In the first eight months of 2024, India emerged as a standout performer in the Asia-Pacific (APAC) region’s initial public offering (IPO) market. According to a report by GlobalData, India recorded 227 IPO listings with a total deal value of $12.2 billion, marking a significant increase from $4.3 billion raised during the same period in 2023. The overall APAC region saw 575 IPO listings raising a combined $23.7 billion, representing a 15.6 percent growth in IPO proceeds compared to the previous year.
Despite inflationary pressures and ongoing geopolitical tensions, the APAC region’s IPO market has shown resilience and continued its upward momentum. Murthy Grandhi, Company Profiles Analyst at GlobalData, highlighted the exceptional performance of India’s IPO market, noting the strong growth in proceeds from 2023 to 2024. The technology and communications industry led the APAC IPO market with 105 transactions raising $2.4 billion, followed by the construction sector which recorded 68 deals with an overall value of $2.2 billion.
Some notable IPOs during this period included South Korea’s HD Hyundai Marine Solution Co Ltd, which raised $540 million, and India’s Bharti Hexacom Ltd, which secured $795 million in its public offering. Larger transactions and increasing momentum are expected to drive further expansion in key markets such as India, Japan, and parts of ASEAN. GlobalData forecasts a significant resurgence in IPO activity across the APAC region, driven by larger transactions and accelerating momentum.
While markets like India, Japan, and parts of ASEAN are experiencing bullish trends and strong capital inflows, other markets within the APAC region are facing liquidity constraints and valuation pressures, particularly in certain sectors within China. Despite these challenges, the APAC region as a whole is expected to continue its growth in IPO activity, with India leading the way with its exceptional performance in the first eight months of 2024. With sectors like technology, communications, and construction attracting investor interest, the future looks bright for IPO markets in the region.
