India was the world’s top market for initial public offerings in October, thanks to a record month driven by the blockbuster share sale of Jio Platforms Ltd.

Companies raised about 455 billion rupees ($4.8 billion) through IPOs during the month, the most ever for the country, according to data compiled by Bloomberg. That gave India the October lead, ahead of the US, where fundraising reached $2.1 billion through Thursday, and Hong Kong at $1.5 billion, the data show.

The blockbuster month caps a sharp turnaround for fundraising in India, which lagged behind while the rest of the world zoomed ahead on the back of share sales by companies along the artificial intelligence supply chain. But dealmaking picked up in the second half, with landmark offerings like those by Jio and the National Stock Exchange of India Ltd. About 40 companies went public in October, also the most globally, highlighting the breadth of issuance alongside the megadeals.

Jio, billionaire Mukesh Ambani’s telecom and digital-services company, was largely responsible for the outsize haul, having raised 302 billion rupees in India’s biggest-ever IPO. The offering drew strong demand from institutional and individual investors despite weakness in the broader stock market.

Indian companies have now raised about $18.26 billion through IPOs this year, putting the market within reach of the record $22.36 billion raised in 2025.

The bumper month reinforces India’s position as one of the world’s busiest IPO markets as a growing pipeline of companies prepares to tap investors. Investors’ ability to absorb large offerings such as Jio could encourage more companies waiting on the sidelines to accelerate their listing plans, potentially keeping India among the world’s busiest markets for new share sales into 2027.

About 113 companies have received regulatory approval to go public, while another 115 have filed draft prospectuses, setting the stage for another busy stretch of fundraising.