Much has been made of the strength of India’s primary equity capital markets this year, and for good reason.
In only one other market – the US, inevitably – has more money been raised so far this year by corporates via initial public offerings (IPOs). To be sure, India is a distant second to the world’s largest economy, but it undoubtedly has the wind behind its back.
Wherever one looks, compelling numbers jump out. More than 100 IPOs were completed on India’s main bourses – the National and Bombay stock exchanges – in the third quarter of 2024, marking the highest level of domestic public offerings in a three-month period in history.
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