Global IPO Boom Heats Up — India Poised to Set New Records Beyond the U.S. and Hong Kong

TradingKey - Despite global trade tensions and economic uncertainty, the IPO market is heating up again, led by renewed investor confidence in the U.S. and Hong Kong. Now, India is emerging as a strong contender, with this year’s IPO fundraising already surpassing 2024 levels — and on track to break its own all-time record.

According to Dealogic, Indian IPOs have raised $6.7 billion so far in 2025, compared to $5.4 billion in the same period last year — making India the world’s second-largest IPO market after the United States.

If Tata Capital — one of India’s largest financial services firms under the Tata Group — proceeds with its expected $2 billion IPO, total fundraising for the year could surpass $21 billion, beating the previous annual record set in 2024.

Bull Market Returns?

The revival of India’s IPO market comes alongside improving sentiment in secondary markets. Earlier this year, India’s benchmark Nifty 50 Index experienced its longest monthly decline in 30 years, driven by foreign capital outflows amid tariff-related uncertainties.

However, the index has since fully recovered, rising 7% year-to-date in 2025 and approaching all-time highs.

Still, analysts remain cautious about declaring a full bull run. Some argue that more IPO activity and sustained equity gains are needed to confirm a structural shift — especially given ongoing macroeconomic uncertainties.

Trump’s Tariff Threat Still Looms

This week, U.S. President Donald Trump announced new rounds of reciprocal tariffs under “Tariff 2.0”, increasing levies on Brazil over trade surpluses, and imposing higher-than-expected tariffs on ally Canada, escalating global trade tensions.

As of writing, Trump has not yet revealed the details of new tariffs targeting India — but concerns persist.

Earlier reports suggest that India remains cautious in trade talks, prioritizing national interests. Key red lines include agriculture and dairy sectors, which India has made clear it will not compromise during negotiations with the U.S.