Global IPOs

Global IPOs

Global initial public offerings (IPOs) in 2024 remained relatively strong due to a combination of central banks cutting base rates and some regions experiencing booming economies.

The latter reason, a booming economy, has put India at the top of the league of countries with the most IPOs in 2024, with IPO proceeds totalling 19.8 Billion USD. 

India had 327 IPOs in 2024, energized by three consecutive years of a booming economy, with 7.2% growth in 2022-23 and 8.7% growth in 2021-22 and is expected to grow close to 7% in 2024-2025. 

With such spectacular growth, The Reserve Bank of India (RBI) made no rate cuts in 2024. But RBI started its first round of rate cuts in February 2025 with its announcement last month of a 25 basis point cut in the repo rate to 6.25 per cent.  

So, with tailwinds of easing from RBI and a booming economy India’s IPO could be set to top the league in global IPOs again in 2025.  

Coming second in the number of Global IPOs last year is the USA with 183. But, when measured in terms of IPO proceeds, it is first with 32.8 Billion USD raised in 2024. 

Europe, excluding the UK, came third with 115 IPOs, raising 18.2 billion USD. 

In terms of IPO proceeds in 2024, approximately half of the top 10 IPO countries/blocs were raised in the USA and Europe, amounting to 50.1 billion USD

China had 98 IPOs in 2024, raising, 8.9 billion USD, then Japan with 84 IPOs raising 6.2 billion, South Korea 75 with 2.9 billion USD, Hong Kong, 64 raising 10.7 billion, Malaysia,49 raising 1.78 billion, Saudi Arabia 42 raising 4.3 billion and the UK with 10 raising 0.9 billion.

For further information, see Ernst and Young’s (EY) Global IPO Trends Report.

In addition to the US and Europe, key emerging markets led global IPO activity in 2024.

Which global IPOs delivered double-digit returns? 

Most IPOs delivered double-digit IPO returns, with Chinese mainland IPOs outperformed, averaging a 123.9% return in 2024.

However, 33 Chinese companies were listed on US exchanges in 2024.   

Breaking Down 2024’s Global IPOs by Sector

IPO activity in 2024 was concentrated in three main high-growth sectors, led by:

• Technology, Media & Telecom (TMT): The largest sector by IPO volume and proceeds, driven by AI and semiconductor companies.
• Industrials: Infrastructure, automotive, and logistics companies experienced strong IPO momentum.
• Consumer Goods & Services: Retail and e-commerce IPOs attract strong investor interest.

Together, these three sectors accounted for 60% of total IPOs worldwide, both in volume and proceeds. In the US, 44 IPOs were in the health and life sciences sector, followed by the TMT sector (36).

With central banks potentially continuing their rate cuts in 2025, global IPO markets could remain buoyant, particularly in growth sectors like AI, clean energy, and fintech.