In an unprecedented feat, NSE successfully hosted 268 IPOs, including 90 on the mainboard and 178 on the SME platform, raising a total of ₹1.67 lakh crore. This marks a significant milestone as the highest number of IPOs facilitated in a single calendar year, reflecting the growing confidence of global and domestic investors in India’s capital markets.

On the global stage, 2024 saw a total of 1,145 IPOs, slightly lower than the 1,271 recorded in 2023. Yet, India emerged as a leader, with NSE facilitating 268 IPOs, including Hyundai Motor India Ltd.’s landmark IPO worth USD 3.3 billion—the largest IPO in India’s history and the second-largest globally for the year.

For the SME segment, companies collectively raised ₹7,349 crore (USD 0.86 billion), showcasing the platform’s robust support for small and medium enterprises aiming to scale their operations.

Sriram Krishnan, Chief Business Development Officer (CBDO) of NSE, highlighted the significance of this achievement, stating, “The record number of IPOs during this calendar year highlights the resilience and potential of the Indian economy. Companies across various sectors are recognizing the value of public markets to support their growth strategies.”

In a comparison with other leading Asian stock exchanges, such as Japan Exchange Group, Hong Kong Stock Exchange, and Shanghai Stock Exchange, Krishnan noted that NSE facilitated more IPOs than all of them combined, underlining India’s dominant position in the region.

Looking ahead to 2025, NSE has reaffirmed its commitment to strengthening its platform to enable higher capital raising and support for businesses. India’s thriving stock market is attracting an increasing number of companies eager to list their shares, many of which have already reaped significant returns post-listing.

For the uninitiated, an Initial Public Offering (IPO) is a process through which companies sell their shares to the public to raise equity capital from investors, often marking a pivotal step in their growth journey.

With such impressive achievements in 2024, NSE has cemented its role as a cornerstone of India’s economic growth and a key driver of global capital market activity.

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Murthy Grandhi, a Company Profiles Analyst at GlobalData, highlighted that the outlook for 2025 is even more promising. He noted that the IPO pipeline for 2025 is filled with potential, driven by an increase in retail participation, substantial domestic inflows, and the continued presence of foreign portfolio investors (FPIs), despite being net sellers in the secondary market. Grandhi described 2024 as a “blockbuster year” for India’s IPO market, driven by these factors.

The surge in IPO activities in 2024 reflects broader economic dynamics, such as the government’s emphasis on infrastructure and core sector development, alongside increased private capital expenditure. These elements have been crucial in enhancing the market’s dynamism, helping India establish itself as a global hub for capital fundraising.

Key IPOs in India for 2024 included Hyundai Motor’s USD 3.3 billion offering, Swiggy’s USD 1.3 billion issue, NTPC Green Energy’s USD 1.2 billion listing, Vishal Mega Mart’s USD 0.9 billion IPO, and Bajaj Housing Finance’s USD 0.8 billion issue. These high-profile listings further strengthened the growing confidence in India’s capital markets.

The Asia-Pacific (APAC) region also saw impressive growth in IPO activity. Japan reported a remarkable 275.1% growth, with 69 IPOs raising USD 12.6 billion. Malaysia followed with a 145.9% increase, as 36 IPOs raised USD 1.1 billion. However, China experienced a significant decline, with IPOs dropping by 51.3% due to tighter regulations. The country had 64 IPOs, raising just over USD 5.2 billion.

In total, the APAC region saw 604 IPOs, generating USD 33.9 billion, reflecting a 21.5% increase in proceeds compared to 2023. India emerged as the top performer in the region, with over 200 companies going public. The technology and communications sector led the APAC IPO market with 118 transactions worth USD 3.8 billion, followed by the financial services sector, which contributed 60 deals totaling USD 2.6 billion.

Globally, IPO activity is also expected to exceed 2024’s numbers, with a strong pipeline already in place. However, the performance of the global IPO market in 2025 will depend on various factors, including decisions by the U.S. Federal Reserve and the performance of emerging markets.

In summary, India’s IPO market is poised for further growth in 2025, driven by increased investor interest and a favorable economic environment, placing the country at the forefront of the global capital markets.

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