India’s IPO Boom: 15 Companies File Draft Papers in Single Day As Hungry Retail Investors Queue Up

In a sign of India’s booming equity markets, 15 companies submitted their initial public offering (IPO) draft documents to the Securities and Exchange Board of India (SEBI) on the last day of September. This brings the total number of IPO filings for the month to 41, marking the highest-ever filings in a single month.

Market analysts attribute the surge in filings to the expiration of audited financial statements for the quarter ending March 31, which remain valid only until September 30.

“We anticipate over ₹1.5 lakh crore ($18 billion) to be raised through IPOs this year, with many growth-stage businesses entering the market. Additionally, we expect multinational corporations to increasingly tap into India’s capital market,” said Mahavir Lunawat, Managing Director of Pantomath Capital Advisors.

Lunawat also noted that mutual fund inflows have nearly doubled since the previous quarter, reaching approximately ₹40,000 crore ($4.8 billion) each month. This surge in liquidity has significantly boosted market confidence.

Indian equity markets have reached record highs, reflecting strong investor sentiment, which has been bolstered by expectations of changes in domestic interest rates following the U.S. Federal Reserve’s recent 50-basis-point rate cut. Experts remain optimistic about the overall outlook for India’s stock markets.

India’s inclusion in JP Morgan’s global bond indices has also drawn approximately $18 billion in foreign investment over the past year, with analysts predicting further inflows following recent U.S. interest rate reductions. This trend is expected to lower bond yields and reduce borrowing costs, making Indian debt more attractive to foreign investors. Future monthly inflows could range between $2 billion and $3 billion, further enhancing foreign participation in India’s bond market.

According to Angel One Wealth, more than 5,450 companies have gone public globally in the first half of this year, with India accounting for around 25% of those listings. Last year also saw a high number of IPOs in India, driven by strong domestic investor interest in emerging sectors.