India emerged as the world's number one market in initial public offering (IPO) activity in 2024, hosting 23% of all public issues globally, says Indus Valley Annual Report 2025.
It raised $19.5 billion via IPOs, outdoing other key markets such as the US, where IPOs listed on Nasdaq raised $16.5 billion and those listed on the New York Stock Exchange (NYSE) raised $15.9 billion.
India saw a total of 268 IPOs in 2024, comprising 90 mainboard listings and 178 SME (small and medium enterprise) listings. Some of the biggest offerings were the Rs 27,870-crore IPO of Hyundai Motors, which was India's biggest IPO and the second-largest IPO globally in a year.
The report pointed out a peak in venture capitalists' attention towards the Indian IPO market, as some of the venture-funded companies listed their shares. It pointed out that funds raised by venture-backed IPOs post-2021 have doubled compared to funds raised prior to 2021.
The SME segment also witnessed significant growth, and the median market capitalization of SME IPOs increased 4.5 times from 2012 to almost Rs 100 crore in 2024. Moreover, the median revenue of SMEs at the time of IPOs increased threefold to Rs 70 crore.
India's fast commerce industry saw rapid expansion, increasing from $300 million in FY22 to an estimated $7.1 billion in FY25. This expansion was fueled by shifting consumer tastes towards instant delivery, rising internet penetration, shifting lifestyles, and intensifying competition among platforms.
But the report also reported a decrease in the median market capitalization of going public companies. In the last three years, the median market cap has fallen from Rs 3,800 crore in 2021 to Rs 3,000 crore in 2022, and further to Rs 2,770 crore in 2023.
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