The ongoing boom in public offerings in India could add between $2 trillion and $3 trillion to market capitalization over the next ten years, Bloomberg reports, citing an estimate by Indian financial group JM Financial.
Since the beginning of 2025, Indian companies have conducted IPOs totaling $6 billion, Bloomberg calculated. For the entire year, the figure was $21 billion, the agency notes.
The most extensive offering this year so far has been by HDB Financial Services, a shadow bank owned by the country’s largest private bank, HDFC. Its IPO raised $1.5 billion, a quarter of the total volume of all offerings since the beginning of the year. Another deal of comparable scale may take place soon: ICICI Prudential Asset Management filed for an IPO on Tuesday, July 8, to raise up to $1.2 billion.
The record offering this year could be the IPO of Tata Capital, the non-banking financial arm of one of the country’s largest industrial conglomerates, the Tata Group. According to Bloomberg, the company is expected to raise approximately $2 billion.
“We have the largest flow of deals ever,” said Vishal Kampani, deputy chairman and managing director of JM Financial. He noted that placements are becoming larger, with an increasing number of them exceeding the $1 billion mark.
According to Kampani, pricing power in the market has shifted to local investors. “The emergence of strong domestic capital has been a real surprise,” the investment banker said.
The Nifty 50 index, India’s benchmark stock market indicator, has risen by about 8% since January.