The National Stock Exchange of India (NSE) has emerged as the global leader in IPO fundraising for calendar year 2024, raising ₹1.67 lakh crore ($19.5 billion) through 268 initial public offerings. The exchange facilitated 90 mainboard IPOs and 178 SME listings, surpassing major global exchanges including NYSE and NASDAQ.

The mainboard listings accounted for ₹1.59 lakh crores ($18.57 billion) of the total funds raised, while SME listings contributed ₹7,349 crore ($0.86 billion). Hyundai Motor India Ltd.’s IPO, raising $3.3 billion, was India’s largest and globally the second-largest IPO of the year.

Outpacing others

NSE’s performance outpaced other Asian exchanges significantly, with Japan Exchange Group recording 93 IPOs, Hong Kong Stock Exchange listing 66 companies, and Shanghai Stock Exchange facilitating 101 listings. In terms of funds raised, NSE’s $19.5 billion exceeded NYSE’s $15.9 billion and Shanghai Stock Exchange’s $8.8 billion.

The achievement comes in a year when global IPO activity decreased, with 1,145 IPOs in 2024 compared to 1,271 in 2023. NSE’s Chief Business Development Officer, Sriram Krishnan, attributed the record performance to the resilience of the Indian economy and growing interest from companies seeking public capital for growth.