Indian companies raised over Rs 27000 crore through initial public offerings (IPOs) this year, the highest in at least a decade compared to six months of previous years, driven by gushing liquidity in capital markets and investor euphoria. Favourable market conditions have made it attractive for companies to raise equity capital at relatively higher valuations, and many companies have taken advantage of the situation. The question is how long will this euphoria last? And will the IPOs suck liquidity out and derail themarkets rally? To discuss that, Mint's Nasrin Sultana is in conversation with Niraj Kumar, CIO, Future Generali India Life Insurance.