IPO boom, billion-dollar M&As push India's October deals up 134% to US$ 16.8 billion
- IBEF
- November 14, 2025
India’s dealmaking momentum remained strong in October 2025, with total deal value surging 63% MoM to Rs. 94,033 crore (US$ 10.6 billion), even as volumes fell 13% to 189 transactions, according to Grant Thornton Bharat’s October Dealtracker. The spike in value was driven by three billion-dollar transactions worth Rs. 52,339 crore (US$ 5.9 billion) and 11 high-value deals exceeding Rs. 887 crore (US$ 100 million), which together accounted for nearly 85% of the month’s total. The banking and financial services sector led activity, contributing 44% of total deal value at Rs. 45,242 crore (US$ 5.1 billion), largely on the back of Emirates NBD Bank’s Rs. 26,613 crore (US$ 3 billion) acquisition of a 60% stake in RBL Bank and International Holding Company’s Rs. 8,871 crore (US$ 1 billion) investment in Sammaan Capital. Tata Capital’s Rs. 8,871 crore (US$ 1 billion) Initial Public Offering (IPO) also added to the strong capital market activity.
The infrastructure sector followed, recording deals worth Rs. 20,403 crore (US$ 2.3 billion), led by Vedanta’s Rs. 16,855 crore (US$ 1.9 billion) acquisition of Jaiprakash Associates under the IBC process. Retail and consumer deals saw lower volumes but higher values, dominated by Zepto’s Rs. 3,992 crore (US$ 450 million) fundraise. Private equity activity remained steady with 120 deals worth Rs. 31,936 crore (US$ 3.6 billion), while IPO markets witnessed record fundraising of Rs. 45,242 crore (US$ 5.1 billion) through 24 listings, reflecting strong liquidity and investor optimism across India’s capital markets.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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