India leads global IPOs in 2024, US in proceeds

Global initial public offering (IPO) markets remained relatively healthy in 2024 despite economic uncertainties and geopolitical challenges, according to a visualcapitalist.com analysis, which notes that overall positive investor sentiment was boosted by momentum in stock markets, interest rate cuts and technological advances. All of these were benefits for newly listed companies.

The analysis highlights the strongest IPO markets in 2024 by number of offerings and proceeds generated by them, by country. The data cited comes from EY's Global IPO Trends Report.

In addition to the US and Europe, key emerging markets led global IPO activity in 2024. India had a record year, with the highest volume of IPOs and proceeds generated in its history, thanks to strong economic growth and corporate earnings in the first half of the year. Of the 327 Indian IPOs last year, more than 200 fell into the small and medium-sized enterprise (SME) category. The largest IPOs in this market included Hyundai Motor India ($3 billion) and local food delivery platform Swiggy ($1.3 billion). In total, India attracted $19.9 billion in IPOs in 2024. The United States, however, claimed the top spot in terms of proceeds, with $32.8 billion, despite significantly lower volume - 183 deals. America also remained the leading international IPO market, with foreign companies accounting for 101 or 55% of its stock market listings.

The European Union, excluding the UK, attracted 115 IPOs, with a total of $18.2 billion. China saw 98 IPOs, raising $8.9 billion, and Japan 84 IPOs, raising $6.2 billion, according to the source cited. South Korea attracted 75 IPOs, raising a total of $2.9 billion, Hong Kong -64 ($10.7 billion), Malaysia - 49 ($1.7 billion), Saudi Arabia - 42 ($4.3 billion), and the UK - 10 ($0.9 billion).

• Mainland China - Average IPO Return of 123.9%

While most markets delivered double-digit returns in 2024, mainland China IPOs outperformed, with an average of 123.9%. It is worth noting, however, that 33 Chinese companies were listed on US exchanges in 2024.

Last year, IPO activity was concentrated in a few high-growth sectors, led by Technology, Media and Telecommunications (TMT) - the largest sector by IPO volume and revenue, supported by AI and semiconductor companies; Industrials - Infrastructure, automotive and logistics companies saw strong momentum; Consumer Goods and Services - Retail and e-commerce IPOs continued to attract strong investor interest. Together, these three sectors accounted for 60% of all global IPOs, both in volume and revenue, last year. In the United States, the most IPOs (44) were in the healthcare and life sciences sector, followed by the TMT sector (36), according to the cited source.

With central banks signaling monetary easing in 2025, global IPO markets are expected to remain dynamic, especially in the AI, clean energy and digital finance sectors, the analysis concludes.