India's share of global IPO market rises to 30% in 2024 from 17% in 2023: Economic Survey 2025

The Economic Survey Report 2025 said that, on the mainboard platform, the average IPO deal size rose to ₹ 2,124 crore, up from ₹814 crore in entire FY24.

India's share in the global initial public offer (IPO) market has nearly doubled over a year, according to the Economic Survey 2025 report.

The report released on January 31 said the country's share in global IPO listings surged to 30 per cent in 2024, up from 17 per cent in 2023, "making it the leading contributor of primary resource mobilisation globally".

The total resource mobilisation from primary markets (equity and debt) stands at ₹11.1 lakh crore from April to December 2024, which is 5 per cent more than the amount mobilised during entire FY24.

The number of IPOs increased by 32.1 per cent to 259 during April to December 2024 from 196 in the corresponding period of the previous year, while the amount raised almost tripled from ₹53,023 crore to ₹1,53,987 crore in the same period.

Also read: Economic Survey 2025: Retail investors made Indian markets less sensitive to US market, but impact from correction in latter may be "non-trivial"

On the mainboard platform, the average IPO deal size rose to ₹ 2,124 crore, up from ₹814 crore in entire FY24. In the case of small and medium enterprises (SMEs) IPOs, the average deal size increased to ₹39 crore from ₹31 crore during the same period.

The report noted that, despite market volatility and geopolitical uncertainty, the domestic primary markets "continued to witness heightened listing activities and investor enthusiasm in FY25".

The Eco Survey quoted E&Y Global IPO trends, to say that Indian stock exchanges provide conducive market conditions for foreign conglomerates to list their local subsidiaries, thereby offering a good opportunity for unlocking value.

Secondary market

The report also commented on the increasing participation of retail investors in the secondary market, which offers some protection to Indian markets from movements in the US market.

The report said, "This rise in retail participation aligns with a steady decline in the 5-year rolling beta between the Nifty 50 and the S&P 500 in the last four years, suggesting a reduced sensitivity of Indian markets to U.S. market movements."

However, it also said that any meaningful correction in the US market could have an impact on sentiment in the domestic market which is "non-trivial".