India logs 999 deals worth USD 44.3 bn in Q3 2025, IPOs surge 156%: PwC report

India logged 999 deals worth USD 44.3 billion in the July–September 2025 quarter, marking its strongest performance in six quarters, according to PwC India’s Deals at a Glance report released on Monday.

The deal value rose 64 per cent and volume grew 13 per cent compared with the previous quarter, when 887 transactions worth USD 27 billion were recorded.

PwC India said mergers and acquisitions (M&A) continued to drive overall activity, with 518 transactions worth USD 28.4 billion — up 80 per cent in value and 26 per cent in volume quarter-on-quarter. Year-on-year, deal volumes climbed 64 per cent, while M&A values increased 32 per cent, aided by domestic consolidation and renewed cross-border interest.

Private equity (PE) activity also remained robust, with 481 deals valued at USD 15.9 billion, reflecting a 41 per cent jump in value and a marginal 1 per cent rise in volume from the previous quarter. Compared to a year earlier, PE investments more than doubled in value and increased 36 per cent in deal count, underscoring investor interest in high-growth sectors and scalable businesses.

“Q3 CY25 witnessed a decisive pickup in both deal activity and valuations, driven by renewed confidence in India’s domestic consolidation story, expanding corporate balance sheets, and a stable macroeconomic environment,” said Mohit Chopra, Partner and Leader – Deals, PwC India.

As capital flows improve, sectors are showing more diversified activity, with both strategic and financial investors positioning for long-term value creation, he added.

The report noted that India’s IPO market had an exceptional quarter, with 159 new listings (50 mainboard and 109 SME IPOs) compared to 62 in the previous quarter — a 156 per cent sequential jump and the highest quarterly tally this year.

“The surge in IPO activity, coupled with sustained private equity participation, reflects deep investor conviction in India’s medium-term growth trajectory and the strength of its capital markets ecosystem,” said Shashank Jain, Partner and Leader – Deals, PwC India.

Technology led all sectors by value, accounting for USD 13.3 billion across 146 deals — about one-third of total disclosed deal value. Retail and consumer businesses topped in volume, with 165 transactions worth USD 4.3 billion, highlighting ongoing consolidation in India’s consumer economy.

(With inputs from agencies)