Excited about the $20 billion pipeline? Vikas Khemani says 80% upcoming IPOs have poor business quality

Vikas Khemani warns that nearly 80% of upcoming IPOs are poor-quality businesses, saying only a handful are worth investor attention. With India’s IPO pipeline touching $20 billion annually, he cautions that supply is outpacing fundamentals, valuations are stretched, and investors must be far more selective amid shrinking listing gains.