JPMorgan Chase expects the first public offers in India this year that the highlights of 2024 will surpass, with a number of problems with billion dollars drawn up in the coming months, said the head of the Wall Street Bank capital markets.
Indian companies collected $ 20.5 billion via 91 public offers in 2024, making the India the second largest IPO market in the world in terms of funds collected after the US.
This year, that number appears to be over, powered by illuminating instructions and healthy stock values. Large Indian companies have already collected $ 8.2 billion up to 49 IPOs until August this year.
“We expect that the last four months of the year will be very busy. We expect (the) number of IPOs and the total yields of 2024,” said Kevin Foley, worldwide head of capital markets at JPMorgan, in an interview in Mumbai.
Public offers worth almost $ 13 billion have so far been approved by the regulator, with a further $ 18.7 billion in IPOs pending approval, according to data provided by Prime Database, a primary market tracking company.
JPMorgan has collected almost $ 10.4 billion in 12 transactions, including three IPOs and secondary follow -up offers. “We expect that (IPO) number will go to more than ten,” Foley said.
Strong IPO pipeline
“IPO pipeline for the remaining part of the year is also very strong, with various large listed stock market introduction under work and a total of $ 7- $ 10 billion in issue expected before the end of the year,” Foley said.
Value creation remains a dominant theme, Foley said, because domestic shareholders, financial sponsors and global companies benefit from healthy valuation multiples in Indian markets.
More than $ 42 billion in total share capital, including both IPOs and the sale of a secondary market, has been collected this year on the Indian markets. In 2024 that number was $ 74 billion.
The already strong activity on the Indian equity capital markets receives a boost of legal changes aimed at accelerating IPO approvals and reducing the requirements of the public float for major offers.
Public offers from Indian units of foreign companies such as LG Electronics, fintech companies that were funded by private equity, Pine Labs and GROWW, are among the problems that will probably be on the market in the coming months.
Employment is greater than GDP -hit
Although the primary markets of India have floated, foreign investors have sold a net of $ 15.7 billion in shares in the secondary market due to concern about the growth of the operating profits and the impact of rates imposed by the US on India.
The rates up to a maximum of 50 percent are likely to have a moderate influence on GDP growth, but employment can become considerable, said Jahangir Aziz, head of JPMorgan’s head of Emerging Market Economic Research, in a separate interview.
“The employment shock will be considerable,” he said, adding that the tax policy must intervene to deepen the impact on displaced employees.
The government still needs to announce a support package for affected industries and employees, but has reduced tax rates for a number of items to stimulate demand.
The tax cuts are not the solution in the current scenario, Aziz said. “What you need is employment protection.”
India already has a system for focusing income transfers, which can be used to support employees, Aziz added.
Published on September 23, 2025
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