India's deal activity soars to $16.8 billion in October on high-value transactions

India recorded a total deal value of $16.8 billion in October across mergers and acquisitions (M&A), private equity (PE), initial public offerings (IPOs), and qualified institutional placements (QIPs), marking a 134% surge in value compared to September 2025. The total deal count reached 218 transactions, despite a 6% dip in total volumes, according to a Grant Thornton Bharat report.

The value surge was driven by three billion-dollar transactions totaling $5.9 billion and 11 other high-value deals worth $3.1 billion, collectively accounting for almost 85% of the total deal value.

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M&A and PE combined registered 189 deals valued at $10.6 billion. While volumes declined 13% month-on-month, the value surged by 63%.

M&A activity saw 69 deals worth $7 billion, experiencing a 23% decline in volumes.

The PE segment remained resilient with 120 deals valued at $3.6 billion, a 21% increase in value despite a 6% drop in volumes.

IPO and QIP activity hit a new monthly high, raising over $6.2 billion in total public market proceeds.

IPOs peaked with 24 issues raising $5.1 billion, led by two billion-dollar listings: Tata Capital and LG Electronics, both surpassing the $1 billion threshold.

Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat, noted that Banking and Financial Services headlined October's activity with the largest banking cross-border M&A deal, the biggest foreign investment in an Indian NBFC, and a $1 billion NBFC listing.