Of the 1.83 crore unique IPO applicants recorded nationally across 33 states and 785 towns, Telangana contributed 3.99 lakh (2.17%) and Andhra Pradesh 4.41 lakh (2.40%) — a combined 8.4 lakh investors already active in India's primary markets. That's a meaningful base to build on, especially with Maharashtra and Gujarat's outsized historical share showing just how much room the rest of the country, including the Telugu states, still has to grow. Telangana logged about 10,490 applicants per million people, and Andhra Pradesh 8,316, against a national average of 12,841. NSE data as of July 4 shows 1.24 crore registered trading accounts from Andhra Pradesh and 61 lakh from Telangana, part of a national investor base that crossed 13 crore unique investors in April. With access no longer a barrier, market watchers say the next step — turning more savers into active equity participants — is well within reach.