India dominated the global IPO market in 2024, accounting for 23% of all global IPOs launched that year. According to the Indus Valley Annual Report 2025, Indian companies raised a total of $19.5 billion (approximately ₹1.6 trillion) through IPOs, establishing the country as a global leader in the IPO market. A total of 268 IPOs were launched in 2024, including 90 mainboard and 178 SME IPOs.
Hyundai Motor India's Historic IPO
India's largest IPO in 2024 was Hyundai Motor India, with an issue size of ₹278.7 billion. This was not only India's largest IPO to date, but also the second largest globally that year.
Rising Trend of Venture Capital
The report indicates a significant surge in interest from venture capitalists in India's IPO market. This is attributed to the successful listing of numerous startups and companies through IPOs. The amount raised by venture-backed IPOs since 2021 has doubled the total amount raised by all venture-backed IPOs prior to 2021.
Booming Growth in the SME Sector
SME sector IPOs also witnessed a remarkable surge. Since 2012, the average market capitalization of SME IPOs has increased 4.5 times, reaching ₹1 billion in 2024. The average revenue of SME companies at the time of their IPO has also tripled, reaching ₹700 million.
Rapid Growth of the Quick Commerce Market
According to the report, India also experienced a boom in the quick commerce sector. Its size is estimated to reach $7.1 billion in fiscal year 2025, up from just $300 million in fiscal year 2022. Increased internet penetration, evolving consumer needs, and intensified competition among companies have fueled this sector's tremendous growth.
Decline in Market Capitalization
However, the average market capitalization of public companies has declined in recent years.
• 2021: Average market cap ₹380 billion.
• 2022: Decreased to ₹300 billion.
• 2023: Further decreased to ₹277 billion.
Top IPOs of 2024
• Hyundai Motor India – $3.3 billion (Largest ever Indian IPO)
• Swiggy – $1.3 billion (Largest IPO in the food tech industry)
• NTPC Green Energy – $1.2 billion (Attracted significant investment in the energy sector)
• Vishal Mega Mart – $0.9 billion (Prominent company bringing an IPO to the retail sector)
• Bajaj Housing Finance – $0.8 billion (Growing investor interest in the finance sector)
