Initial Public Offerings(IPOs) worth $20 billion per annum are the 'new normal' for India, JP Morgan said on Tuesday. "It is the new watermark and will become an annualised run rate from here on," its head of equity capital markets, Abhinav Bharti, said. The market has already witnessed ₹21 billion of issuances in 2025, which might close at ₹23 billion.