He also expects inbound merger and acquisition (M&A) interest and corporate carve-out listings to continue, supported by global companies looking to expand their presence in India.
Speaking from the sidelines of the JPMorgan India Conference, Uren said India is entering an important phase for equity capital markets, with several large IPOs currently being marketed and more companies from sectors such as consumer, healthcare and technology expected to list over the next year. He added that India’s growing market depth is helping support larger offerings and secondary share sales.
“This will most likely be a record year for the investment banking industry globally,” Uren said, adding that “here in Asia, we expect it to be a record year that will exceed the levels of 2021.”
Uren said, “This is a very exciting time for the Indian IPO market because there are a number of very large and prominent IPOs that are out there being marketed at the moment.” He added that participation from international institutions, domestic investors and retail investors has helped strengthen the market and should continue supporting large transactions.
Without commenting on specific companies, Uren said large listings by well-known Indian businesses are positive for capital markets and are likely to attract investor participation if priced appropriately. “Large transactions will get supported if they’re priced and structured appropriately,” he said.
Looking across Asia-Pacific, Uren said equity capital market volumes have risen around 50% from a year ago, led by Hong Kong, Korea and Taiwan. He said AI-related businesses have been a major driver of fundraising activity in North Asia and described the trend as a long-term opportunity.
Uren said India’s deal pipeline remains healthy. He pointed to Sun Pharma’s overseas acquisition as an example of Indian companies pursuing global expansion while noting that international firms continue to seek investments across sectors in India.
“We advised on the Sun Pharma deal, which I believe is the largest outbound M&A deal from India,” Uren said, adding that global companies are very focused on how to build a presence in India.
He also expects more multinational companies to explore India listings through carve-outs, saying the strategy gives businesses independent access to capital while helping incentivise management teams. According to Uren, this corporate restructuring theme is likely to continue.
India’s growing liquidity is another factor attracting global investors, Uren said. He noted that private equity firms have generated some of their best global returns from India, aided by multiple exit options including strategic sales, sponsor-to-sponsor deals and IPOs. The increasing depth of India’s capital markets now allows both large IPOs and sizeable secondary stake sales, making the country one of the most attractive markets in Asia for investors.
For the full interview, watch the accompanying video
Abhinav Bharti, Head of India ECM, JPMorgan, said India has entered a new phase for capital raising, supported by larger deals and a more diverse pipeline of companies. “We have a very good chance that we could actually beat last year’s numbers,” Bharti said.
“From 2024 onwards, India has obviously moved to a very different league in terms of capital raising volumes. We were a market that used to raise about $30 billion a year. The peak was $40 billion in 2020-21, $72 billion in 2024 and $68 billion in 2025. This year, I think we’ll still be above $60 billion.”
He added that IPO sizes are increasing and the mix of companies coming to the market is becoming more diverse. “There is no reason for us to believe we will not surpass last year’s number. Very likely, chances are we will,” Bharti said.
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