India Dominates Global IPO Landscape in 2024

India has emerged as the global leader in Initial Public Offerings (IPOs) in 2024, accounting for 23% of all IPOs worldwide and raising a total of $19.5 billion. This milestone reflects India’s strengthening position in the global financial market, driven by a rise in venture-backed IPOs, SME growth, and investor confidence.

What Contributed to India’s Record IPO Performance?

India saw a total of 268 IPOs in 2024, including 90 mainboard listings and 178 SME listings. This was the highest number globally, making India the top IPO destination. The country’s ability to attract strong investor interest can be attributed to economic stability, regulatory reforms, and the increasing participation of domestic and foreign institutional investors.

A major highlight was the IPO of Hyundai Motors (India) Private Limited, which raised ₹27,870 crore ($3.31 billion). This was India’s largest IPO of the year and the second-largest globally in 2024. Such high-value listings underscore the confidence of global companies in India’s stock market.

How Have Venture-Backed and SME IPOs Grown?

Since 2021, the capital raised through venture-backed IPOs in India has more than doubled compared to previous years. This surge indicates strong private equity and venture capital activity, as more startups choose to go public.

Additionally, SME IPOs have expanded significantly. Since 2012, their median market capitalization has increased 4.5 times, reaching nearly ₹100 crore in 2024. Median revenues at the time of listing have also tripled to about ₹70 crore, showing that small and mid-sized businesses are gaining more visibility and trust among investors.

What Challenges Exist Despite the Growth?

While India’s IPO market is growing, the median market capitalization of listed firms has declined over the past three years—from ₹3,800 crore in 2021 to ₹2,770 crore in 2023 . This suggests that while more companies are going public, they may be smaller in size compared to previous years.

Meanwhile, India’s quick commerce sector has seen rapid expansion, growing from $300 million in FY22 to an estimated $7.1 billion in FY25. The rise of online grocery and delivery platforms is further driving investments, making India a key player in the e-commerce sector.

India’s dominance in the global IPO landscape in 2024 reflects a dynamic financial market with growing investor participation. The rise in venture-backed IPOs and SME listings indicates a positive long-term trend, despite challenges in firm valuations. With strong economic fundamentals and increasing global interest, India is set to remain a major player in global IPO markets.

India’s IPO Boom 2024 – Key Highlights