NSE records the highest number of IPOs in Asia in 2024

The National Stock Exchange (NSE) emerged as the largest exchange in Asia in terms of IPO activity for 2024. The exchange saw 268 IPOs across mainboard and its SME board, raising ₹1.67 lakh crore. China and Japan followed India with 101 and 93 IPOs, respectively.

“This marks the highest number of IPOs recorded in any calendar year, demonstrating the growing confidence of investors in India's capital markets,” NSE said in a statement released on Friday.

The NSE also said that it led globally in equity capital raised in the primary market. In comparison, the US NASDAQ raised $16.5 billion, while the NYSE collected $15.9 billion through IPOs.

The last year saw a slowdown in IPO activity, with 1,145 IPOs announced in 2024, a 10% decline compared to 2023. Hyundai Motors IPO was the largest of these IPOs in India and the second largest globally at $3.3bn.

The NSE Mainboard, which excluded REiTS, InVITS, and FPOs, raised over ₹1.59 lakh crore. Although SME IPOs outnumbered mainboard IPOs, they collectively raised almost ₹7,349 crore.

“Companies across various sectors are recognising the value of public markets to support their growth strategies. In fact, the data suggests that NSE has alone done more number of IPOs than other top exchanges in Asia which includes the IPOs Japan’s (Japan Exchange Group), Hong Kong’s (Hong Kong Stock Exchange), and China’s (Shanghai Stock Exchange) have done cumulatively,” said Sriram Krishnan, Chief Business Development Officer (CBDO), NSE.

While India’s NSE remains the largest derivatives stock exchange in the world and has recently become Asia's leader in IPOs, it lags behind global giants like the NYSE, NASDAQ, and China's Shanghai Stock Exchange (SSE) in the market capitalisation of listed companies, according to Statista data from September.