Barclays looks to reenter India equity capital markets

Highlights

Barclays plans India IPO return.
India IPO fees reached $417M.
285 firms await or hold approval.

Pramod Kumar, chief executive of Barclays India, outlined the bank's plans during the Bloomberg New Economy Forum in New Delhi. He identified equity capital markets as a gap in Barclays' existing wholesale banking operations, indicating that the bank sees long-term opportunities in helping Indian companies raise funds through both debt and share sales, Bloomberg reports.

India's IPO boom draws international banks

India has emerged as one of the world's busiest markets for new stock listings following two consecutive years of exceptional fundraising activity. Investment banks collected a record $417 million in IPO fees during 2025, according to LSEG, as strong issuance volumes and improved pricing power lifted underwriting revenues.

The pipeline suggests that activity could remain elevated. About 170 companies have secured approval from the Securities and Exchange Board of India to launch IPOs, while another 115 are waiting for regulatory decisions. Together, these applications represent a substantial pool of potential transactions for banks seeking advisory and underwriting work.

For Barclays, returning to the market would provide an opportunity to strengthen relationships with Indian corporate clients and compete for deals that have become increasingly attractive to global financial institutions. The bank has not announced a specific timetable for resuming equity underwriting or disclosed the scale of its planned investment.

Competition for Indian listings intensifies

B arclays would face established international rivals as well as domestic investment banks with extensive local relationships. Emirates NBD and DBS Group Holdings are among the foreign financial institutions showing greater interest in expanding their Indian operations as demand for capital market services grows.

Local banks also remain formidable competitors. Their connections with Indian businesses and investors can be decisive when companies select advisers for public offerings, particularly in a market where knowledge of domestic regulations and investor preferences matters.

Record fundraising creates a strategic opportunity

The planned return highlights how India's expanding capital markets are reshaping international banking priorities. With 285 companies either cleared for IPOs or awaiting approval, the country offers a potentially significant source of future underwriting revenue.

However, regulatory approval does not guarantee a completed listing, and competition could place pressure on fees. Barclays will need to establish a credible position against banks already active in the market.

The record $417 million fee pool demonstrates the scale of the opportunity, but the longer-term test will be whether Barclays can secure a consistent flow of mandates beyond the current fundraising boom.

Earlier, we reported that Indian companies raise record half-year equity funding as IPO market outpaces stocks.

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