JPMorgan Sees India's Current IPO Boom Outpacing 2024 Levels Despite Global Headwinds

India's initial public offerings are on track to exceed last year's record, with a string of big-ticket IPOs expected in the coming months, according to JPMorgan Chase.

Indian companies raised $20.5 billion through 91 IPOs in 2024, making the country the world's second-largest market for new listings after the US. This year is poised to go even higher, driven by easing regulations and buoyant equity valuations. Firms have already raised $8.2 billion across 49 IPOs till August, Reuters reported, citing data from PRIME Database.

"We expect the last four months of the year to be very busy. The number of IPOs as well as total proceeds should surpass 2024," Kevin Foley, JPMorgan's global head of capital markets, told the news agency.

The pipeline is robust: offerings worth nearly $13 billion have already received regulatory clearance, while another $18.7 billion is awaiting approval. JPMorgan itself has helped raise $10.4 billion across 12 transactions, including three IPOs, and expects that tally to rise. "The IPO pipeline for the remaining part of the year is very strong, with several $1 billion-plus deals under works," Foley said.

So far in 2025, over $42 billion has been mobilised from equity markets, including both IPOs and follow-on share sales, compared with $74 billion for the full year in 2024.

The activity has been aided by faster approvals and lower float requirements for large listings. High-profile names such as LG Electronics' Indian arm and fintech firms Pine Labs and Groww are among those preparing to launch.

Still, the optimism is tempered by global headwinds. Foreign investors have offloaded $15.7 billion of Indian equities this year amid concerns over earnings and the hit from fresh US tariffs. "The GDP impact will be moderate, but the employment shock is going to be significant," warned JPMorgan's emerging markets economist Jahangir Aziz, adding that fiscal support will be essential to cushion displaced workers.