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Equisculpt Novem Fund
Novem India Intelligence

The capital-formation monitor

A standing view of the cycle Novem invests in: how much capital India’s primary market is raising, where the SMID opportunity sits, and the structural flows behind both. Version 1 — refreshed with the market cycle; further modules are in build.

Module 01 · IPO Capital Formation
Capital raised in Indian IPOs by calendar year · USD billions · approximate, public exchange data · as of August 2026
2021
~$16B
2022
~$8B
2023
~$7B
2024
$19.5B
300+
IPOs in 2024
No. 1 globally by volume · ~200 on SME platforms
300+
Pipeline in Queue
SEBI approvals pending — record supply ahead
₹1.6L Cr+
Raised FY24
Across mainboard & SME issues
Reading: 2024 made the NSE the world’s largest IPO venue by capital raised. A deep pipeline is supply — it widens selection for anchor investors but rewards discipline, not participation. Sources: NSE/BSE public data, SEBI filings; yearly figures approximate.
Module 02 · The SMID Opportunity Map
India small & mid-cap versus large-cap · 5 years · USD terms · indexed to 100 · illustrative
300250 200150 100 SMID ~3.0× Large caps ~1.6×
3–5×
Earnings Growth Rate
Sub-₹2,000 Cr companies vs large caps
<₹2,000 Cr
Target Universe
Where coverage and institutional ownership thin out
200M+
Demat Accounts
The retail depth that makes SMID liquidity improve
Reading: the divergence is ownership and information, not only growth — see the research note. Illustrative index representation; not a projection of fund returns.
In Build
Modules scheduled for future releases of the monitor

Institutional Ownership Monitor

FII/DII holdings across the market-cap spectrum — the adoption curve, tracked.

Pre-IPO Activity Monitor

Placement volumes and discount trends in the unlisted secondary market.

Foreign Capital Flows

Monthly FPI flows into Indian equities, by segment.

Methodology & sources. Figures compiled from public NSE, BSE, SEBI and RBI data; yearly aggregates are approximate and stated in USD at prevailing rates. The monitor is informational — not investment advice, an offer, or a solicitation, and not for distribution to residents of India.