India’s IPO Market Poised for Record Growth in 2025: Report

New Delhi, December 28, 2024 — India’s Initial Public Offering (IPO) market reached unprecedented heights in 2024, with proceeds surging from USD 5.5 billion in 2023 to a remarkable USD 11.2 billion, according to a report by GlobalData. Analysts predict that 2025 will build on this momentum, further solidifying India’s position as a global leader in capital fundraising.

Murthy Grandhi, Company Profiles Analyst at GlobalData, highlighted the factors behind the meteoric rise. “India’s IPO market experienced a phenomenal bull run in 2024, doubling its proceeds year-over-year. With an energized pipeline for 2025, we expect even more fireworks, driven by a surge in retail participation, substantial domestic inflows, and the resilience of Foreign Portfolio Investors (FPIs) despite their cautious stance in the secondary market,” he stated.

Grandhi emphasized that the extraordinary performance reflects not only the confidence of issuers but also investors’ growing appetite for listing-day gains and long-term growth opportunities. The government’s focus on infrastructure and core sector development, combined with increased private capital expenditure, further contributed to the market’s dynamism.

Key IPOs in 2024

Prominent IPOs that shaped India’s record-breaking year include:

Hyundai Motor’s USD 3.3 billion issue
Swiggy’s USD 1.3 billion offering
NTPC Green Energy’s USD 1.2 billion IPO
Vishal Mega Mart’s USD 0.9 billion listing
Bajaj Housing Finance’s USD 0.8 billion issue

These IPOs exemplify the robust issuer confidence and market receptivity in India’s financial ecosystem.

India Leads in APAC IPO Market

India emerged as a standout performer in the Asia-Pacific (APAC) region, with over 200 companies going public in 2024. The region as a whole recorded 604 IPOs, raising USD 33.9 billion—a 21.5% increase from 2023.

While Japan recorded the largest growth with a 275.1% increase in IPO proceeds (USD 12.6 billion from 69 IPOs), Malaysia also saw notable gains with a 145.9% rise, generating USD 1.1 billion from 36 IPOs. In contrast, China witnessed a sharp 51.3% drop due to tightened regulations, raising just USD 5.2 billion from 64 IPOs.

Across APAC, the technology and communications sector led the market with 118 deals worth USD 3.8 billion, followed by the financial services sector, which recorded 60 transactions amounting to USD 2.6 billion.

Global Outlook for 2025

The GlobalData report predicts that the global IPO market will surpass 2024 levels, with a robust pipeline already in place for 2025. However, the trajectory will depend on factors such as Federal Reserve interest rate decisions and the performance of emerging markets.

India’s 2025 IPO outlook remains highly optimistic, with experts viewing the country’s financial ecosystem as a beacon of resilience and growth in the global capital markets.