(Bloomberg) -- Fundraising activity in India will be stronger than ever over the next two years as conglomerates, tech firms and financial services providers hunt for capital to fuel growth and owners seize the moment to sell holdings, Bank of America Corp.’s co-head of investment banking in the country said.

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“2023 was the year of block trades, 2024 is going to be the year of IPOs — and that momentum will most likely carry into 2025,” Debasish Purohit said in an interview with Bloomberg News in Mumbai. “2024 and 2025 as a block will be the busiest years of IPOs in our lifetime.”

Purohit expects between 5 and 10 tech firms and two or three local subsidiaries of multinational companies to launch initial public offerings in the period.

Reliance Industries Ltd., controlled by Asia’s richest person Mukesh Ambani, has been looking to list its wireless carrier Reliance Jio Infocomm Ltd. and Reliance Retail Ventures for several years, while the financial services unit of Tata Sons, another giant conglomerate, is one of several shadow lenders that the Reserve Bank of India has told to list before 2025. Hyundai Motor Co. is also considering listing its Indian business in one of the country’s biggest IPOs, Bloomberg reported earlier this month.

India’s equity markets have been on a tear — the benchmark Sensex has risen in all of the past eight years, including a 19% rally in 2023 — and the retail investor base in the world’s most populous country is growing. A robust economy also provides favorable conditions for IPOs and exit opportunities for investors. The International Monetary Fund expects India’s economy to grow 6.5% in 2024 and 2025 following its 6.7% expansion last year.

This is unfolding as neighbor China tries to address ructions in its stock and property markets, along with trade conflicts and various regulatory crackdowns. That’s further encouraging global investors to shift billions of dollars into India.

“Every single private equity fund that you talk to wants to have a China plus strategy, so you’ll see at least two, three funds being raised for India alone,” said Purohit, who has worked in investment banking for over two decades.

India should be regarded as a standalone market rather than an extension or part of the wider Asia Pacific, according to Purohit. Japan and South Korea are sources for inbound deals in real estate, infrastructure, manufacturing and financial services, while investment in local semiconductor businesses may come from Taiwan, he said.