Indian new-age companies take wings in 2024 with 10 mainboard IPOs

The year 2024 marked a blockbuster for new-age tech companies, with startups like Swiggy, Go Digit, TBO Tek, Awfis, Ola Electric, FirstCry, ixigo, and Unicommerce debuting on the stock exchanges. A total of 13 such companies launched their initial public offerings (IPOs), including 10 mainboard and 3 SME public issues. Collectively, these companies raised around ₹30,000 crore through IPOs, significantly higher than the 5 new-age tech IPOs in 2023. The aggregate market capitalisation of the 10 mainboard new-age tech companies stood at ₹2.6 lakh crore as of December 30, 2024.

Overall, the Indian primary market shattered various records this year, be it in terms of issue size, subscription, or fundraising amount, as investors continued to bet on India’s growth story, favourable market conditions, and strong listing gains. As many as 91 main board initial public offerings (IPOs) raised a total of ₹1,59,676 crore in 2024, while the small and medium enterprises (SME) segment saw record 240 companies collectively garnering ₹8,753 crore by listing of their shares on the domestic bourses. The fundraising by main board companies this year is 223% higher than ₹49,434 crore raised by 57 companies in 2023, and 169% higher than the ₹59,302 crore mobilised by 40 IPOs in 2022.