Listings Ahoy! 1,000 IPOs Can Hit Dalal Street In Next Five Years, Says Raamdeo Agrawal

Helen of Troy was responsible for the launch of a 1,000 ships in Homer's Iliad. Cut to present day, and the current market conditions, will see a similar mega charge towards Dalal Street. Raamdeo Agrawal, Chairman and Co-founder of Motilal Oswal Financial Services Ltd. believes that India’s equity markets could witness over 1,000 new listings over the next five to six years.

In an exclusive conversation with NDTV Profit, Agrawal said that the Indian market is growing investor interest and strong corporate activity continues to deepen the market. He also explained that it is not just expanding vertically in terms of market cap, but also horizontally with a broadening base of listed companies and investors.

“Lots of companies will fail but lots of stars will also come. There is a different type of confidence now, a lot of corporate activity—not just vertical but also horizontal,” he said.

Agrawal added that even as the benchmark indices have delivered modest returns over the past year, investor participation remains strong. He pointed to the ongoing shift in savings from fixed income to equities as a structural trend, noting that family offices, retail investors and promoters are all contributing to the market’s momentum.

He believes the capital markets are in a “boom condition,” not necessarily marked by runaway valuations but by depth and participation.

“With listing after listing—sometimes two or three a week—we're seeing a vibrant market emerging. And with retail money coming in full swing, Indian businesses have never had it so good,” Agrawal said.

While acknowledging that not every new listing will succeed, he said the environment was ripe for discovery of high-quality businesses. “There will be a lot of churn, but that’s how market depth is built,” he said.

Agrawal’s remarks come at a time when India’s equity markets have seen a record number of initial public offerings and robust retail participation despite global uncertainties.