India led global IPO activity in 2024 and raised over $19 billion.
A new report on February 23 said India has emerged as the global leader in initial public offering (IPO) activity in 2024, accounting for 23% of all public issues worldwide.
According to the Indus Valley Annual Report 2025, India raised the highest amount of funds through IPOs, amounting to $19.5 billion.
This was followed by IPOs listed on the US Nasdaq, which raised $16.5 billion, and IPOs listed on the New York Stock Exchange (NYSE), which raised $15.9 billion.
There were 268 IPOs listed in India, including 90 mainboard listings and 178 SME listings.
One of the biggest offerings of the year was Hyundai Motors’ Rs 27,870 crore IPO, becoming 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 prominent companies have gone public with venture funding this year.
Since 2012, the average market capitalisation of SME IPOs has increased 4.5 times, reaching around Rs 100 crore in 2024.
Further, the average revenue of SMEs at the time of the IPO has increased three-fold to Rs 70 crore.
India’s instant commerce sector has witnessed tremendous growth, growing from $300 million in FY22 to an estimated $7.1 billion in FY25.
