CHENNAI: India’s equity markets may be entering a new phase of maturity, with global investment banking giant J P Morgan stating that annual initial public offerings worth around 20 billion dollars have become the country’s “new normal.” It noted that the scale and consistency of recent issuances indicate a structural shift rather than a temporary surge. This year alone, IPO fundraising is expected to cross 23 billion dollars, supported by a broad pipeline of companies ready to list.

According to J P Morgan, the depth of the upcoming pipeline is equally significant. Several large companies are preparing billion-dollar-plus offerings, and a handful of these issues together could raise as much as 8 billion dollars. Importantly, a rising share of upcoming issuances is coming from technology-

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