New Delhi: India has emerged as the global leader in Initial Public Offerings (IPOs) in 2024, accounting for 23% of the world’s total IPO activity, according to the Indus Valley Annual Report 2025.
The country raised a record $19.5 billion through IPOs this year, surpassing other major markets like the United States.
The US Nasdaq raised $16.5 billion, while the New York Stock Exchange (NYSE) followed closely with $15.9 billion.
India saw 268 IPOs in 2024, with 90 mainboard listings and 178 SME (small and medium enterprise) listings.
The largest offering of the year was the Rs. 27,870 crore IPO by Hyundai Motors, which not only became India’s largest IPO but also ranked as the second-largest IPO globally.
Venture capital investments in Indian IPOs have surged, with the funds raised through venture-backed IPOs more than doubling since 2021 compared to pre-2021 levels.
This has significantly contributed to the rise in IPO activity. Additionally, India’s SME sector has shown notable growth.
The median market capitalisation of SME IPOs has increased nearly fivefold since 2012, reaching around Rs. 100 crore in 2024.
Furthermore, the median revenue of these SMEs at the time of their IPO has tripled, now standing at Rs. 70 crore.
India’s quick commerce sector has experienced explosive growth, with its market size skyrocketing from $300 million in FY22 to an expected $7.1 billion by FY25.
ALSO READ: Manipur Police recover stolen vehicles used for extortion, crimes against women
This surge is attributed to changing consumer behaviour, with a preference for instant deliveries, fuelled by growing internet penetration, evolving lifestyles, and fierce competition among delivery platforms.
Despite this strong performance, the report noted a decline in the median market capitalisation of companies going public in India over the past three years.
From Rs. 3,800 crore in 2021, it fell to Rs. 3,000 crore in 2022 and further dipped to Rs. 2,770 crore in 2023.
India’s rise as an IPO hub underscores its growing importance in the global financial landscape, with investors and companies alike increasingly looking to tap into the country’s dynamic market.
