Size of market

What is the size of the market for initial public offerings (IPOs) in your jurisdiction?

In 2024, there were over 250 IPO listings (including main board IPOs and small and medium enterprises segment IPOs), raising over US$19.6 billion. India also witnessed its largest IPO by Hyundai Motor India Limited in 2024, raising over US$3.3 billion.

Issuers

Who are the issuers in the IPO market? Do domestic companies tend to list at home or overseas? Do overseas companies list in your market?

All the issuers in the Indian IPO market are companies incorporated in India under the laws of India. Indian domestic companies typically list at home jurisdiction only, and not overseas. Overseas companies may consider an IPO of their Indian incorporated subsidiary, as they will not be able to list their equity shares directly in India.

However, should foreign issuers wish to raise capital from the Indian securities market, they can also do so through issuance of Indian depository receipts (IDRs), which are financial instruments in the form of depository receipts created by Indian depository, issued against the underlying equity shares of the issuing company. The foreign issuer is required to deposit its equity shares with a custodian bank outside India, against which the Indian depository issues receipts to Indian investors. These IDRs can be listed and traded on the Indian stock exchanges similar to equity shares of Indian issuers.

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This article was originally published in Lexology on 30 April 2025 Co-written by: Prashant Gupta, Partner; Devi Prasad Patel, Partner; Romit Srivastava, Principal Associate.

Disclaimer

This is intended for general information purposes only. The views and opinions expressed in this article are those of the author/authors and does not necessarily reflect the views of the firm.