$20,000,000,000 worth IPOs new normal for India: JP Morgan

India’s primary market is entering a new phase as annual USD 20 billion ( Rs 180000 crore at Rs 90/$1) worth of IPOs is becoming the country’s “new normal”, according to JP Morgan. The bank said the annualised run rate for IPO fundraising is now stabilising at these levels and is likely to hold over the next few years.

IPO flows strong in 2025

So far in 2025, India has seen USD 21 billion worth of IPOs, and the year is on track to close with USD 23 billion, the report said. Nearly 20 per cent of these IPOs came from consumer technology and new-age businesses. JP Morgan expects this share to rise to around 30 per cent as investor appetite improves.

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The investment bank noted that the market has now “overcome concerns” around the valuation of new-age businesses. Several recent tech IPOs are trading at a premium, adding to optimism.

Around 20 startups are preparing to go public, with four to five likely to launch IPOs of more than USD 1 billion each, JP Morgan said.

How IPOs performed this year

Listing performance in 2025 has been mixed but broadly positive.
• 32 companies listed below their issue price.
• 31 delivered gains of 1 per cent to 10 per cent.
• 13 delivered gains of 11 per cent to 12 per cent.
• 16 delivered strong gains of 25 per cent to 50 per cent.
• 4 companies listed with gains of more than 50 per cent.

Analysts said the spread indicates improving sentiment for quality offerings and strong demand for growth-focused companies.

Primary market stayed firm

The primary market witnessed strong activity this year, with 96 companies raising Rs 1.53 lakh crore through IPOs. Offer for sale (OFS) volumes have already reached nearly Rs 96,000 crore. JP Morgan said around 63 per cent of the total IPO fundraising in 2025 came through OFS.