India led the global IPO market in the first eight months of 2024, with 227 listings totalling $12.2 billion, according to London-based GlobalData.

The performance was driven by strong market sentiment, a favourable macroeconomic environment, and a surge in investor interest fuelled by fear of missing out, the data and analytics company said.

Both the SME and mainboard IPO segments contributed to growth in India, supported by strong demand from local retail investors and institutions.

While the number of IPOs globally declined during the period, the total deal value significantly increased. 

A total of 822 IPOs were registered with an aggregate deal value of $65 billion, rising 17.4% from $55.4 billion from 1,564 listings a year earlier. 

Murthy Grandhi, Company Profiles Analyst at GlobalData, said the IPO market underwent a significant uptick in activity in 2024 as macroeconomic conditions stabilised and private equity and venture capital-backed listings resurged.

“Investor sentiment towards equities, particularly IPOs, continued to improve, buoyed by the strong aftermarket performance witnessed in 2023,” Grandhi said.

The US ranked second, with 133 IPOs raising $23.1 billion, while China secured third place with 69 transactions valued at $5.3 billion.

The Asia-Pacific region recorded the largest number of IPOs, with 575 transactions worth $23.7 billion. North America led in terms of deal value with 149 deals generating $25.4 billion. 

Technology and communications led the IPO activity with 135 deals valued at $6.4 billion. Financial services followed with 113 IPOs worth $11.6 billion, while pharmaceuticals and healthcare saw 75 IPOs raising $7 billion.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)