India has seen a significant surge in initial public offerings (IPOs) over the past year, with 2023 hitting a nine-year high of 238 IPOs raising $7.35 billion. This IPO boom shows no signs of slowing down, with 130 new listings and 313 billion rupees raised so far in 2024.
Lesser known companies in sectors such as pharmaceutical’s Delhi-headquartered Mankind Pharma’s listing, have rekindled interest in IPOs by offering steady revenue growth and healthy profits.
Experts anticipate a record-breaking year for Indian IPOs, driven by strong equity market fundamentals, supportive policies from the Securities and Exchange Board of India, and robust retail investor participation.
Tech startups such as Swiggy, ixigo, Unicommerce, and MobiKwik are at various stages of the IPO process, as venture capital and private equity firms seek to exit their investments through public listings.
Additionally, companies such as Ola Electric, Aakash Educational Services, and PhonePe are expected to go public in the future, with Ola Electric potentially aiming for a valuation of $4-5 billion in its $660 million IPO.
The allure of India’s stock markets has also attracted foreign companies to consider listings of their Indian entities, following the footsteps of companies such as Maruti Suzuki India, Hindustan Unilever, Siemens, and ABB India. Hyundai India recently made headlines with reports of its $2.5 billion IPO, which could potentially be one of the largest listings in India after Life Insurance Corporation of India’s offering in 2022, reports CNBC.
While concerns have been raised about elevated valuations in India’s stock market, experts argue that the market offers good relative value compared to other emerging markets, considering India’s continued economic and earnings growth, as well as higher levels of profitability.
The IPO frenzy in India is driven by a combination of factors, including supportive policies, robust retail participation, and broad-based opportunities across various sectors, reflecting the country’s growth and attractiveness as an investment destination.
Last updated: December 26th, 2025
