Jio Platform's mega debut makes India top IPO market in October: Report

India emerged as the world's largest initial public offering (IPO) market in October, raising a record Rs 45,500 crore ($4.8 billion) through new listings, with the Rs 30,200 crore share sale by Jio Platforms Ltd accounting for a substantial portion of the fundraising, Bloomberg reported. The country's IPO proceeds exceeded those of the US and Hong Kong during the month, according to data compiled by Bloomberg.

Indian companies raised more than twice the amount mobilised in the US in October, where IPO fundraising stood at $2.1 billion through Thursday, while Hong Kong recorded $1.5 billion, Bloomberg data showed. Around 40 companies went public in India during October, the highest number of IPOs recorded globally for the month, the report said.

The record fundraising marks a recovery in India's primary market after it had trailed other global markets, which saw strong issuance activity from companies linked to the artificial intelligence supply chain. Bloomberg noted that India's IPO activity gathered pace in the second half of the year, with large offerings from Jio Platforms and the National Stock Exchange of India Ltd contributing to the turnaround.

Jio Platforms, the telecom and digital services business backed by billionaire Mukesh Ambani, raised Rs 30,200 crore through what Bloomberg described as India's largest-ever IPO. The offering attracted demand from both institutional and individual investors despite weakness in the broader equity market.

IPO fundraising in 2026 has now reached approximately $18.26 billion, according to Bloomberg data. This puts the country within reach of the record $22.36 billion raised through IPOs in 2025.

The strong October performance could also influence the pipeline of companies planning to enter the public markets. Bloomberg reported that around 113 companies have secured regulatory approval for their IPOs, while another 115 have submitted draft prospectuses. The large pipeline points to the possibility of continued fundraising activity into 2027.

The ability of India's market to absorb a mega offering such as Jio's could encourage other companies that have been waiting to list to move ahead with their plans, mentioned the report.