After cooling off briefly, India’s primary market is sizzling once again. A vibrant primary market is a plus for the economy. It tempts private firms to seek out the higher transparency and governance that comes with a public market listing. IPOs deleverage balance sheets and help promoters and private equity investors cash out of successful ventures so that they can invest in the next big thing. Three, India Inc’s promoters are also using the IPO frenzy to pad up their personal net worth through public offers and private pre-IPO placements.