CNBC's Inside India newsletter: IPO boom looks to break new records

This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe  here.

Investors wanting to cash in on India's growth have typically focused on storied conglomerates – like Reliance Industries and Adani Enterprises operated by the nation's tycoons – or tech startups transforming the way people live.

The spotlight has seemingly shifted in the past year toward companies going to market, hoping to ride on the coattails of India's growth story.

The South Asian giant had a flood of listings in 2023, which hit a nine-year high of 238 with 614 billion Indian rupees ($7.35 billion) raised, according to FactSet data.

Among the names that re-kindled interest in initial public offerings was the listing of Mankind Pharma — a manufacturer of condoms and pregnancy test kits — last year. Although the company operates in a less prominent segment, it does offer steady revenue growth and healthy profits.

However, the real takeawaywas that attractive opportunities could be found in seemingly ordinary segments of an economy experiencing phenomenal growth.

India's IPO boom shows no sign of abating, with 130 new listings and 313 billion Indian rupees raised so far this year, according to FactSet.

"I expect a record-breaking year for India with a significant number of IPOs and private equity exits," Neil Bahal, founder of Negen Capital, told CNBC's Inside India.

"The IPOs are not because some tech company guys think they should raise money from the stock market instead of from private equity. There is amazing fundamentals in equity markets with supportive policies from SEBI