The timeline for securing initial public offering mandates in India has lengthened significantly, with the process now extending up to 12 months compared to the typical six-to-eight-month cycle seen in previous years.
This elongation reflects a broader shift in promoter behavior, where founders and controlling shareholders are exercising greater caution before committing to public listings.
Investment banks are consequently required to invest more time and resources into early-stage pitches and due diligence to win these increasingly competitive mandates.
This trend underscores a maturing but more risk-averse equity capital market environment.
Promoters are conducting deeper internal reviews and taking more time to select financial advisers, prioritizing stability and valuation certainty over speed to market.
For investment banks, this means a higher barrier to entry for new deals and a need to demonstrate greater value during the extended pre-mandate phase.