JPMorgan Chase & Co.'s Jamie Dimon is headed to India this week, visiting the country as the Wall Street giant ramps up its push into a market where it expects a further boom in deals. According to Bloomberg Law, Dimon is scheduled to attend an annual investment conference hosted by the firm in Mumbai, where he will meet executives from India's top conglomerates. The visit comes as JPMorgan continues to beef up its teams in key areas, with the bank having won significant mandates in recent years. Dimon has been a regular visitor to India in recent years, reflecting the bank's growing commitment to the market as cross-border M&A activity accelerates.
The push towards cross-border M&A is not unique to India, with $1 trillion of the $4 trillion global M&A activity in the first eight months of 2026 being cross-border transactions - representing 25% of total activity. According to JPMorgan's Anu Aiyengar, this activity is taking place despite geopolitical tensions, wars and conflicts, supply-chain disruptions, higher oil prices, demographic changes and a more protectionist regulatory environment. As reported by CNBC-TV18, Aiyengar believes some of these challenges are themselves creating reasons for companies to transact, with businesses increasingly looking for quality, safety and scale while assessing how geopolitical and supply-chain risks could affect their operations. AI is another major factor behind the increase in strategic activity, though Aiyengar does not see it as the only driver, as companies must decide what technology capabilities they need, how much capital they need to invest and whether they should develop capabilities internally or acquire them.
According to Dorothee Blessing, Global Investment Banking Co-Head at JPMorgan, the firm has achieved a $4 trillion M&A volume year-to-date, making it an incredibly busy year for investment banking. The dealmaking landscape shows remarkable resilience with more than 50 mega deals above $10 billion globally, and notably, cross-border deals have surged 49% year-over-year. Blessing emphasized that this activity is taking place despite challenging conditions including Fed policy changes, crude oil price volatility, and active geopolitics. The firm has also witnessed a dramatic recovery in equity capital markets, with IPO issuance up more than 250% year-over-year, while debt capital markets have seen investment grade activity increase more than 30% year-over-year, driven partly by the broader AI economy but extending across multiple sectors.
Outbound mergers and acquisitions from India have demonstrated exceptional performance in 2026, with deals reaching close to $24 billion so far this year and positioned to hit a record high. According to Paul Uren, head of investment banking for Asia Pacific at JPMorgan Chase, this strong outbound activity reflects Indian companies' strategic focus on securing key supply chains against volatile geopolitics. As reported by Reuters, Uren noted that there are a number of Indian companies that have a very good acquisition currency and access to capital markets through equity or debt, making them well-positioned for continued international expansion. "We'll be active in pursuing opportunities along those lines," Uren stated, expressing confidence in the firm's ability to capitalize on this trend. Aiyangar emphasizes that Indian companies have the financial capacity to pursue larger transactions, with most companies having the financial wherewithal to do billion-plus transactions - a capability that was not available 10 years ago.
India represents a critical component of JPMorgan's global strategy, with the firm maintaining a market share of 8.5% in the broader Asia Pacific region. According to Blessing, India's capital markets depth makes it an incredibly important market for the bank's business. The firm expects $60-65 billion in IPO issuance for India alone, driven by savings moving into investments. In the M&A space, India has demonstrated strong activity with $100 billion in M&A volume in the first half of 2026 across 680 deals. The market attracts both inbound private equity investors and sovereign wealth funds seeking opportunities, while Indian companies' strengths drive significant cross-border outbound activity in manufacturing and other capabilities. Blessing highlighted that India's continued private sector investments, high-value job creation, and manufacturing competitiveness are key growth drivers for the economy's resilience.
India's equity capital markets have experienced a significant slowdown in 2026, with IPO activity declining to $9.9 billion across 194 firms by September 21, compared to $21.8 billion in all of 2025. According to data from LSEG, this represents a substantial decrease in initial public offering activity. However, Aiyangar noted that financing and capital remain available, although the cost has risen. The broader concern for private equity has been the difficulty of monetising assets acquired in 2020 and 2021, rather than simply higher interest rates. She emphasized that companies are taking a longer-term view of capital allocation, with businesses may accepting a higher capital requirement or even a dilutive transaction if it helps strengthen their balance sheet and reduce risk at a time of high macroeconomic uncertainty.
