India’s IPO Surge in 2024: A New Era of Market Activity
A recent report by Blume Ventures has unveiled a remarkable trend in the global IPO landscape for 2024, with India emerging as a significant player. According to the Indus Valley Annual Report 2025, India accounted for an impressive 23% of the world’s IPO activity, with a total of 268 IPOs. This figure includes 90 mainboard listings and 178 small and medium enterprises (SME) listings, highlighting the diverse range of companies entering the public market.
Stellar Performance of Indian IPOs
The year 2024 has been nothing short of stellar for Indian IPOs, as they not only dominated the global scene but also raised the highest amount of capital. Indian IPOs amassed a staggering $19.5 billion, surpassing the US Nasdaq-listed IPOs, which raised $16.5 billion, and the NYSE-listed IPOs, which brought in $15.9 billion. Among these, Hyundai Motors made headlines with its ₹27,870-crore fresh issue, marking it as the largest IPO in India and the second-largest globally for the year.
Trends in Market Capitalization
Despite the impressive number of IPOs and the capital raised, the report indicates a concerning trend regarding the median market capitalization of firms launching their IPOs. For the third consecutive year, this figure has dipped, falling from ₹3,800 crore in 2021 to ₹3,000 crore in 2022, and further down to ₹2,770 crore in 2023. This decline raises questions about the valuation of new entrants in the market and the overall health of the IPO ecosystem.
Renewed Interest from Venture Funds
The landscape of venture funding in India has also seen a resurgence, with venture capitalists showing renewed interest in the Indian markets. The amount raised by venture-funded IPOs post-2021 has more than doubled compared to the funds raised by all venture-funded IPOs listed before 2021. Notable companies that have benefitted from this trend include Nykaa, Delhivery, Zomato, Paytm, Swiggy, Policybazaar, MapmyIndia, Cafe Coffee Day, Just Dial, Quick Heal, Info Edge, and Matrimony.com. This influx of capital is indicative of the growing confidence in the Indian startup ecosystem.
Growth of the SME IPO Market
The SME IPO market in India has also experienced significant growth. Since 2012, the median market capitalization of SME IPOs has surged 4.5 times, reaching nearly ₹100 crore as of 2024. Additionally, the median revenue at IPO has tripled to nearly ₹70 crore, showcasing the increasing viability and attractiveness of SMEs in the public market.
The Quick Commerce Boom
One of the standout sectors contributing to this IPO activity is the quick commerce market, which has exploded in growth. From a modest $300 million in FY22, the market is projected to reach $7.1 billion by FY25. Blinkit leads the charge with a commanding 44% market share, followed by Zepto at 30% and Swiggy Instamart at 23%. The expansion of these companies is evident, with Blinkit operating in 85 cities and significantly increasing its dark stores from 364 in FY23 to 1,251 in FY25E. Similarly, Swiggy Instamart and Zepto have expanded their operations, reflecting the robust demand for quick delivery services.
Conclusion
The IPO landscape in India for 2024 has set a new benchmark, with a significant share of global activity and record capital raised. While the decline in median market capitalization raises concerns, the renewed interest from venture funds and the growth of the SME sector indicate a vibrant and evolving market. As the quick commerce sector continues to thrive, it will be interesting to see how these trends shape the future of IPOs in India and contribute to the country’s economic growth. The Indian market is undoubtedly on a path of transformation, and its performance in the coming years will be closely watched by investors and analysts alike.