India’s initial public offering (IPO) market has reached a historic milestone, with proceeds more than doubling from $5.5 billion in 2023 to $11.2 billion in 2024, according to a report by GlobalData. This remarkable growth signals a dynamic and resilient financial ecosystem, positioning India as a global hub for capital fundraising.
India’s IPO market experienced a bull run in 2024, with proceeds skyrocketing to $11.2 billion, more than double the amount raised in 2023. Murthy Grandhi, Company Profiles Analyst at GlobalData, predicts an even bigger year ahead, stating that the 2025 IPO pipeline promises “even bigger fireworks.” This optimism is fueled by skyrocketing retail participation, hefty domestic inflows, and foreign portfolio investors (FPIs) flexing their muscles, despite their net-selling position in the secondary market.
Grandhi attributes this year’s growth to a combination of issuer confidence and investors’ strong appetite for listing-day pops and long-term growth prospects. He added that the surge in IPO activity also reflects the government’s focus on infrastructure and core sector development, along with increased private capital expenditure, which has enhanced market dynamism.
India’s IPO boom was propelled by several high-profile listings. Notable offerings included Hyundai Motor’s $3.3 billion issue, Swiggy’s $1.3 billion offering, NTPC Green Energy’s $1.2 billion IPO, Vishal Mega Mart’s $0.9 billion listing, and Bajaj Housing Finance’s $0.8 billion issue. These large-scale IPOs highlight India’s growing prominence in the global IPO landscape.
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India’s performance stood out in the Asia-Pacific (APAC) region, which also saw significant IPO activity. Japan experienced an astounding 275.1% growth, with 69 IPOs raising $12.6 billion, while Malaysia recorded a 145.9% increase, with 36 IPOs raising $1.1 billion. However, China faced a substantial decline, with IPO activity dropping 51.3% due to tightened regulations. The country recorded just 64 IPOs, raising slightly over $5.2 billion.
Overall, the APAC region saw 604 IPOs, raising $33.9 billion, a 21.5% increase in proceeds compared to 2023. India was the top performer in the region, with over 200 companies going public in 2024.
The technology and communications sector led the APAC IPO market, with 118 transactions raising $3.8 billion. This follow by the financial services sector, which saw 60 deals totaling $2.6 billion. Notable IPOs in the broader APAC region included Lineage Inc’s $4.4 billion listing and Tokyo Metro’s $3.2 billion IPO, both in Japan.
Globally, the IPO market expect to surpass 2024 activity, with a strong pipeline already in place for 2025. However, the trajectory of the global IPO market will depend on factors such as the Federal Reserve’s rate decisions and the performance of emerging markets.
As India’s IPO market continues to grow, its resilience and the evolving financial ecosystem will remain key factors in attracting global investors and positioning the country as a leading destination for capital fundraising.
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