It’s raining IPOs: India leads APAC IPO activity in first eight months of 2024, reveals GlobalData

The primary market has demonstrated remarkable resilience in the Asia-Pacific region (APAC), continuing its upward trajectory despite a high inflationary environment and geopolitical tensions. In the first eight months of 2024, the APAC market witnessed a notable surge in IPO activity, with 575 listings raising a total of $23.7 billion. This represents a 15.6% growth in terms of IPO proceeds compared to the same period in 2023, shows GlobalData, a data and analytics company.

An analysis of GlobalData’s Deals Database reveals that there were 227 IPO listings with a deal value of $12.2 billion in India during the first eight months of 2024.

Murthy Grandhi, Company Profiles Analyst, GlobalData said, “The Indian IPO market saw an exceptional growth in the first eight months of 2024, with proceeds nearly tripling to $12.2 billion, compared to $4.3 billion during the same period in 2023. This significant increase highlights India’s strong capital market activity.”

“South Korea and Japan also registered impressive growth in their respective IPO markets. South Korea witnessed a remarkable 185.7% increase, with 60 IPOs raising a total of $1.2 billion, while Japan recorded a 48.5% rise, with 49 IPOs generating $1.6 billion. This growth was largely driven by the liberalization of trading rules, creating a more favourable environment for public listings. However, China’s IPO market dwindled 8% in deals, affected by both structural and cyclical constraints, registering just 69 transactions raising just over $5 billion,” Gandhi added.

APAC’s IPO landscape was dominated by the technology and communications industry, with 105 transactions amounting to a total of $2.4 billion, followed by construction which recorded 68 deals with overall value of $2.2 billion.

Significant IPOs include HD Hyundai Marine Solution Co Ltd and Bharti Hexacom Ltd with deal value of $540 million and $795 million, respectively.

“GlobalData forecasts a significant resurgence in IPO activity across the APAC region, driven by larger transactions and accelerating momentum. While certain APAC markets, such as India, Japan, and parts of ASEAN, are experiencing bullish trends and strong capital inflows, others are navigating liquidity constraints and valuation pressures, particularly few sectors within China,” he said.