NEW DELHI: India’s IPO market achieved a historic milestone, with proceeds doubling from $5.5 billion in 2023 to $11.2 billion in 2024 says Global Data report.
Murthy Grandhi, Company Profiles Analyst at GlobalData, says 2025 promises even bigger fireworks. He said, “India’s IPO market hit a bull run in 2024, with proceeds skyrocketing to $11.2 billion–more than doubling the $5.5 billion raised in 2023. The pipeline for 2025 promises even bigger fireworks, fueled by skyrocketing retail participation, hefty domestic inflows , and FPIs flexing their muscles despite being net sellers in the secondary market.”
He added, “This blockbuster year reflects issuer confidence and investors’ insatiable appetite for listing-day pops and long-term growth plays.”
The government’s emphasis on infrastructure and core sector developmentcombined with increased private capital expenditure, played a pivotal role in enhancing market dynamism.
Grandhi emphasized that India’s IPO boom is more than just a numerical achievement–it signifies the evolution and resilience of the country’s financial ecosystem, establishing India as a global hub for capital fundraising.
India’s key IPOs in 2024 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.
Other Asia-Pacific (APAC) nations also reported significant IPO activity. Japan experienced a phenomenal 275.1 per cent growth, with 69 IPOs generating $12.6 billion, while Malaysia recorded a 145.9 per cent increase, with 36 IPOs raising $1.1 billion.
However, China saw a substantial decline in IPO numbers, with a 51.3 per cent drop attributed to tightened regulations. The country had 64 IPOs, raising just over $5.2 billion.
The region recorded 604 IPOs, raising a total of $33.9 billion–a 21.5 per cent increase in proceeds compared to 2023. Among APAC countries, India stood out as the top performer, with over 200 companies going public, according to Global Data, a Prominent data and analytics firm.
The APAC IPO market was led by the technology and communications sector, which recorded 118 transactions worth $3.8 billion, followed by the financial services sector, with 60 deals amounting to $2.6 billion.
On the broader APAC front, standout deals included Lineage Inc’s $4.4 billion IPO and Tokyo Metro’s $3.2 billion listing, both in Japan.
The report stated that globally too, 2025 IPO market will surpass 2024 IPO activity, with a strong pipeline already in place.
However, the trajectory will depend on global factors such as Federal Reserve rate decisions and the performance of emerging markets.
