“IPO factory” reflects maturity, not mania: Market expert

Bernstein India’s MD Venugopal Garre says the recent wave of IPOs signals market maturity rather than speculative mania. He highlights stable macros, consistent policy, and earnings recovery as foundations for sustained listing activity in sectors like AI infrastructure and fintech. He expects the momentum to persist if valuations stay rational and capital flow remains steady. Garre’s view counters fears of overheating in India’s primary markets.