India’s booming primary market continues to attract global attention, with Citigroup Inc. predicting that Indian initial public offerings (IPOs) could raise as much as $20 billion over the next 12 months.

The projection comes amid strong investor demand and a record pipeline of upcoming listings across technology, healthcare, and consumer sectors.

According to Citigroup, India could be among the world’s most active equity capital markets (ECM) alongside Hong Kong over the next year.

“India is likely to be the world’s most active ECM market along with Hong Kong over the next year,” said Harish Raman, Citi’s head of equity capital markets execution and solutions for Asia Pacific.

He added that the current pipeline is the biggest on record, including both domestic and international firms.

So far in 2025, IPOs have already raised $12 billion in India, with another $5 billion expected to be added in October alone.

The bullish forecast aligns with India’s ongoing IPO boom this year. As of September, reports said that the companies had raised nearly Rs 85,000 crore through 74 mainboard offerings.

LG India’s Rs 15,000-crore issue is likely to lift the tally further, taking total fundraising beyond Rs 1.3 lakh crore.

Several other high-profile names -- including Pine Labs, Meesho, ICICI Prudential Asset Management, Groww, and Physics Wallah -- are also preparing to tap the markets in the coming months.

Next year, Reliance Jio Infocomm Limited is expected to launch what could be India’s biggest IPO on record, the another report said.

Citigroup said the boom is supported by strong domestic liquidity, driven by millions of retail investors and mutual funds, even as foreign investors have pulled out over $15 billion this year amid global uncertainties.

Analysts say that despite concerns about US tariffs and weaker corporate earnings, India’s capital market remains resilient and continues to attract both institutional and retail participation.

According to analysts, India’s IPO frenzy reflects strong investor sentiment, robust corporate earnings, and the country’s growing appeal as a global investment destination.