India Leads IPO Surge in APAC, Nearly Tripling Proceeds in 2024

India recorded 227 IPOs with deals worth USD 12.2 billion, nearly tripling its 2023 figures. The APAC region saw 575 IPOs raising USD 23.7 billion, showing a 15.6% growth. Technology and communications sectors led the deals. Key IPOs included Bharti Hexacom's USD 795 million offering.

India recorded 227 IPO listings, with a total deal value of USD 12.2 billion in the first eight months of 2024. This marks a nearly threefold increase from USD 4.3 billion raised during the same period in 2023, according to a report by GlobalData. India emerged as a standout performer within the APAC region, contributing substantially to the overall IPO success.

In the first eight months of 2024, the Asia-Pacific (APAC) market experienced a significant surge in IPO activity, with a total of 575 listings raising a combined USD 23.7 billion. This represents 15.6 per cent growth in IPO proceeds compared to the same period in 2023, underscoring the strength of the region's capital markets.

The APAC region's initial public offering (IPO) market has shown resilience, continuing its upward momentum despite persistent inflationary pressures and ongoing geopolitical tensions. Murthy Grandhi, Company Profiles Analyst at GlobalData, highlighted the exceptional performance of India's IPO market, stating, "The Indian IPO market saw an exceptional growth in the first eight months of 2024, with proceeds nearly tripling to USD 12.2 billion, compared to USD 4.3 billion during the same period in 2023. This significant increase highlights India's strong capital market activity."

Sector-wise, the technology and communications industry led the APAC IPO market with 105 transactions, raising a total of USD 2.4 billion. The construction sector followed closely, recording 68 deals with an overall value of USD 2.2 billion. These sectors continue to attract investor interest, driven by innovation, infrastructure development, and growing demand for digital solutions across the region.

Notable IPOs during this period include South Korea's HD Hyundai Marine Solution Co Ltd, which raised USD 540 million, and India's Bharti Hexacom Ltd, which secured USD 795 million in its public offering. Larger transactions and increasing momentum are expected to drive further expansion in key markets such as India, Japan, and parts of ASEAN, despite some markets grappling with liquidity constraints and valuation pressures.

Murthy Grandhi said, "GlobalData forecasts a significant resurgence in IPO activity across the APAC region, driven by larger transactions and accelerating momentum." Grandhi added, "While certain APAC markets, such as India, Japan, and parts of ASEAN, are experiencing bullish trends and strong capital inflows, others are navigating liquidity constraints and valuation pressures, particularly few sectors within China."

(With inputs from agencies.)