India draws global financial giants as IPO boom reshapes its markets

what happened

India is emerging as a major destination for global banks, private-equity firms and hedge funds. According to Newsmetry API, Blackstone expects its assets under management in the country to double to $100 billion in the coming years. Blackstone President Jon Gray described India as the most liquid market outside the United States and the easiest place in the world to complete an IPO this year.

The country has hosted one of its largest-ever initial offerings in recent weeks. Jio Platforms, the digital-services giant owned by billionaire Mukesh Ambani’s empire, could go public later this year at a valuation above $100 billion, Bloomberg News reported. Citigroup and JPMorgan are working on the deal, while Goldman Sachs has invested at least $500 million in its India banking franchise in recent years.

Foreign interest is being supported by the rapid financialization of household savings, the expansion of digital payments and deeper capital markets. The average fee paid to IPO bankers has climbed to 1.86% of deal value, compared with roughly 1.5% in Hong Kong. Investors still cite rising inflation, a weaker rupee, high corporate taxes, inequality and youth protests as important challenges.

Brookfield Asset Management expects its investment in India to exceed $100 billion over the next five years, up from about $30 billion in 2025. Dun & Bradstreet projects the number of global capability centers to rise from more than 1,800 in 2025 to above 2,400 by 2030. JPMorgan alone employs around 60,000 people at its Indian centers.

why it matters

For markets, the shift points to stronger integration between India and international capital, alongside a broader pipeline of equities, bonds and wealth-management products. Currency weakness, inflation and political tensions remain risks that can affect valuations and the decisions of foreign investors.

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