Mumbai: Initial public offerings worth USD 20 billion per annum are the “new normal” for India and will become an annualised run rate over the next few years, one of the biggest investment bankers said on Tuesday.

The market, which has seen a slew of initial share sales this fiscal, has already witnessed USD 21 billion of issuances in 2025, the same as last year, and we should close the year with over USD 23 billion, given the fact that some large issues like the Rs 10,000 offering from ICICI Prudential AMC are in process, said JP Morgan.

“Yearly issuance of USD 20 billion is the new normal for India. It is the new watermark and will become an annualized run rate from here on,” its head of equity capital markets, Abhinav Bharti, told reporters here.

Bharti said nearly a fifth of the de

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