In comparison, there were 144 IPOs by Indian companies during the whole of 2022, which include large companies getting listed on the main platform of the exchanges, and public offers by small and medium enterprises (SMEs).
“India has emerged as the global leader in the number of IPOs year-to-date in 2023,” a statement by professional services major EY said.
The September quarter of 2023 saw a staggering 21 IPOs on the main platforms of the bourses, compared to just four in the same quarter of 2022. The proceeds raised during the quarter by these companies amounted to $1.7 billion, an increase of 376% from $372 million in the year-ago period, EY said.
The SME segment also recorded significant success by raising $166 million from 48 IPOs in the last quarter.
“The IPO landscape is witnessing a surge in activity driven by both an urge to tap the capital markets pre-or-post Indian general elections and strong economic activity, positive domestic and foreign investor sentiment towards India,” said Adarsh Ranka, partner and financial accounting advisory services leader, member firm of EY Global said in a statement. “This momentum is expected to continue.”
“To capitalise on this unprecedented growth, businesses must focus on maintaining transparency, robust governance, and innovation in their business models,” Ranka said. “Furthermore, staying attuned to changing regulatory and market dynamics will be crucial for sustained success.”