(Bloomberg) -- India’s share market capitalization is expected to rise to $5 trillion by 2024 from the current $3.5 trillion, catapulting the nation to the world’s fifth-biggest market, according to Goldman Sachs Group Inc. 

Nearly $400 billion of market capitalization could be added from new IPOs over the next 2-3 years, Goldman Sachs analysts led by Sunil Koul, wrote in a note. Share-sale pipeline is expected to remain robust over the next 12-24 months, based on recent announcements from ‘new economy’ unicorns, analysts wrote.  

“We stay overweight on expectations of a strong cyclical recovery and supportive flows,” according to the report. Additionally, the strong thematic appeal and growth potential of the new economy sectors lend support to our medium-term constructive view.”

“Investors can find attractive return opportunities, as long as they don’t overpay for growth, as evidenced by significant outperformance of China new economy stocks over the past decade,” the report said.

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