The rapidly growing Indian market topped Asia’s IPO rankings in 2024 and ranked second globally.

In 2023, the National Stock Exchange of India ranked fifth globally in terms of IPO fundraising volume—78% lower than that of the Shanghai Stock Exchange, the global IPO champion that year. The Shenzhen Stock Exchange, Nasdaq, and New York Stock Exchange ranked second through fourth, respectively. In 2024, the National Stock Exchange of India surged to first place globally in IPO fundraising volume—97% higher than that of the Shanghai Stock Exchange. Nasdaq, the New York Stock Exchange, the Shenzhen Stock Exchange, and the Shanghai Stock Exchange followed in positions two through five. Kotak Investment Banking participated in some of India’s largest IPOs this year. V. Jayasankar, Managing Director of Kotak Investment Banking, told the Financial Times: “2024 has been one of the busiest periods in the history of Indian capital markets. India is certainly attracting greater attention from international capital and investors—neighboring countries may need to do more to sustainably attract such companies.” Jayasankar added that not only is international capital flowing continuously into India’s equity markets, but Indian households are also increasingly channeling funds into domestic equities. This robust and stable domestic capital base has buoyed the market. Overall stock market activity in India has delivered a positive surprise to the global financial community. Thirdly, Chinese securities regulators are striving to achieve balanced regulation between primary and secondary markets; the Hong Kong Stock Exchange remains the preferred venue for IPOs by Chinese companies. According to Dealogic data, as of December 12, 2024, IPO fundraising volume in mainland China’s primary and secondary markets had declined to just $8.4 billion—down approximately 83% from over $48 billion pre-pandemic. Analysts noted that although monetary and fiscal stimulus measures announced in September helped stabilize markets following earlier sell-offs, weak economic conditions coupled with restrictive regulatory oversight over company listings have hindered some Chinese firms’ access to public markets. Scarlett Liu, Head of Equity and Derivatives Strategy for Asia-Pacific at BNP Paribas, stated that the slowdown in Chinese IPOs aligns with regulators’ policy objectives—a deliberate effort to balance regulation between primary and secondary markets. Authorities are concerned that excessive listings could drain liquidity and activity from secondary market trading. Hong Kong, China’s offshore financial center, saw relatively stronger equity fundraising activity by December—rising from $6 billion in 2023 to $10.4 billion in 2024—including major transactions such as Midea Group, an electronics manufacturer, raising over $4 billion in its secondary listing. Analysts say Hong Kong will continue to benefit as a listing venue for mainland Chinese companies seeking overseas capital. Bi Feng, Partner and Head of Asia Practice at Ashurst LLP, remarked: “For Chinese companies seeking IPOs, the Hong Kong Stock Exchange remains the preferred venue—offering a more streamlined listing process, market stability and transparency, and greater access to global capital.”

Chazha Cha: Sterlite Power of India hires banks to prepare for its IPO.

According to sources familiar with the matter, Sterlite Power Transmission Ltd.—a power transmission infrastructure company controlled by Indian billionaire Anil Agarwal—has selected banks to plan its initial public offering (IPO) in Mumbai. The sources said Sterlite Power is part of Agarwal’s Vedanta Group and has appointed Axis Bank Ltd., ICICI Securities Ltd., and JM Financial Ltd. to manage its share sale. They added that the company plans to raise approximately ₹30 billion (US$403 million) around March and requested anonymity, citing that details remain confidential. They further noted that the company may file its prospectus as early as September. One source indicated that the IPO will consist primarily of new shares, and additional investment banks may be brought on board as plans progress. The sources added that deliberations are ongoing, and details—including size and timing of the listing—may still change. Representatives of Axis Capital, JM Financial, and Sterlite Power declined to comment, while ICICI did not immediately respond to a request for comment.

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