India pips U.S. to become No. 1 globally in IPO volume

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India ranks second in terms of IPO proceeds as companies raised $19.9 billion.

With as many as 327 IPOs, India led in IPO volumes for the first time.
With as many as 327 IPOs, India led in IPO volumes for the first time. | Credits: Getty Images

India has risen to the number one position globally in IPO (initial public offering) volume, listing nearly twice as many IPOs as the U.S. and two-and-a-half times as many as Europe, according to EY Global IPO Trends 2024.

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With as many as 327 IPOs, India led in volumes for the first time, surpassing the U.S. and Europe, benefiting from the reconfiguration of global supply chains and economic growth, the EY report says.

While India led in volume and the U.S. led in proceeds as global markets show renewed investor confidence. India ranked second in terms of IPO proceeds as companies raised $19.9 billion compared with $32.8 billion raised by companies in the U.S., the report shows.

Amid shifting global economic and geopolitical dynamics, India has emerged as one of the major beneficiaries, leveraging its strong economic growth and investor-friendly environment, EY says.

India’s industrial sector saw the maximum number of IPOs (86), followed by consumer companies (61) and technology, media, and telecom firms (43).

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The entertainment content sub-sector, including film, gaming, music and TV, is gradually gaining traction across Asian countries like ASEAN member states, South Korea and India, as per the report. While energy IPOs, particularly in mining and metals, have declined, steel IPOs — driven by India’s infrastructure demand — are growing steadily, supported by rising needs for metals like steel and zinc.

Tightened regulations in the Chinese mainland contributed to its weakest IPO performance in a decade by number.

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Meanwhile, the U.S. reclaimed the top spot globally for IPO proceeds for the first time since the 2021 peak, continuing to stand out as the most dynamic and attractive market for global investors. The U.S. stock market’s valuation also reached unprecedented levels, outpacing all other markets. In addition, a historic high of 55% of U.S. public listings in 2024 were foreign issuers.

In 2024, public listings of private equity- (PE) and venture capital- (VC) backed portfolio companies generated 46% of total global IPO proceeds, highlighting their substantial contribution to global IPO activity and reinforcing the critical role of PE and VC firms in shaping the IPO landscape. Out of the 20 mega IPOs in 2024, 12 were PE-backed, a significant increase from the two listed last year. There were also 18 unicorn IPOs listed in 2024, half of which were launched by VC firms, up from just three in 2023.

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In 2024, global IPO volumes fell 10%, with proceeds down by 4% year-on-year. The global IPO market is poised for a strong 2025, driven by increasingly accommodative monetary policies and supportive market conditions, the report says.

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