Kotak Mahindra Capital says Indian IPOs to raise $30 billion over 12 months

Bombay Stock Exchange Photographer: Dhiraj Singh/Bloomberg

The boom in Indian initial public offerings is expected to continue, with companies poised to raise over $30 billion in the next 12 months, according to Kotak Mahindra Capital Co.

Around 150 firms are planning to tap the equity market, V Jayasankar, head of investment banking at Kotak, the country’s top arranger for equity deals this year, said in an interview. “The pace of IPO filings is robust, and it reflects the deepening confidence of issuers in India’s capital markets,” he said.

India’s IPO market had a slow start to the year after companies raised a record $21 billion in 2024. But activity has picked up in recent months. A number of billion-dollar deals are on their way, with this month’s solid debut by HDB Financial Services Ltd. also boosting sentiment. The shadow lender’s $1.5 billion IPO was India’s biggest in 2025.

Overall IPO proceeds for this year stand at $7 billion, and Jefferies Financial Group expects up to $18 billion to be raised in the second half.

“It’s a reflection of our large, fast-growing economy,” Jayasankar said. “Even if GDP isn’t expanding at 8%, a 6%-plus growth rate still creates significant opportunities for businesses,” he said.

Among firms gearing up to enter the market, Tata Capital Ltd. is planning to raise about $2 billion. The Indian unit of South Korea’s LG Electronics Inc. is also looking to raise as much as $1.7 billion.

While Jayasankar counted India’s resilience to external geopolitical uncertainties as well as political stability among factors that should continue to underpin the bullish market sentiment, he also highlighted potential headwinds. A weak secondary market, declining domestic inflows, or a shift in foreign investor interest toward more attractively valued markets like China could challenge the IPO momentum, he said.