India leads global IPO activity in 2024, raises over $19 billion

BILKULONLINE
SUNDAY Special 

New Delhi, Feb 23: India emerged as the global leader in initial public offerings (IPOs) activity in 2024, accounting for 23 per cent of all public issues worldwide, a new report said on Sunday.

India also raised the highest amount of money through IPOs, collecting $19.5 billion, as per the Indus Valley Annual Report 2025. It was followed by IPOs listed on the US Nasdaq, which raised $16.5 billion, and those listed on the New York Stock Exchange (NYSE), which raised $15.9 billion. The country saw 268 IPOs, including 90 mainboard listings and 178 SME listings.

One of the biggest offerings of the year was the Rs 27,870-crore IPO of Hyundai Motors, which became India’s largest IPO and the world’s second-largest IPO in 2024. Venture capitalists have shown increasing interest in the Indian IPO market as several major companies have gone public with venture funding this year. The report added that the funds raised by venture-backed IPOs after 2021 have more than doubled compared to the total amount raised by all venture-backed IPOs before 2021. The SME sector has also seen significant growth in IPOs.

Since 2012, the median market capitalisation of SME IPOs has increased 4.5 times, reaching nearly Rs 100 crore in 2024. Additionally, the median revenue of SMEs at the time of IPO has tripled — to reach Rs 70 crore. India’s quick commerce sector has witnessed explosive growth, surging from $300 million in FY22 to an estimated $7.1 billion in FY25, the report said. This rapid expansion was due to shifting consumer preferences toward instant deliveries, driven by increased internet penetration, changing lifestyles, and growing competition among platforms. However, the report noted a decline in the median market capitalisation of companies going public. This has been a trend for the past three years. In 2021, the median market cap was Rs 3,800 crore, which dropped to Rs 3,000 crore in 2022 and further fell to Rs 2,770 crore in 2023.