Tata Capital Ltd. and LG Electronics India Ltd. will begin trading in Mumbai over the next couple of days after they concluded two of the nation’s biggest initial public offerings this year, with their debuts set to test the strength of one of the world’s hottest equity capital markets.

Tata Group’s shadow-lending unit, which raised 155 billion rupees ($1.7 billion) in India’s largest IPO this year, will list on Monday, followed by the Indian unit of South Korea’s LG Electronics Inc. a day later. LG’s sale was the most oversubscribed deal of that size in 17 years.

The two listings underscore India’s growing status as a global fundraising hub, powered by deep domestic liquidity and an expanding retail investor base. The country has become one of the busiest IPO markets worldwide over the

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