India IPO boom: $20B could be raised in next year
India's IPO scene is buzzing—Citigroup projects up to $20 billion could be raised through IPOs over the next 12 months, putting India among the world's busiest markets alongside Hong Kong.
Already, $12 billion has been raised this year, with Tata Capital and LG Electronics India expected to add another $5 billion this month.
Upcoming IPOs
Big names like Pine Labs (digital payments), Meesho (e-commerce), and ICICI Prudential Asset Management are in the spotlight.
Reliance Jio is gearing up for what could be India's biggest IPO in 2026.
Most of these upcoming listings are in tech, healthcare, and consumer sectors.
Retail demand strong, but foreign investors cautious
Strong interest from Indian retail investors is driving the boom, even as foreign investors pull out due to a rotation into Chinese equities, US tariffs on India's exports, and weaker company profits.
Despite market ups and downs, demand is holding steady—but as Citi's Harish Raman points out, the real test will be keeping IPO valuations realistic with so many listings on the way.