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

Executive Summary: In 2024, India ranked second globally—behind only the United States—in funds raised through corporate initial public offerings (IPOs). The National Stock Exchange of India (NSE) surpassed Nasdaq to become the world’s top stock exchange by IPO proceeds. Chinese securities regulators are striving to achieve balanced oversight between primary and secondary markets, while the Hong Kong Stock Exchange remains the preferred venue for IPOs by Chinese companies. With GDP growth slowing in Q3, should investors worry that the Indian equity market has reached the peak of its bull run? I. In 2024, India ranked second globally—behind only the United States—in funds raised through corporate IPOs. India, emerging as a global investment hotspot, is becoming a new focal point for international capital. Not only has this elevated India’s role in global supply chains, fueling its sustained economic expansion over many years, but it has also propelled India to become Asia’s largest corporate IPO market—and the world’s second-largest equity fundraising market, trailing only the United States. According to a Financial Times report dated December 26, surging stock prices triggered a wave of IPO activity. Data from Dealogic shows that, driven by companies such as Swiggy and Hyundai Motor, India’s equity issuance volume in 2024 exceeded that of all other Asian countries and regions, ranking second only to the United States. KPMG data indicates that, measured by IPO proceeds, the National Stock Exchange of India will rank first globally among stock exchanges in 2024—ahead of Nasdaq (second) and the Hong Kong Stock Exchange (third). Dealogic is a premier global financial market platform providing integrated content, analytics, and technology to financial firms; industry participants rely on it for accessing and sharing information. KPMG is a multinational professional accounting services network, one of the “Big Four” accounting firms alongside EY, Deloitte, and PwC—their data is widely regarded as authoritative within the financial industry. This ranking signals a disruptive shift in Asia’s financial industry in 2024: prolonged stock market sluggishness had previously led to tighter regulation, causing a sharp decline in both the number of listed companies and total IPO proceeds across Asia’s largest IPO markets over the prior decade. Meanwhile, amid India’s multi-year bull market—characterized by sustained stock price appreciation—enterprises have rushed to capitalize on high valuations to raise more capital. Concurrently, international capital inflows from Southeast Asia, the Middle East, the United States, and Europe continue unabated, even as some investors voice concerns about whether the market can withstand an economic slowdown. China’s IPO proceeds ranked first globally in 2022—60% higher than those of the U.S. and 121% higher than India’s. In 2023, China’s IPO proceeds declined by 28%, yet still edged out India by 2% and the U.S. by 48%, retaining the global top spot by a narrow margin. In 2024 (as of December 12, same below), China’s IPO proceeds fell another 65%; even within Asia, its IPO volume dropped below those of India, South Korea, and Japan—sliding from global first to fourth in Asia. By contrast, India’s IPO volume surged to 165% above South Korea’s (Asia’s second-largest IPO market) and 37% above the U.S.’s—securing first place both in Asia and globally. II. In 2024, the National Stock Exchange of India’s IPO proceeds surpassed Nasdaq’s to rank first globally among stock exchanges.

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

According to informed sources, the power transmission infrastructure company—part of Agarwal’s Vedanta Group—has selected Axis Bank Ltd., ICICI Securities Ltd., and JM Financial Ltd. to manage its initial share sale. They said the company plans to raise approximately ₹30 billion (US$403 million) around March and requested anonymity, citing that details remain confidential. They added that the company may file its prospectus as early as September. One source noted that the IPO will consist primarily of newly issued shares, and additional investment banks may be brought on board as planning progresses. Sources indicated that deliberations are ongoing, and specifics—including the size and timing of the listing—remain subject to change. Representatives of Axis Capital, JM Financial, and Sterlite Power declined to comment, while ICICI did not respond immediately to requests for comment. According to Sterlite Technologies Ltd.’s Annual Report 2019–2020, Sterlite Power held a portfolio of infrastructure projects totaling approximately 13,700 kilometers of transmission lines and 26,100 MVA capacity in India and Brazil prior to 2016.

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