Subject Preference: GS Paper III (Economy – Capital Markets, Investment Models)
- The Basics: An Initial Public Offering (IPO) is when an unlisted company offers its shares to the public for the first time to raise capital.
- Context (2024-25): India raised a record ₹3.8 lakh crore through 701 IPOs.
- Key Drivers:
- Financialization of Savings: Retail investors are moving from Gold/FDs to equity via Demat accounts (16 crore+).
- Regulatory Reforms: SEBI’s T+3 listing cycle (shortening the time from IPO close to trading) has increased liquidity.
- SME Boom: Small and Medium Enterprises are tapping markets for growth, decentralizing wealth creation beyond conglomerates.
IAS-2026 - OPTIONAL / GEOGRAPHY / PUBLIC ADMINISTRATION / SOCIOLOGY / ANTHROPOLOGY / ORIENTATION ON 03 & 04-10-2025 
