India’s IPO pipeline set to hit $10–12 billion in coming months: Avendus Capital

Gaurav Sood, MD and Head of Equity Capital Markets at Avendus Capital, expects a busy primary market ahead with a $10–12 billion initial public offering (IPO) pipeline in the next three to four months. He said several of these offerings could be billion-dollar issues, adding, “Primary markets continue to be robust, and institutional investor interest remains strong.”

He explained that India is now prepared for much larger listings. The path has been cleared for mega IPOs, thanks to SEBI’s move to extend the timeline for achieving minimum public shareholding to as much as ten years for mega-cap companies. This reduces immediate supply pressure and allows promoters to align stake dilution with long-term growth.

Sood also welcomed SEBI’s decision to expand the anchor book to 40%, describing it as “a very, very welcome move.” The inclusion of life insurers and pension funds, alongside mutual funds whose one-third reservation remains intact, strengthens domestic investor participation. The allocation is also fungible, meaning if one category under-subscribes, others can step in, giving issuers greater flexibility.

He stated that India’s market structure is now far stronger than a decade ago, with average IPO sizes growing from $60–75 million to nearly $200 million. With this momentum and regulatory support, Sood believes the Indian market is positioned for the next wave of large IPOs worth $3–5 billion.

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For the entire interview, watch the accompanying video

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