According to Goldman Sachs, India’s stock market may expand to more than $5 trillion in three years, making it the world’s fifth-largest.

The investment bank claimed in a report dated Sept. 19 that Indian start-ups have raised $10 billion through IPOs so far this year — more money than has been raised in the previous three years.

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According to Goldman Sachs analysts, the pipeline for further public offerings will be strong over the next two years. According to Goldman’s calculations, up to 150 private companies might go public in the next 36 months.

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“We estimate nearly US$400bn of the market cap could be added from new IPOs over the next 2-3 years,” Goldman analysts wrote.

The stock market value of India might rise from $3.5 trillion to above $5 trillion by 2024, according to analysts. The South Asian country will likely overtake the United Kingdom and the Middle East as the world’s fifth-largest economy by market value.

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Many of India’s top technological start-ups have declared plans to go public, which some investors think would herald in a new age for the whole ecosystem.

Food-delivery service Zomato became the first of several well-known companies to be listed on a stock exchange. Payments behemoth Paytm, ride-hailing startup Ola, and online retailer Flipkart are among the companies in the pipeline.

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Indian start-ups valued at more than $1 billion, known as “unicorns,” have multiplied in recent years. Goldman attributed this to the internet ecosystem’s fast expansion, as well as the increased availability of private financing and a more favorable regulatory structure.

According to the bank, there are at least 67 Indian private start-ups that meet the criteria of a unicorn, with 27 estimating that they would be valued at $1 billion or more by 2021. Their main concern is the digital economy in India.

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“Looking forward, we think Indian equity indices could see a larger representation of the new-economy sectors over the next 2-3 years as the large digital IPOs get included in the index,” Goldman said. “We see the new-economy sector weight could rise from the current 5% to 12%.”

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According to the investment bank, India’s portion of global stock market value would grow from 2.8 percent to 3.7 percent during the next five years. This is greater than Goldman’s forecast of a 40 basis point growth in India’s proportion of global GDP over the next 5 years.