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BW Businessworld - December 13, 2025

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Dans ce numéro

AS WE STEP INTO 2026, the moment seems opportune to pause,
reflect and take stock of one of the most animated corners of India’s
capital markets – the initial public offering (IPO) space. In this issue, we
examine the forces shaping the primary markets, the lessons investors
are learning the hard way and the questions that will determine how
capital is raised. By any measure, 2025 was a blockbuster year for India’s
primary markets. More than 100 IPOs hit the bourses, together raising
over Rs 1.7 lakh crore. From marquee, brand-led mainboard issues to
a surge in SME listings, the pipeline barely paused. Strong domestic
liquidity, record retail participation and a steady mutual fund bid
ensured that most offerings sail through the subscription phase, often
with eye-catching demand multiples. On the surface, it appeared to be
a golden period for entrepreneurship and raising capital.

DECODING THE CAPITAL MARKETS

AS WE STEP INTO 2026, the moment seems opportune to pause, reflect and take stock of one of the most animated corners of India's capital markets - the initial public offering (IPO) space. In this issue, we examine the forces shaping the primary markets, the lessons investors are learning the hard way and the questions that will determine how capital is raised. By any measure, 2025 was a blockbuster year for India's primary markets. More than 100 IPOs hit the bourses, together raising over Rs 1.7 lakh crore. From marquee, brand-led mainboard issues to a surge in SME listings, the pipeline barely paused. Strong domestic liquidity, record retail participation and a steady mutual fund bid ensured that most offerings sail through the subscription phase, often with eye-catching demand multiples. On the surface, it appeared to be a golden period for entrepreneurship and raising capital.

1 mins

Intolerance as a Spoke in the Ease of Doing Business Wheel

INDIA’S INVESTMENT narrative rests on familiar pillars: policy stability, market scale and reform momentum. Even as global ease-of-doing-business rankings have faded from prominence, New Delhi continues to signal predictability through faster clearances, manufacturing incentives and digital public infrastructure.

1 mins

Al Ambition to Accountable Execution

INFORMATION TECHNOLOGY'S (IT'S) 2026 inflection point in India will be less about chasing Artificial Intelligence (AI) hype and more about proving industrial-scale execution. The conversation has clearly moved beyond pilots to production, forcing companies to confront uncomfortable truths around cost discipline, governance and talent depth. Outcome-based pricing, platformised delivery and deeper hyperscaler partnerships point to a maturing services model, but they also raise the stakes. Vendors can no longer hide behind effort metrics when value is under scrutiny.

1 mins

Pioneering, Peculiar Professions

GRAZING-TABLE DECORATOR: have you, or anyone you know, ventured into this as a new profession? Many may wonder what, in the first place, is a grazing table?

2 mins

Chief Minister Yogi Adityanath Commends Galgotias University's Global Rankings And Its Innovations

Uttar Pradesh Chief Minister Yogi Adityanath while lauding the university during a special interaction held recently, said, “Uttar Pradesh’s rapidly rising stature in India’s and the global education landscape owes much to the significant contribution of Galgotias University”.

2 mins

ECONOMY'S HIDDEN HAND: STREET IS BOOMING BUT THE BOARDROOM IS NOT

EIGHT-POINT-TWO per cent. India's economy has rarely looked stronger: growth is among the quickest anywhere, quarterly numbers keep beating expectations, and the India-decade narrative grows louder. Yet inside corporate boardrooms, the soundtrack is different. On earnings calls, optimism is muted and demand signals remain uneven. The GDP is sprinting, but the consumer is not, an FMCG chief quipped. The contradiction is stark: national output surges while corporate India clears its throat.

3 mins

TEN YEARS AFTER PARIS AGREEMENT: India's Trillion-Dollar Balancing Act

A DECADE AFTER the Paris Agreement was adopted, climate ambition has reached its ‘test decade’. It began in 2015 as an international accord to rein in emissions, has turned into a restructuring of economies. The discourse has changed from temperature goals to just transition plans, from accounting for emissions to allocating capital. India, which was one day making the case for carbon space, is now designing the very architecture of low-carbon growth. Energy transition has become the country’s second economic reform.

3 mins

CENTRAL SERVICES: We Need Fusion, Not Isolation; & with the Corporate World Too

A RECENT NEWS item, in one of the pink papers, talked about the welcome exchange of executives between 'Big Four' consultancy firms and the corporates.

5 mins

We Optimised Everything. Meaning Didn't Make the Cut

WE LIVE IN an era that worships optimisation. Everything that can be streamlined has been streamlined.

