Tech firms power India’s 2023 IPO boom
NEW DELHI, INDIA — Despite global economic headwinds, India emerged as the top IPO market in 2023 thanks to its booming technology and communication sectors.
According to a report by GlobalData, of the 750 IPOs worldwide raising US$147 billion in January-August 2023, India secured the top position in the number of IPOs with 152, totaling US$3.8 billion.
GobalData Company Profile Analyst Murthy Grandhi said India stood out in the first eight months of the year despite global economic uncertainties and geopolitical conflicts.
According to GlobalData’s Deals Database, the technology and communications sector accounted for 145 IPOs worldwide, raising US$75.9 billion. This helped India cement its leadership as Indian tech unicorns and startups flocked to capital markets.
Following the leading sector were financial services, with 82 deals (US$6.05 billion); pharmaceuticals and healthcare, with 73 transactions (US$3.9 billion); and industrial goods and machinery, with 57 deals (US$2.9 billion).
Grandhi added that India’s tech-driven IPO leadership in 2023 highlights its structural advantages. As global tech IPOs recover, he expects India to stay on top of the market for the rest of the year.
JPMorgan predicts that India’s 2024 IPO volume will remain strong, as the country benefits from digitization, favorable demographics, and service growth, with at least US$30 billion raised annually through primary and secondary share sales.
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