Investment bankers report a rise in IPO enquiries from European industrial firms in India, especially in auto components, specialty chemicals, and clean energy sectors after the recent trade deal. This follows a hot domestic market where multinational firms have achieved high valuations in share sales. German auto parts maker MAHLE GmbH and Swedish gaming group Modern Times Group, via their Indian subsidiary PlaySimple, are gearing up to file draft red herring prospectuses (DRHPs) for upcoming IPOs. Danish brewer Carlsberg is also considering an IPO. Recent filings include Italian firm Bonfiglioli Transmissions for a ₹2,000 crore IPO and German Green Steel & Power, which got Sebi approval last year and plans to launch soon. Indian renewable energy company SAEL Industries has filed for a ₹4,575 crore IPO. Bhavesh Shah, head of Investment Banking at Equirus Capital, said, "The emerging interest from European industrial, auto-component and clean-energy firms signals a deeper level of confidence in India's regulatory architecture, disclosure standards and institutional investor base." Shah added that the rising domestic institutional investors are driving this trend and India could become a key regional hub for multinational listings. Agarwal noted, "Following the successful listings of Orkla India and Carraro India, European parents now view India not just as a manufacturing hub but as a prime place to unlock equity value. The FTA acts as the ultimate ‘confidence bridge’, letting European giants tap into India's high-valuation premiums and capital for their green ambitions." However, not everyone expects a surge. Dev Chandrasekhar, partner at Transcendum, said listings will be "selective and opportunistic rather than a stampede" due to ongoing EU-India deal talks and European firms' caution over governance changes. He explained, "European companies worry about governance dilution in emerging markets. Though Indian regulations have improved, Sebi's disclosure rules and related scrutiny can be uncomfortable for European sponsors used to lighter regimes."