India's IPO boom is defying the stock market's historic slump

India’s newest stocks are bucking a broader market selloff in the country, indicating there’s room for initial public offerings to continue their bull run. The 23 stocks that debuted in India so far this year are up by an average of 15% from their offer prices, according to data compiled by Bloomberg. That compares with a more than 2% drop in the benchmark NSE Nifty 50 Index this year.

Last year’s strong rally in Indian shares has stumbled, with the Nifty 50 suffering its worst monthly losing run since 2001 amid concerns about slowing economic and earnings growth. Demand remains robust for new equity offerings though, with the securities regulator saying it’s currently processing more than 60 IPO applications.