IPO boom, billion-dollar M&As push India's Oct deals up 134% to $16.8 bn

October 2025 was a month of fewer but richer deals - a clear signal that India's capital markets and corporate investment climate are maturing, driven by financial sector consolidation, infrastructure

India’s dealmaking momentum continued in October 2025, even as volumes slowed. According to Grant Thornton Bharat’s October Dealtracker, the month recorded 189 deals worth $10.6 billion, representing a 63% surge in total value even as overall deal volumes declined 13% from September.

 

The report attributes this sharp jump in value to three billion-dollar transactions worth a combined $5.9 billion, and 11 high-value deals (each above $100 million) together contributing $3.1 billion. Collectively, these major deals accounted for nearly 85% of the month’s total deal value.

 

Banking and Financial Services Lead the Charge

 

The banking and financial services sector emerged as the clear leader in October, contributing 44% of the month’s total deal value at USD 5.1 billion across 23 deals.

 

This surge was primarily driven by:

 

• Emirates NBD Bank PJSC’s $3 billion acquisition of a 60% stake in RBL Bank, marking India’s largest cross-border acquisition in the banking space.
• International Holding Company’s $1 billion investment for a 40% stake in Sammaan Capital, the largest-ever primary capital infusion by a foreign investor in an Indian NBFC.

 

Tata Capital’s $ 1 billion IPO, one of India’s biggest listings of the year.

 

Growth in the NBFC segment played a key role, with three large transactions exceeding USD 500 million each collectively worth USD 4.7 billion, making up 95% of the sector’s total value.

 

Within the financial services universe, the deal split was well-diversified — financial services firms led with 35% of total deal volumes, followed by fintech and NBFCs contributing 30% each.

 

Infrastructure Surges on the Back of Vedanta’s Jaiprakash Deal

 

The infrastructure management sector recorded the second-highest deal values at $2.3 billion, led by Vedanta Ltd’s $1.9 billion acquisition of Jaiprakash Associates Ltd under the Insolvency and Bankruptcy Code (IBC) process.

 

This single deal alone accounted for the majority of the sector’s value, propelling infrastructure activity up 5.3 times compared to September. In volume terms, infrastructure deals rose 50% month-on-month, signaling renewed investor interest in asset-heavy segments following a year of steady consolidation.

 

The Adani Group also completed two full acquisitions in the urban infrastructure space during the month, reaffirming its continued expansion in transport and logistics corridors.

 

Retail and Consumer: Fewer Deals, Higher Values

 

The retail and consumer sector led in overall deal activity by volume, though its number of transactions declined over the last three months. Interestingly, total deal value rose, driven primarily by Zepto’s USD 450 million fundraise — its third capital raise in 2025, which boosted its valuation by nearly 40%.

 

This single fundraise represented 68% of the sector’s total value, illustrating how a handful of strong consumer-tech players continue to command substantial investor confidence despite a moderation in mid-sized deal activity.

 

IT & ITeS Shows Healthy Momentum

 

The IT and ITeS sector clocked the second-highest deal volumes at 24 transactions worth USD 106 million, up 50% in volume and 7% in value month-on-month.

 

Start-ups dominated the sector, with tech-first early-stage companies accounting for 58% of deal volumes and 53% of values. The report notes that while the bulk of the activity remains in small-ticket fundraises, the sector’s consistency indicates steady capital flow into India’s innovation economy.

 

Manufacturing, Energy, and Pharma Trends

 

The manufacturing sector held steady in October, with 23 deals worth $378 million. Within this, electronic equipment and industrial materials together accounted for 91% of volumes and 95% of value.

 

A single large deal — Synergy Capital’s $227 million investment in Saurashtra Fuels P Ltd — contributed 60% of total manufacturing value. Domestic player Premier Energies was also active, acquiring controlling stakes in three domestic firms for $76 million, while Quality Power Electrical Equipments made smaller acquisitions totalling $14 million.

 

The energy and natural resources sector ranked third by value, contributing $689 million across eight transactions, driven by two major deals:

 

Jindal Power's $455 million acquisition of Jhajjar Power Ltd, one of India’s largest recent thermal power buyouts.

 

Sembcorp Green Infra’s $191 million acquisition of ReNew Sun Bright, strengthening its renewable footprint.

 

Meanwhile, the pharmaceuticals and healthcare sector experienced a sharp slowdown, recording 13 deals worth $380 million, compared to three large USD 100 million+ deals worth USD 602 million in September. The overall activity dropped 54%, reflecting consolidation pauses and fewer big-ticket pharma transactions.

 

Private Equity: Stable Deal Flow, Bigger Cheques

 

October saw 120 private equity transactions worth USD 3.6 billion, the second-highest monthly investment value of 2025. Deal count remained within the 120–130 range seen through the year, but total value rose sharply month-on-month.

 

The top five PE deals of October were:

 

International Holding Company’s $1.0 billion investment in Sammaan Capital (Banking & Financial Services)

 

Blackstone’s $705 million acquisition of a 10% stake in The Federal Bank Ltd

 

$450 million funding round in Zepto (KiranaKart Technologies)

 

Synergy Capital’s $227 million investment in Saurashtra Fuels P Ltd

 

Hornbill Capital, MUFG Bank, and Beenext’s USD 120 million investment in Raise Financial (Dhan)

 

Interestingly, 86% of all PE deals were below $25 million, and 6% fell between $25–50 million, highlighting strong activity among early- and mid-stage companies rather than mega deals.

 

Financial services remained the most active PE sector, followed by retail and industrials, with investors showing renewed interest in diversified manufacturing and fintech.

 

The month also saw India’s fourth unicorn of 2025, as Dhan achieved a $1 billion valuation after raising USD 120 million, signaling robust optimism in India’s fintech ecosystem.  Sector snapshot 

 

Capital Markets: IPOs Shine, QIPs Subdued

 

Capital markets were vibrant in October. The IPO market recorded 24 issues raising $5.1 billion — the highest monthly value of 2025 so far.

 

Tata Capital and LG Electronics led the listings, both surpassing $1 billion each. In contrast, the Qualified Institutional Placement (QIP) segment remained quiet, with only five deals worth $1.1 billion. 

IPO & QIP Activity

• 24 IPOs + 5 QIPs raised $6.2 billion — highest monthly fundraising in 2025.
• Key listings: Tata Capital and LG Electronics, both crossed the $1 billion mark.
• IPO values up 134% MoM, though total deal volumes dipped 6%.
• Insight: Strong public market participation reflects liquidity strength and investor optimism in India’s capital markets.

 

Overall Snapshot

• 189 deals worth $10.6B (M&A + PE) and 218 total transactions worth USD 16.8B (including public markets).
• Values up 63% MoM, volumes down 13%.
• Banking & Financial Services led activity — major cross-border M&A, NBFC listings, and foreign inflows.
• Insight: High-value strategic deals, resilient private capital, and record IPO activity underscore India’s robust dealmaking momentum.

Summary at a Glance

 

Total deals: 189

 

Total value: $10.6 billion (+63% MoM)

 

M&A: 69 deals worth $7 billion

 

Private Equity: 120 deals worth $3.6 billion

 

IPO: 24 issues raising$5.1 billion

 

QIP: 5 issues raising $ 1.1 billion

 

Top deal: Emirates NBD’s $3 billion stake in RBL Bank