New Delhi, May 21 -- Initial public offerings in India should get back on track in the second half of the year, according to Citigroup Inc., moving on from a rocky start that's seen foreign investors withdraw capital and the rupee slide.

A lot rests on a potential Indian record-breaking first-time share sale by Jio Platforms Ltd., which is proving increasingly challenging, as well as National Stock Exchange of India Ltd.'s long-delayed listing. About $3.5 billion has been raised in IPOs in India this year, compared with $22.4 billion in all of 2025, when it was the world's third-biggest IPO market.

"Over the past two years, 60%-70% of issuance has been concentrated in the final quarter, and current conditions suggest a similar trajector...