'Even Bigger Fireworks' In 2025? Analysts Predict Higher Highs For India's Booming IPO Market

India's IPO market achieved a historic milestone, with proceeds doubling from USD 5.5 billion in 2023 to USD 11.2 billion in 2024 says Global Data report.

IPO Boom in 2025

Murthy Grandhi, Company Profiles Analyst at GlobalData, says 2025 promises even bigger fireworks. He said, "India's IPO market hit a bull run in 2024, with proceeds skyrocketing to USD 11.2 billion--more than doubling the USD 5.5 billion raised in 2023. The pipeline for 2025 promises even bigger fireworks, fueled by skyrocketing retail participation, hefty domestic inflows, and FPIs flexing their muscles despite being net sellers in the secondary market." 

He added, "This blockbuster year reflects issuer confidence and investors' insatiable appetite for listing-day pops and long-term growth plays."

The government's emphasis on infrastructure and core sector development, combined with increased private capital expenditure, played a pivotal role in enhancing market dynamism. Grandhi emphasized that India's IPO boom is more than just a numerical achievement--it signifies the evolution and resilience of the country's financial ecosystem, establishing India as a global hub for capital fundraising.

The IPO Market In Numbers

India's key IPOs in 2024 included Hyundai Motor's USD 3.3 billion issue, Swiggy 's USD 1.3 billion offering, NTPC Green Energy's USD 1.2 billion IPO, Vishal Mega Mart's USD 0.9 billion listing, and Bajaj Housing Finance's USD 0.8 billion issue.

Other Asia-Pacific (APAC) nations also reported significant IPO activity. Japan experienced a phenomenal 275.1 per cent growth, with 69 IPOs generating USD 12.6 billion, while Malaysia recorded a 145.9 per cent increase, with 36 IPOs raising USD 1.1 billion.

However, China saw a substantial decline in IPO numbers, with a 51.3 per cent drop attributed to tightened regulations. The country had 64 IPOs, raising just over USD 5.2 billion.

The region recorded 604 IPOs, raising a total of USD 33.9 billion--a 21.5 per cent increase in proceeds compared to 2023. Among APAC countries, India stood out as the top performer, with over 200 companies going public, according to Global Data, a prominent data and analytics firm.

The APAC IPO market was led by the technology and communications sector, which recorded 118 transactions worth USD 3.8 billion, followed by the financial services sector, with 60 deals amounting to USD 2.6 billion.
On the broader APAC front, standout deals included Lineage Inc's USD 4.4 billion IPO and Tokyo Metro's USD 3.2 billion listing, both in Japan.

The report stated that globally too, the 2025 IPO market will surpass 2024 IPO activity, with a strong pipeline already in place. However, the trajectory will depend on global factors such as Federal Reserve rate decisions and the performance of emerging markets.

(ANI inputs)