India ignores stock market slump, September IPO sets historical record.

India's initial public offerings are charging ahead with unprecedented momentum, successfully weathering the sell-off in the secondary market. According to data compiled by primedatabase.com, September set a series of records, with both the number of deals launched and draft prospectuses filed hitting new highs. That month, 34 companies raised over Rs 393 billion through IPOs, while 46 companies filed draft documents for mainboard IPOs. This active deal flow has also caught the attention of global funds. Data from the National Securities Depository Limited shows that global funds have invested nearly Rs 545 billion in the primary market this year. By contrast, they sold about Rs 3 trillion worth of stocks in the secondary market, as Indian equities face their longest streak of weekly declines in nearly 25 years. This divergence in fund flows suggests that investors are becoming more selective in their capital allocation to the Indian market. Although valuation and earnings concerns have weighed on the stock market, attractively priced new listings and a growing domestic pool of funds still offer companies opportunities to raise capital in a difficult market environment.