The Indian stock market experienced an unprecedented initial public offering (IPO) boom in 2024, outpacing every other global stock exchange. The National Stock Exchange (NSE) of India raised a staggering $19.5 billion through 268 IPOs, marking the highest capital raised worldwide for the year, as reported by the exchange on Friday.
The 268 successful IPOs, comprising 90 mainboard and 178 SME offerings, not only set a global record but also stood as the highest number of IPOs within Asia. This remarkable achievement showcases the growing confidence of investors in India’s capital markets.
Among these, the largest IPO in India—and the second-largest globally—was Hyundai Motor India Ltd (HMIL), which raised $3.3 billion.
Of the total capital, over $18.6 billion was raised by 90 mainboard companies, while 178 SMEs collectively garnered around $887 million. Sriram Krishnan, Chief Business Development Officer (CBDO) at NSE, commented, “The record number of IPOs during 2024 highlights the resilience and potential of the Indian economy. Companies across various sectors are recognizing the value of public markets to support their growth strategies.”
The data indicates that NSE outperformed other top exchanges in Asia, including Japan’s Japan Exchange Group, Hong Kong’s Hong Kong Stock Exchange, and China’s Shanghai Stock Exchange. By comparison, the New York Stock Exchange (NYSE) raised $15.9 billion, and the Shanghai Stock Exchange garnered $8.8 billion in capital.
In 2024, China’s Shanghai Stock Exchange recorded 101 public issues, while Japan and Hong Kong’s stock exchanges witnessed 93 and 66 IPOs, respectively. Globally, a total of 1,145 IPOs were raised in 2024, down from 1,271 the previous year.
This surge in IPO activity underscores the strength and resilience of India’s capital markets, positioning the NSE as a key player in the global financial landscape.
