India is on track for a record year in initial public offerings after the value of primary listings reached their highest year-to-date level on the back of interest rate cuts and strong domestic demand for equities.

The amount raised in primary public flotations so far this year has hit $6.7bn, compared with $5.4bn over the same period last year, making India the world’s biggest IPO market outside the US, according to Dealogic data. Several highly anticipated listings, including Tata Capital’s expected $2bn flotation, could propel India past last year’s $21bn raised.

“We are going to see a significant acceleration in the primary market compared to the first half,” said Sunil Khaitan, managing director and head of India financing at Goldman Sachs, who expects as much as $20bn to be raised in the second half of the year.