India’s equity capital market has priced almost $10 billion of deals in August, putting it on course for its strongest month on record. A $3.2 billion government sale of shares in Life Insurance Corp. of India led the total, while Manipal Health Enterprises raised $958 million through its initial public offering. Block trades and institutional placements added to the activity. Domestic mutual funds, insurers and retail investors have helped absorb the supply, while foreign portfolio investors bought a net 23,544 crore rupees ($2.5 billion) of Indian equities so far in August, following 20,200 crore rupees ($2.1 billion) in July. They remain net sellers of roughly 2.3 trillion rupees in 2026. The strength of the primary market contrasts with weakness in India’s $5.1 trillion secondary market: the NSE Nifty 50 Index has fallen 2.21% in August and 7.36% in 2026, while the BSE SENSEX has declined 1.51% this month and 9.08% this year. All but four of the 24 companies that debuted in August are trading above their IPO prices. Companies have overcome hesitancy linked to the trade tantrum and war in the Middle East, Sunil Shah, group chief executive of Mumbai-based Khambatta Securities, said, adding that some issuers accepted lower valuations to complete their deals. Potential offerings from the National Stock Exchange of India and Jio Platforms later this year will test whether demand remains strong enough to support the pipeline.