India Set for Busiest September IPO Month in Nearly 30 Years

India is poised for its busiest September for initial public offerings in nearly three decades, with 25 companies launching IPOs on the nation’s main exchange board. This WOULD mark the highest volume since January 1997, when 28 companies went public, according to primedatabase.com.

Fifteen firms have already raised nearly $1 billion collectively this month, while the remaining 10 are expected to add another $500 million, per data from India’s National Stock Exchange. The annual rush to list before October—when additional audit requirements kick in—has been amplified this year by favorable market conditions.

Dharmesh Mehta, CEO of DAM Capital, attributes the surge to robust business prospects, buoyant equity markets, attractive valuations, and ample domestic liquidity. Foreign institutional investors have also played a key role, purchasing $4.8 billion worth of stock via IPOs or placements this year despite being net sellers in the broader market.