JPMorgan sees India IPOs surpass 2024 levels as fundraising gathers steam

JPMorgan projects that India’s 2025 IPO market will outstrip the record 2024 quota, aided by easing regulation and strong valuations. Already, dozens of deals have secured regulatory approval. The bank expects new billion-dollar listings from fintechs, consumer names, and large industrials. However, foreign outflows from Indian equities remain a headwind, challenging valuation sustainability during the year’s second half.