India is poised to set a record in 2025, with equity raised through Initial Public Offerings (IPOs) projected to exceed $23.46 billion, according to a report by Pantomath Group. With 76 companies generating $15.25 billion in IPO fundraising during the first 11 months of 2024, India has outpaced both the United States and Europe in the number of IPOs. This achievement highlights the nation’s growing prominence in global financial markets.
Although the United States remains the leader in total IPO value, raising $35.6 billion in 2024, India is rapidly closing the gap with $22.7 billion raised by year-end. The disparity underscores India’s vibrant yet relatively smaller-scale IPO market compared to the US.
Globally, the Technology, Media, and Telecommunications (TMT), industrial, and consumer sectors are driving IPO activity despite a slowdown in mainland China. India’s IPO market has experienced remarkable growth, leading with 332 IPOs in 2024, far surpassing the US (205) and China (130). However, the average IPO size in the US continues to dominate due to its more mature market.
Investor confidence in India has surged, with IPO subscription rates increasing from 16x in 2022 to an impressive 64x in 2024. Currently, 34 companies have already received approval to launch IPOs in 2025, targeting $4.86 billion, while 55 more await clearance to raise $11.57 billion.
Pantomath Group forecasts that India will achieve a groundbreaking milestone in 2025 by surpassing $23.46 billion in IPO equity raised. This optimistic outlook reflects robust market conditions and strong investor enthusiasm, signaling sustained growth in the nation’s financial markets.
