**Title:** Indian IPO Market Thrives as Citi Focuses on Corporate Growth
**Meta Description:** The Indian IPO market is flourishing, with Citi leveraging corporate opportunities post-consumer business sale to drive growth.
**URL Slug:** indian-ipo-market-citi-corporate-growth
—
The Indian IPO market is experiencing significant growth, a trend that has persisted for over 18 months. According to Balasubramanian, who assumed his role in April, the prominence of IPO advertisements is evident, filling the first ten pages of major newspapers. This year, local listings have surpassed ₹1.77 trillion, exceeding last year’s record of ₹1.73 trillion, as reported by Bloomberg.
Citi is positioning itself to offer services that local companies may find challenging to access. Balasubramanian noted, “We can assist them in securing foreign currency funds or tapping into the international bond market. Additionally, we can facilitate access to equity markets, both through traditional equity and convertible options.” Following the divestiture of its consumer business in 2023, Citi is now focusing on corporate clients to drive its growth in India.
Two years after selling its consumer banking division to Axis Bank for ₹11,603 crore, Citi has reportedly compensated for the loss of its retail operations. Balasubramanian stated, “Our current top line is 30% higher than the combined income of our consumer and corporate sectors.” He emphasized that the bank has not only maintained its performance but has also surpassed its previous achievements during the retail era.
In the fiscal year 2024-25, Citi India reported a net profit of ₹6,193 crore, supported by revenues of ₹22,173 crore. Although profits were lower than the previous year, they represent a 51% increase compared to FY22, the last year before the consumer business was sold. Revenue has consistently grown since FY22 and between FY24 and FY25.
Balasubramanian’s leadership comes at a crucial time as India continues to demonstrate robust economic growth, driven by domestic consumption. Bankers are also observing signs of recovery in private capital expenditure following extensive government infrastructure investments. With a focus on the corporate sector, Balasubramanian is poised to redefine Citi’s identity in India.
Having spent nearly 26 years with the New York-based bank, Balasubramanian, often referred to as Bala, is seen as well-equipped to steer Citi’s growth in India. Former executives have noted that longer tenures for CEOs can be beneficial for foreign banks, contrasting with the shorter terms that were once common. Pramit Jhaveri, who led Citi in India from 2010 to 2019, remarked that as India’s economy expands, the opportunities for institutions like Citi become increasingly appealing, highlighting the importance of experience in such dynamic markets.
**FAQ:**
**What is driving the growth of the Indian IPO market?**
The Indian IPO market is thriving due to increased investor interest and a surge in local listings, with companies seeking to capitalize on favorable market conditions.