Q 4) The Initial Public Offering pipeline has been exceptionally strong this year, because of big-ticket issuances. What is your outlook?
The outlook remains decisively robust but is transitioning from a retail-driven frenzy into a fundamentally driven, institutional playground. The September quarter alone saw a massive surge, raising over ₹90,000 crore. With the IPO pipeline at an unprecedented ₹3.86 trillion, with more than 200 companies awaiting listing, the primary market is experiencing structural deepening rather than a temporary bubble. Unlike the previous year, which was dominated by a high volume of mid- and small-sized listings, this phase is defined by systemic heavyweight IPOs. Also, there is a clear transition from pure-play tech startups to capital-heavy, traditional economic sectors. Engineering, infrastructure, power, and manufacturing companies have overtaken tech as the primary fund-raisers. Private equity (PE) firms are holding significant mature investments in India. The Offer-for-Sale (OFS) route via mainboard listings has become their preferred mechanism to secure profitable exits, providing a steady supply of large-scale issuances.
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