India’s deal activity hits $16.8 billion in October, IPO listings peak

New Delhi, Nov 12 India recorded deals worth $16.8 billion in the month of October across merger and acquisitions (M&A), private equity, initial public offerings (IPOs) and qualified institutional placements (QIPs), according to a report on Wednesday.

The country recorded 189 deals worth $10.6 billion across M&A and private equity (PE), reflecting a 13 per cent decline in volumes, while values surged 63 per cent month-on-month, according to a Grant Thornton Bharat report.

The surge was propelled by three billion-dollar transactions totalling $5.9 billion and 11 high-value deals worth $3.1 billion, together accounting for nearly 85 per cent of total deal value.

"Including public market activity, the total deal count rose to 218 transactions worth $16.8 billion, marking a 134 per cent jump in overall value despite a 6 per cent dip in volumes compared to September 2025," the report mentioned.

"Banking and Financial Services headlined October deal activity with the largest banking cross-border M&A deal, the biggest foreign investment in an Indian NBFC, and a 1-billion-dollar listing of NBFC," said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat.

IPO listings peaked in October with 24 issues, including 2 billion-dollar listings.

"We expect sustained deal momentum across sectors supported by high-value strategic transactions, resilient private capital flows, and vibrant public market participation," Vijetha added.

In the M&A landscape, the month saw 69 deals valued at $7 billion, with volumes almost doubling even as volumes declined 23 per cent month on month, reaching the third-lowest level of volumes in the year.

Meanwhile, the private equity (PE) landscape remained resilient, recording 120 deals worth $3.6 billion, reflecting a 21 per cent increase in values and a 6 per cent decline in volumes over September.

At the same time, in the IPO and QIPs segment, public market fundraising hit a new peak in the month, with 24 IPOs raising $5.1 billion and 5 QIPs adding another $1.1 billion, taking total public market proceeds beyond $6.2 billion.

The IPO activity marked the highest monthly performance of 2025, led by Tata Capital and LG Electronics, both surpassing the $1 billion threshold, the report noted.

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