According to Citigroup Inc., India's initial public offerings (IPOs) are expected to recover in the latter half of the year after a challenging start that saw significant foreign capital withdrawal and a weakening rupee. So far in 2023, the IPO market has raised approximately $3.5 billion, a stark contrast to the $22.4 billion raised in 2025, when India was the third-largest IPO market globally. The success of upcoming IPOs, particularly the anticipated share sale by Jio Platforms Ltd., is crucial for revitalizing investor interest. Citigroup's India head of equity capital markets, Arvind Vashistha, indicated that historical trends show 60% to 70% of IPO activity typically occurs in the last quarter, suggesting a similar pattern may emerge this year. However, geopolitical tensions, especially from the Middle East, are causing economic disruptions and increasing energy costs, which have pressured the Indian rupee and led to an 11% decline in the Sensex stock index this year. Despite these challenges, Vashistha remains optimistic about a potential 5% to 10% increase in full-year IPO volumes compared to last year, as the market seeks stabilization and recovery.