3 mins

Escaping Data Caves

DEEP INSIDE THE underground water systems of Oman's Al Hoota Cave, lives nature's fascinating oddity, the Oman Garra cave fish - a fish that's blind and has no colour. Since their eyes are completely covered with eyelids, they make their way around obstacles in the cave by puckering their mouth and creating short bursts of suction. The Oman Garra cave fish evolved thus to survive in pitch-dark caves with little oxygen.

2 mins

Success Today Needs Two Unlikely Traits: Curiosity and Insecurity

IN LEADERSHIP CIRCLES, curiosity is highly esteemed.

3 mins

FROM LEDGERS TO GLOBAL LEADERSHIP: Chartered Accountants Shaping Global Capability Centres

As was evident at the Fifth GCC Summit, the future of India's GCC ecosystem will not be defined by cost alone, but by capability, credibility and leadership, report

6 mins

'I am Reimagining Higher Education to Build Industry 4.0- Ready Leaders'

Sharing his views on an issue that has elicited much debate, outlines how universities are aligning education with Industry 4.0. Excerpts of a conversation with BW Businessworld

2 mins

"Reckitt Plans Heavier Content Push in the Next Six Months"

With over a two-decade career spanning FMCG, ecommerce and consulting, KANIKA KALRA, who now leads health marketing at Reckitt South Asia, tells BW Businessworld's Reema Bhaduri how marketing has evolved from “one big campaign” to data-driven strategies for “not one but many Indias,” while revealing plans to “go heavier on content and more granular on regions” in the months ahead. Excerpts

3 mins

BUILDING BRANDS THAT LAST

In a world defined by uncertainty, resilient brands are built on authenticity, value, agility, trust and intent, says TARUN JHA

3 mins

A 300-year Legacy, Reimagined for India

Generali Central Life Insurance's rebranding marks a significant shift in India's life insurance landscape, uniting Generali's global expertise with the Central Bank of India's deep community trust. In an exclusive interview, CMO GEETANJALI CHUGH KOTHARI outlines how the refreshed identity strengthens reach, expands digital-first experiences, and deepens regional relevance

3 mins

“Karnataka Aims To Double IT Exports To Over Rs 10 Lakh Cr In Five Years”

Karnataka's IT-BT Minister PRIYANK KHARGE, in a conversation with BW Businessworld's Rohit Chintapali, talks about the state's innovation-led tech strategy, regional expansion plans and talent development initiatives driving the state's $1-trillion local economy ambition. Excerpts

4 mins

"Geopolitics Is The Biggest Risk To Investor Sentiment Right Now"

After two years of cautious capital deployment and investor restraint, India’s startup ecosystem is once again showing signs of renewed momentum. Funding is rebounding across stages, IPO chatter is growing louder, and investor confidence appears to be recalibrating rather than retreating. Early-stage venture capital firm Unicorn India Ventures (UIV) has already surpassed its initial target of Rs 1,000 crore and is now exercising a Rs 200-crore greenshoe option, taking the final close of Fund III to approximately Rs 1,200 crore. Against this backdrop, ANIL JOSHI, Managing Partner at Unicorn India Ventures, offers a grounded perspective on what is truly driving the resurgence. In this conversation with BW Businessworld, Joshi unpacks the role of improved unit economics, India’s macroeconomic strength and the opening of new high-potential sectors such as deep tech, semiconductors, space and defence. He also weighs in on whether the current funding uptick reflects a genuine shift in risk appetite, the sustainability of India’s IPO enthusiasm and the geopolitical risks that could test investor sentiment in the months ahead. Excerpts

2 mins

The Rise of India's Deep Science Ecosystem

Structural shifts in policy, capital and talent are transforming India's deep-science ecosystem, enabling faster validation, lower capital intensity and globally ambitious companies

3 mins

Inside India's Food Delivery Economy

The sector's gross value of output surged to Rs 1.2 lakh crore in 2023-24, even as margins shrank. The key question remains: Is visibility the only currency restaurants are left with?

3 mins

The 'MMDEG' Roadmap for Economic Resilience

A deep dive into macro stability, monetary scenario, internal demand, ease of doing business and global order by GOURAV VALLABH, Member, Economic Advisory Council to the Prime Minister By Savi Khanna

4 mins

BOLSTERING VISION 2047

In his meetings with country's top officials, and then with top economists, PM Modi says \"India has boarded the reform express\"

3 mins

"Innovation-led Transformation"

As Indian pharma pivots toward innovation and sustainability, Granules India charts strong growth, R&D and global ambitions amid shifting supply chains

3 mins

IPO BOOM FANFARE FADES?

After euphoric listings and sharp corrections, can India's IPO market recalibrate valuations, protect retail capital, and regain credibility in early 2026?

