India emerges as 2023 winner in the IPO space and is named key market for investors in 2024

The recent IPO Trends Report by Ernst & Young (EY), released in November, announced that India has emerged as the global leader in the number of IPOs year-to-date so far for 2023.

According to the Economic Times of India, the country’s IPO market has raised over $2 billion in 2023 so far. For example, its largest IPO to date for the year, Mankind Pharma, went public on May 9th 2023 to the tune of $528 million.

But IPO fever in India has in fact, only sped up throughout the course of the year: the third quarter of 2023 alone saw a 21 IPOs launched on the Indian main market – a more than fivefold increase compared to the four IPOs India had in Q3 2022.

In fact, IPO deals were up by more than 400% in terms of the number of deals in 2023. The proceeds from Q3’s IPOs alone totaled more than $1700 million, up 376 percent YoY compared to Q3 2022.

According to a release by EY, the flow of FDI into India’s brightest startups can partially be attributed to the fear of a U.S. recession which dominated much of 2023’s landscape, as well as a more dovish year expected ahead, with less and less aggressive inflation and interest rate hikes. Also, it said that there have likely been so many IPOs recently because “companies are striving to file for IPOs before the 2024 Indian elections.”

Adarsh Ranka, partner and financial accounting advisory services leader at EY Global, said the results were significant for India’s private sector, and for investors globally too.

Read more: the top Indian stocks to buy in 2024

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