India’s initial public offerings (IPO) have hit a record ₹1.77 lakh crore ($19.6 billion), as companies rush to capture the booming investor demand for new shares, according to a Bloomberg report.

The proceeds surpassed last year’s high of ₹1.73 lakh crore, according to data compiled by Bloomberg. With five more offerings scheduled to close on or before December 16, including ICICI Prudential Asset Management Co.’s $1.2 billion deal, the value is set to rise further.

The surge signals how India’s capital markets have matured into a major fundraising hub, driven by a swelling base of retail investors and steady institutional appetite even as secondary equities lose steam.

India has been making it easier for companies to list, and the run of big-ticket deals shows how firms are using buoyant demand to lock in funding before global conditions tighten.

Foreign institutional investors, lured by the growth outlook and relatively stable policy backdrop, remain active participants in IPOs even as they sell an almost record amount of Indian equities. That has allowed companies across sectors, including mid-sized manufacturers and tech-led businesses, to raise capital at elevated valuations.

But this euphoria comes with risks. Excessive valuations for some companies have led to some weak performance after the debut. About half of the more than 300 firms listed so far this year — including Tata Capital, JSW Cement and WeWork India are trading below their offer price, according to data compiled by Bloomberg.