India's IPO boom turns into $5bn cash-out for foreign retail parents; PhonePe, Coca-Cola, Carlsberg queue up
Foreign owners are using OFS-heavy Indian IPOs to repatriate nearly $5bn, with Walmart's PhonePe ($1bn), Coca-Cola's bottler, Carlsberg India and MTG India lining up. With 367 IPOs raising $21.8bn in 2025 and $26bn pending, the rupee is down 13% since 2024 as outflows mount.
What happened
Foreign parents are using Indian IPOs as cash-out vehicles via OFS structures, pocketing nearly $5bn. Walmart's PhonePe ($1bn), Coca-Cola's bottling arm,
Key facts
- $5 billion OFS proceeds
- $1 billion PhonePe IPO planned
- $335 million MTG India IPO
- 367 IPOs in 2025
- $21.8 billion raised
- $26 billion IPOs pending
- rupee down 13% since 2024
Why this matters
OFS-led listings are now the preferred repatriation route for foreign retail parents, opening a window to acquire secondary stakes or pre-IPO blocks as sellers prioritize speed of exit over strategic continuity.