India’s major stock indices have consistently hit record highs throughout the year. According to data from LSEG, the Nifty 50 index and BSE Sensex rose 19% and 17%, respectively.

According to a BMI report, India will become the third largest consumer market in the world by 2027, thanks to strong growth of companies in sectors such as health care, transportation and consumer goods. essential consumption.

Atul Singh, CEO of asset management firm LGT Wealth India, said the private consumption sector will drive India’s growth story over the next decade. Mr. Singh said that with positive macroeconomic prospects, many consumer companies are preparing to list on the stock exchange.

According to data from FactSet, in 2023, India recorded 238 listings, reaching a nine-year high with the amount raised reaching 614 billion Indian rupees (7.35 billion USD). Since the beginning of the year until now, there have been 264 IPOs in this South Asian country.

One of the largest IPOs is that of Hyundai Motor India, expected to raise 3 billion USD, surpassing the IPO of state insurance company Life Insurance Corporations (LIC) with a raised amount of 2.7 billion USD. Hyundai Motor’s IPO could become India’s biggest stock offering.

Ola Electric, an electric motorbike manufacturer, successfully listed in August with its stock price increasing 20% ​​on the first day of trading, raising more than 730 million USD from its IPO.

Mr. Singh said that the IPO activities of businesses such as Hyundai and Ola Electric are motivating other businesses to conduct IPOs in India.

Several consumer companies are preparing to list, including food delivery platform Swiggy, which filed for an IPO on September 26. Zomato, Swiggy’s competitor, went public in 2021 and its stock price has increased more than 120% year-to-date.

Jewelry making and trading is another sector that has seen many companies go public, with PN Gadgil Jewelers debuting on both Indian stock exchanges this month and getting off to a strong start.

Economist Anushri Bansal of Mastercard financial group in the Asia-Pacific region said the tendency of Indian consumers to buy gold jewelry is still very strong, despite rising gold prices.