In FY24, the number of IPOs surged by 66%, from 164 in FY23 to 272, with the amount raised increasing by 24% to ₹67,995 crore. Despite challenges like geopolitical risks and volatile commodity prices, Indian capital markets excelled, reflecting a strong economic position.
Capital formation played a pivotal role in India’s growth, driven by advancements in technology, innovation, and digitization. In FY24, the primary markets facilitated an impressive ₹10.9 lakh crore in capital formation, accounting for 29% of the total gross fixed capital formation.
The activity on SME platforms intensified in FY24, with IPOs and FPOs of SMEs growing by 1.6 times to 196. This activity led to a fundraising amount that more than doubled from ₹2,333 crore in FY23 to ₹6,095 crore in FY24.
According to the E&Y Global IPO Trends report, Indian exchanges led globally in IPO listings, capturing 17% of the market share in 2023. This marked a significant increase from 6% in 2021 and 11% in 2022, showcasing India’s rising prominence.
The corporate debt market in India continued to strengthen in FY24, with corporate bond issuances reaching ₹8.6 lakh crore. Corporate bond public issues hit a record high, with ₹19,167 crore raised, the most in four years, highlighting robust investor demand and a shift from traditional bank borrowing.