Public listings on Indian stock exchanges is expected to touch a six-year high in 2016, with 50 companies having raised $2.93 billion (approximately Rs 19,573 crore) so far, a report by law firm Baker and McKenzie said. According to the study, 22 more Initial Public Offerings are expected to raise another $2.90 billion (approximately Rs 19,373 crore), taking the total value of deals this year to more than $5.8 billion (approximately Rs 38,746 crore), PTI reported.

The total value is more than double the $2.18 billion (approximately Rs 14,563 crore) raised by 71 listings last year, according to The Hindu Business Line. Listings on both the Bombay Stock Exchange and National Stock Exchange accounted for 98.8% of the biggest IPOs by value this year, including ICICI Prudential Life Insurance's public offer of shares worth Rs 6,057 crore. The Baker and McKenzie report further said that the momentum in the Indian IPO market would continue because of the central government's efforts to improve the ease of doing business in India.

The head of the law firm's Indian arm also emphasised the need to implement the Goods and Services Tax, saying it would "bring about the immediate benefit of widening the country's tax base and improving the revenue productivity of domestic indirect taxes". Ashok Lalwani said, "The flurry of IPO activity is likely to continue for the rest of 2016 and well into 2017."