India’s pipeline for initial public offerings, which was static at the beginning of the year as the country’s local index dropped more than 3,000 points in January, is recovering.

Last year, Indian IPOs reached a record as 103 companies came to market, raising $9.2bn (€5.9bn), according to data provider Dealogic. The largest was DLF, the New Delhi-based real estate developer, which raised $2.3bn when it listed in June.