India has emerged as the global leader in initial public offerings (IPOs) for 2024, accounting for 23% of all public issues worldwide, according to the Indus Valley Annual Report 2025. The country also raised the highest amount of money through IPOs, collecting $19.5 billion.
Following India, the US Nasdaq raised $16.5 billion, while the New York Stock Exchange (NYSE) raised $15.9 billion in IPO activity. In total, India saw 268 IPOs, including 90 mainboard listings and 178 SME listings.
One of the most notable offerings of the year was the $3.37 billion IPO of Hyundai Motors, which became India’s largest IPO and the world’s second-largest IPO in 2024. This year has seen a significant increase in venture capitalists’ interest in the Indian IPO market, with several major companies going public with venture funding. The report highlights that funds raised by venture-backed IPOs since 2021 have more than doubled compared to the total amount raised by all venture-backed IPOs before 2021.
The SME sector has also seen substantial growth in IPOs. Since 2012, the median market capitalization of SME IPOs has increased 4.5 times, reaching nearly $12 million in 2024. Additionally, the median revenue of SMEs at the time of IPO has tripled to reach $8.7 million.
India’s quick commerce sector has experienced explosive growth, surging from $300 million in FY22 to an estimated $7.1 billion in FY25. This rapid expansion is driven by shifting consumer preferences towards instant deliveries, increased internet penetration, changing lifestyles, and growing competition among platforms.
However, the report notes a decline in the median market capitalization of companies going public. This trend has persisted over the past three years, with the median market cap dropping from $460 million in 2021 to $360 million in 2022, and further falling to $332 million in 2023.
The report underscores India’s dominant position in the global IPO landscape, reflecting its robust economic growth and the increasing interest of investors in the country’s burgeoning markets.
