said nearly a fifth of the demand is getting driven by consumer technology and new age businesses, and the same will go above 30 per cent as well over the next five years.

He said at least 20 startups, which command valuations in hundreds of millions in the private market, are preparing for an IPO at present.