AFTER A RELATIVELY muted 2023, the primary market has seen a turnaround in 2024, hitting new records in terms of fundraising. Data available till November 30 shows that ₹1.34 lakh crore has been raised in 2024 through initial public offerings (IPOs), beating the previous record of ₹1.18 lakh crore raised in the whole of 2021.
It is a year that has seen the return of big issues. In October, Hyundai Motor India raised ₹27,870 crore in its IPO, which is the biggest ever in the country. That was followed in November by Swiggy, which raised ₹11,327.43 crore from its IPO. Indeed, that IPO raised almost as much as the ₹12,362 crore raised in the whole of 2019, a year before the Covid pandemic.
Thanks to the stellar showing this year, India’s primary market is now the largest globally by volume and second largest by value, making new listings particularly noteworthy as per the DSP MF Netra report of November 2024.
This good showing is also reflected in the BT500 list this year. There has been an increase in newly-listed firms that have made the cut: from 10 in last year’s list to 16 this time around, though this was slightly lower than the 19 new entrants in the BT500 list two years ago.
There are many factors that have aided this IPO boom. Primary among them is the fact that India is the world’s fifth-largest economy, it is growing at a healthy rate with rich valuations and with inflation in check, and this has boosted Indian investors’ confidence.
During Citibank’s media roundtable in October 2024, Rahul Saraf, Head of Investment Banking, Citi India, said investors have been enthused by the consistent returns of more than 12% that they’ve seen since 2019, barring 2022, when tech stocks saw a decline. This may be tempered now with the correction in the market. Other contributing factors include India’s inclusion in the global bond indices.
Esta historia es de la edición December 22, 2024 de Business Today India.
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Esta historia es de la edición December 22, 2024 de Business Today India.
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