Non-banking financial companies (NBFCs) are readying a war chest of close to Rs 2 trillion to lend to high networth individuals (HNIs) for fuelling their IPO wagers. According to industry sources, a huge demand for capital amid an initial public offering (IPO) rush has led to a rise in funding cost to as much as 13 per cent from less than 10 per cent levels.

Five companies are looking to mop up over Rs 31,000 crore cumulatively between October 28 and November 10. Industry players expect Nykaa to be the biggest draw.