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India’s vibrant primary market is drawing significant global interest, with Citigroup Inc forecasting that initial public offerings (IPOs) in the country could generate up to $20 billion in the next year. This estimate reflects strong investor interest and a substantial pipeline of upcoming listings in sectors such as technology, healthcare, and consumer goods. Citigroup anticipates that India will rank among the most active equity capital markets (ECM) globally, alongside Hong Kong, in the coming year. Harish Raman, Citi’s head of equity capital markets execution, stated, ‘India is likely to be the world’s most active ECM market along with Hong Kong over the next year.’