7 mins

Navigating Key Governance Hotspots

By addressing key governance hotspots through a proactive, holistic approach, organisations can more confidently navigate the complexities of going public

3 mins

Carrot & Stick Game

Unlisted shares are typically valued based on demand–supply dynamics, rather than on core fundamentals, as detailed financial information is usually limited

3 mins

GOLDILOCKS ECONOMICS: How Long Can Fairytale Moments Last in Real Life?

SELDOM, IF EVER, does a modern economy hit a sweet spot where growth is at or near its full potential and inflation, low. Fortuitously, that is where the Indian economy finds itself today – reminiscent of the baby bear’s porridge Goldilocks tasted in the three bears’ cottage. It is just perfect, she said, “neither too hot, nor too cold.”

3 mins

STEADY ASCENT

In a fiercely competitive market, can home appliances and durable company Kenstar's calibrated expansion across categories and towns unlock its Rs 3,000-crore revenue ambition?

6 mins

PREMIUM PUSH

With Aston Martin watches and 200 new exclusive stores, Timex India sharpens its premium ambitions and long-term growth play

4 mins

"I Have Seen The Sector Move To Newer Orbits"

RAJIV SABHARWAL, MD & CEO, Tata Capital, discusses his decades-long journey in India's financial services industry and Tata Capital's trajectory, including a defining IPO milestone that's charting its next phase of growth, in a conversation with BW Businessworld's Urvi Shrivastav. Excerpts

3 mins

Engineering the Intelligence Layer for What Comes Next

As Criteo enters its third decade, the commerce media company is repositioning itself for an agentic, data-fragmented future where trust, scale and scientific rigour define advantage

4 mins

“The genie is not going back in the bottle”

Al will reshape commerce faster than any previous industrial shift, and businesses must now design for scale, trust and permanence rather than novelty, says DIARMUID GILL, Chief Technology Officer, Criteo, in this conversation with Noor Fathima Warsia

2 mins

"The AI Race Won't Be Decided By Models & Tokens, But By Economics"

PHILIPP HERZIG, Chief Technology Officer at SAP, discusses the changing mandates of tech leadership, the next phase of AI adoption, SAP's rapid progress with Joule and RPT1, and why India is core to SAP's future, in an interaction with BW Businessworld's Rohit Chintapali. Excerpts

4 mins

METAL, MUSIC & MOTORCYCLING

From the new Bullet 650 to the Flying Flea C6 and S6 electric scrambler concept, Motoverse 2025 brought together heritage motorcycles, next-gen EVs, riding culture and a vibrant global community

5 mins

A JOYFUL JOURNEY: The Promise of Awakening

I INTEND TO DEVOTE the entire year to this journey, with the hope that I will be leaving a personal legacy that survives for as long as the message of awakening holds its appeal.

3 mins

"We have consistently delivered an annual ROI of approximately 40 per cent"

Dushyant Singh, a food & beverage entrepreneur, has over 15 years of experience in building F&B brands, including On The House, Rustic, and The Lama. BW Businessworld recently caught up with Singh to chat about his latest venture, Coffee Sutra, a favourite among coffee aficionados in Jaipur. Excerpts

4 mins

Redefining Unalloyed Nationalism

In My Idea of Nation First, author UDAY MAHURKAR argues that India's future governance is inseparable from its understanding of the past,\" writes Srinath Sridharan

3 mins

A NOVEL THAT GLIDES THROUGH MANY REALMS

Journalist Nikhil Kumar strides into the arena of fiction with aplomb. His novel navigates continents and decades, capturing both the rarified world of architecture and the intimate spaces where relationships fracture

2 mins

"Huge Capacities Are Required"

DV Kapur on India's energy future, the need to balance coal and renewables, his eponymous foundation, and much more

2 mins

Lire toutes les histoires de BW Businessworld

BW Businessworld Description:

Éditeur: BW-Businessworld-Media-Private-Limited

Catégorie: Business

Langue: English

Fréquence: Fortnightly

BW Businessworld is a fortnightly magazine that has been published since 1975. It is one of the most popular business magazines in India, and it is known for its in-depth reporting and analysis of the Indian business world. It also features interviews with leading business leaders and entrepreneurs. It's a guide to the ever-changing business landscape.

In every issue, you'll find:

* In-depth analysis: Get the latest insights on the big trends that are shaping the business world.

* Expert interviews: Hear from the thought leaders who are shaping the future of business.

* Case studies: Learn from the successes and failures of other businesses.

* Industry reports: Get the lowdown on the latest developments in your industry.

* And more: BW Businessworld also features articles on a variety of other topics, such as leadership, innovation, and technology.

BW Businessworld is a must-read for anyone who wants to make sense of the business world. It is the only magazine that provides comprehensive coverage of the latest trends and insights, from the perspective of the world's leading business thinkers.

Subscribe today and stay ahead of the curve!