India’s primary market momentum shows no sign of slowing: filings indicate a record pipeline with companies targeting sizeable public raises. Between October 2024 and late October 2025, firms collectively filed to raise in excess of previous annual levels, driven by strong retail participation and robust demand for listings. Bankers say the environment favours issuers with clear growth and profitability paths, even as some late-stage deals see price sensitivity. The rush could test aftermarket liquidity if too many large issues cluster in the same window.