Indian Stock Market Drives Global IPO Surge in 2024, NSE Hits Record $19.5 Billion

The Indian stock market, led by the National Stock Exchange (NSE), emerged as a global leader in Initial Public Offerings (IPOs) in 2024. A staggering Rs 1.67 lakh crore (approximately $19.5 billion) was raised through IPOs, marking the highest capital raised globally. According to an NSE report, this achievement solidifies India’s position as a hub for investor confidence and capital market growth.

Largest Number of IPOs in Asia and Globally

India recorded 268 successful IPOs, which included 90 on the mainboard and 178 in the SME sector. These figures represented the highest number of IPOs in Asia and the largest ever in Indian history. The sheer volume highlights the growing attractiveness of Indian capital markets for businesses across industries.

India Hosts a Global Milestone IPO

The record-breaking year also included Hyundai Motor India Ltd’s IPO, which raised $3.3 billion. This offering became the largest IPO in India’s history and the second-largest globally in 2024, reinforcing the NSE’s stature on the global financial stage.

Breakdown of IPO Categories and Contributions

Out of the Rs 1.67 lakh crore raised:

• Mainboard IPOs: 90 companies raised over Rs 1.59 lakh crore.

• SME IPOs: 178 small and medium enterprises collectively garnered Rs 7,349 crore.
  These figures demonstrate how businesses of all sizes leveraged the IPO route for growth and capital infusion.

Resilience of the Indian Economy

“The record number of IPOs during 2024 highlights the resilience and potential of the Indian economy. Companies across sectors are recognising the value of public markets to support their growth strategies,” said Sriram Krishnan, Chief Business Development Officer (CBDO), NSE. This statement underscores how IPOs have become a vital tool for fueling expansion and innovation in India's diverse business landscape.

Comparison with Other Leading Global Exchanges

The NSE’s performance in 2024 outshined other top exchanges worldwide, including:

• New York Stock Exchange (NYSE): Raised $15.9 billion in IPO capital.

• Shanghai Stock Exchange (SSE): Generated $8.8 billion from 101 public issues.

• Asian Peers: Japan Exchange Group and Hong Kong Stock Exchange conducted 93 and 66 IPOs, respectively.

India’s cumulative IPO count surpassed the combined IPO numbers of Japan, Hong Kong, and China, illustrating its dominance in Asia’s capital markets.

Global IPO Trends in 2024

Globally, a total of 1,145 IPOs were raised in 2024, slightly down from 1,271 in the previous year. Despite this decline, India’s exceptional performance stands out, showcasing its ability to attract significant investor interest even amidst fluctuating global trends.

Conclusion

The remarkable IPO boom in India during 2024 underscores the growing strength and resilience of the country’s economy and capital markets. With Rs 1.67 lakh crore raised through 268 IPOs, India not only set new benchmarks globally but also solidified its position as a leader in the global financial landscape. The success of high-profile offerings like Hyundai Motor India’s IPO, combined with robust participation from SMEs, highlights the diverse opportunities available in Indian markets.

As India surpasses global giants such as the New York Stock Exchange, Shanghai Stock Exchange, and other Asian peers, the record-breaking numbers reflect investor confidence and the ability of public markets to fuel growth and innovation. This achievement is a testament to the evolving financial ecosystem, which continues to attract domestic and international investors alike. The NSE’s leadership in facilitating these milestones reaffirms India's potential to shape the future of global capital markets.