New Delhi, Sept. 3 -- India's primary market is showing little sign of cooling, even as the broader equity market struggles to make meaningful headway. According to Zerodha co-founder Nithin Kamath, the disconnect between the secondary market and the IPO market has become increasingly visible, with IPOs, offers for sale (OFS) and follow-on public offers (FPOs) attracting strong activity and a large pipeline of new issues waiting to hit the market.

"While the broader markets have gone nowhere, the primary market (IPOs, OFS, and FPOs) is red hot," Kamath said in a post on X. He pointed out that, based on capital raised, the current year is already on track to match, and potentially surpass, the previous two years and that there's a big pip...