Citi Sees $10–12 Billion IPO Pipeline in 3 Quarters Despite Global Uncertainty

 Mumbai, September 10, 2025: Amol Gupte, who leads Citi’s Asia South operations, expects India to generate $10–12 billion in IPOs within the next nine months, highlighting reforms and strong domestic consumption as offsetting shields against worldwide challenges such as US trade tariffs. 

Reform Momentum Supports Primary Market 

Highlighting the latest GST reforms and fiscal policies, Gupte said these have made India’s economy more sturdy. Coupled with strong consumer demand, these measures have improved investor trust in primary markets. Despite persistent FII outflows in equities, he believes IPO activity is picking up from early FY26–27. 

Strong Momentum in India’s IPO Market 

India’s IPO market is on track for a landmark year. By mid-2025, $6.7 billion had already been raised by Indian IPO’s, compared with $5.4 billion during the same period last year. With prospective listings like Tata Capital’s $2 billion issue, the company could drive full-year totals past the $21 billion raised in 2024. 

Citi’s Growing India Franchise 

Citi India has been quick to capitalise on this momentum. The equity capital markets division has grown steadily, supported by a strong advisory services and institutional banking arm which have become a central growth driver of the firm. The bank is currently working on billion-dollar priority IPOs like Pine Labs, LG Electronics India, WeWork India, and Tata Capital. 

Prospects and Outlook 

Citi sees a momentum in the IPO activity holding firm in the near future, aided by reforms and a healthy deal pipeline. While hurdles such as capital outflows, tariff risks, and weak secondary markets and volatile capital flows remain, India’s strong domestic appetite stands out. Rising retail investors, growing interest in sovereign funds and policy support with government backing for capital markets can be seen as stabilisers. The structural reforms along with strong domestic demands make market experts believe that these factors will help keep up the IPO momentum alive into FY26–27, even with the fluctuating global conditions. 

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur. 

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com. 

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.