JPMorgan sees India outbound M&A rising as firms move to secure supply chains
JPM•India ECM activity trails as IPO market slows
India, which saw a surge in initial public offerings over the last two years, has seen activity slow this year due to weak secondary markets and lower valuations.
IPOs worth $9.9 billion across 194 firms had been concluded by September 21 this year, compared with $21.8 billion in all of 2025, data from LSEG shows.
Two large IPO, including NSE's $2.3 billion offering and Reliance Jio Platforms' $3.8 billion share sale, are likely to boost activity levels, Uren said.
"India will ultimately have a very strong year for equity capital markets once you take into account those transactions."
For now, activity in other parts of the Asia Pacific region is stronger, with China and Hong Kong seeing a 53% increase in volumes while South Korea and Taiwan have also seen a material increase, Uren said.
