India's IPO Boom: Record-Breaking Fundraising in 2024

India's IPO market achieves milestones in 2024, with 298 companies going public. Favorable economic and regulatory conditions led to significant fundraising, including Hyundai's record-breaking IPO. Market gains, driven by robust growth, support the IPO surge. Upcoming IPOs indicate continued momentum in India's thriving stock exchanges.

This year has marked another milestone for India's IPO market as fundraising reaches new heights. On December 8, S&P Global Market Intelligence reported that initial public offerings are set for another landmark year in 2024, driven by economic growth, favorable market conditions, and regulatory improvements. The report indicated that companies collectively raised record sums.

By December 3, a total of 298 companies had debuted on the Indian exchanges NSE and BSE. Of note, Hyundai Motor India made headlines with its Rs 278.59 billion IPO in October, marking the largest public issue in the nation's history. The combined total raised by listed companies was Rs 1.4 trillion, as compiled by S&P Global Market Intelligence.

Compared to 2023, IPOs in 2024 grew by over 22%, and fundraising volumes soared by approximately 140%, from Rs 588.27 billion, according to data from the same source. The benchmark NIFTY 50 and BSE Sensex recently achieved record highs, reflecting the underlying strength attributed to India's economic prospects. As firms rush to capitalize on the stock market's dynamics, 85 companies are at different listing stages, with 40 already approved for IPO commencement. This vigorous activity highlights investor confidence in India's equity market.

(With inputs from agencies.)