A Study on Factors Influencing IPO Subscriptions of Startups in India: A Bibliometrics Literature Review
DOI:
https://doi.org/10.53555/jaes.v21i4.86Keywords:
Behavioural biases, Bibliometric Analysis, Initial Public Offerings (IPOs), Indian capital markets, Investor sentiment, Primary Market, Startup finance.Abstract
This study examines how academic research has explored the determinants of Initial Public Offering (IPO) subscriptions for startups in India between 2010 and 2025. Drawing on 410 publications retrieved from the Scopus database, the study applies PRISMA guidelines to select 43 articles for detailed bibliometric and thematic analysis. Using Biblioshiny in RStudio, it maps publication trends, author productivity, institutional collaboration networks, and thematic evolution in IPO-focused scholarship. The results show a sharp post‑2020 increase in output, led primarily by Indian and US scholars, with prominent contributions from leading Indian Institutes of Management and Indian Institutes of Technology. Core themes emerging from keyword, coupling, and thematic analyses include investor sentiment, IPO underpricing, behavioural biases, and regulatory frameworks, with growing attention to technology-driven IPOs and issues of market efficiency. The findings reveal a gradual shift from traditional pricing and performance questions toward behavioural and market-microstructure perspectives, while also identifying underexplored areas such as startup-specific risk factors and the interaction of regulation and investor psychology. By integrating bibliometric mapping with focused thematic insights, the paper offers a consolidated view of current knowledge and highlights future research directions with practical relevance for researchers, investors, and policymakers engaged in startup finance and capital market reforms in India
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