India's IPO Market Hits Record High In 2024: Rs 1.19 Lakh Crore Raised – Which Companies Contributed the Most?

New Delhi: India's primary market has reached a historic milestone in 2024, with funds raised through initial public offerings (IPOs) crossing Rs 1.19 lakh crore ($14 billion). This record-breaking figure surpasses the previous high of Rs 1.18 lakh crore set in 2021, solidifying India's position as the world’s second-largest IPO market this year, after the United States.The recent successful public offerings of Swiggy, which raised Rs 11,300 crore, and ACME Solar, which raised Rs 2,900 crore, contributed to this achievement. According to Refinitiv data, the US has led global IPO fundraising with $26.3 billion, while India’s Rs 1.19 lakh crore places it second, ahead of China, which raised $10.7 billion.This surge in IPO activity has been fueled by high valuations in the stock market and a surplus of liquidity with institutional investors, leading to strong demand for public issues, according to industry bankers.In November alone, Swiggy, ACME Solar, and Sagility India collectively raised Rs 16,334 crore. Swiggy’s IPO was oversubscribed 3.59 times, while ACME Solar saw a 2.74 times subscription. Despite foreign portfolio investors (FPIs) selling shares worth Rs 96,946 crore this year, they have invested Rs 87,073 crore in the primary market.

The largest IPO of the year came from Hyundai Motor, which raised Rs 27,870 crore in October. This broke the previous record set by Life Insurance Corporation of India's Rs 21,008 crore IPO in May 2022. Other notable IPOs include Bajaj Housing (Rs 6,560 crore), Ola Electric (Rs 6,146 crore), and Shapoorji Pallonji’s Afcons Infra (Rs 5,430 crore).Of the 68 companies that listed shares in 2024, 49 are currently trading above their IPO price, with around a dozen stocks - such as Jyoti CNC, Platinum Industries, and Exicom Tele-Systems - more than doubling in value since their debut.The rise in retail and high net-worth investor (HNI) interest has contributed to this IPO boom, supported by a growing number of demat accounts in India. As of October 2024, the total number of demat accounts in the country reached 179 million, up by 35 million accounts this year, with an average monthly increase of 3.5 million accounts.