India’s primary markets are on track to achieve a landmark milestone, with annual IPO fundraises expected to settle at around USD 20 billion as the new normal, according to global investment bank JP Morgan. The bank projects that IPO fundraising in India could touch USD 23 billion this year, supported by a robust pipeline of large public issues.

A key contributor to this year’s overall tally is expected to be ICICI Prudential AMC’s ₹10,000 crore IPO, which is among the biggest offerings lined up. The growing scale and consistency of Indian IPOs reflect increasing depth in domestic capital markets and sustained foreign investor interest.

Abhinav Bharti of JP Morgan said that consumer technology companies currently account for nearly 20% of total IPO demand in India. He added that this share is expected to rise steadily to around 30% over the next five years, as digital adoption deepens and new-age platforms continue to scale.

The rise of consumer-facing tech businesses, combined with strong participation from institutional and retail investors, is reshaping India’s IPO landscape. Market experts believe the sustained momentum also reflects improving corporate governance, stronger balance sheets, and growing confidence in India’s long-term growth story.

With multiple large issuances expected across financial services, consumer technology, manufacturing, and industrials, India’s primary market is increasingly being seen as one of the most active and resilient globally.