IPOs 2023: India bags top spot in global IPOs with 80 listings in H1 2023
In the first half of the 2023 calendar year, India emerged as a global leader in the initial public offering (IPO) landscape, according to data compiled by the international consulting firm Ernst & Young (EY). A total of 80 companies in the country have made their debut on the stock exchanges during this period, positioning India at the top spot in the world rankings for the number of IPOs.
Europe, Middle East, India, and Africa: The region kept its position as the second largest IPO market with 27% of all IPOs globally, with India contributing to 13% of global IPOs.
India has continued to increase its share in the global IPO number, from 6% in 2021 to 11% in 2022, and further increasing to 13% YTD in 2023.
Rank by Number of IPOs:
|Rank||Exchanges||Number of IPOs||% of global IPOs|
|1||India (NSE and BSE)||80||13%|
|2||Shenzen (China) (SZSE and Chinext)||70||11%|
|3||Shanghai (China) (SSE and STAR)||62||10%|
|7||Tokyo (Prime, Growth, Standard, REIT, Pro Market)||38||6%|
|8||Hong Kong (Main Board and GEM)||29||5%|
|9||South Korea (KRX and KOSDAQ)||26||4%|
|10||Saudi (Tadawul and Nomu Parallel Market)||20||3%|
|11||Malaysia (KLSE, ACE Market, and LEAP Market)||16||3%|
|14||Global IPO activity||615||100%|
In the period of January-June 2023, 80 companies made their debut on the Indian stock exchanges, compared to 60 in the same period last year. This marks a year-on-year growth of 33%. The data indicates that small and medium enterprises (SMEs) were a significant contributor to this increase.
|YTD 2022||YTD 2023||YoY % growth|
|Number of IPOs||60||80||33%|
Rank by Number of Proceeds:
In the first half of the year, 80 companies debuted on the Indian stock exchanges through initial public offerings (IPOs), raising a total of $2.1 billion in the primary market. Interestingly, despite the increase in the number of IPOs, this capital raised is less than half of the amount garnered during the same period last year. This highlights a notable shift in the capital efficiency of these public listings.
|YTD 2022||YTD 2023||YoY % decline|
|Number of Proceeds||$5.5 billion||$2.1 billion||-62%|
Although there is a 62% decline in the number of proceeds by the IPOs, Q2 saw a shift toward larger deals than Q1, mostly from the industrials, health and life sciences, and technology sectors, including a fundraise of US$638m in April by an emerging asset class relating to an infrastructure investment trust.
In Q2 of 2023, there was a notable increase in the number of IPOs in India, coinciding with a period of strong performance in the stock markets India Equity Index which is the BSE SENSEX. During this quarter, the key indices of the Indian stock market reached record highs, reflecting a positive environment for companies seeking to go public.
IPOs 2023: Industrial Sector
IPO activity in India can also be attributed to the industrial sector which has seen positive growth both in the number of IPOs and the number of proceeds. In fact, the IPO with the Largest Proceeds in India is Cube Highways Trust with $0.6b proceeds, and is in the Industrials Sector in India (NSE).
|Global Industrial Sector||YTD 2022||YTD 2023|
|Number of IPOs||110||123|
|Number of Proceeds||$12 billion||$13.1 billion|
IPOs 2023: Top Performers in India
In the recent wave of IPOs in India, three companies have notably outperformed others in their post-listing phase. SBFC Finance Limited leads the pack with a gain of 61.75%, followed by Divgi TorqTransfer Systems Limited, which appreciated by 46.13%. Mankind Pharma Limited's IPO also made a strong debut, registering a rise of 28.88%.
IPOs 2023: Main Board IPOs
Here is a list of Main Board IPOs that are listed in India in 2023 and their listing dates:
|IPOs in India 2023||Listing Date|
|SBFC Finance Limited IPO||16th Aug 2023|
|Yatharth Hospital and Trauma Care Services Limited IPO||7th Aug 2023|
|Netweb Technologies India Limited IPO||27th July 2023|
|Utkarsh Small Finance Bank Limited IPO||21st July 2023|
|Senco Gold Limited IPO||14th July 2023|
|Cyient DLM Limited IPO||10th July 2023|
|ideaForge Technology Limited IPO||7th July 2023|
|HMA Agro Industries Limited IPO||4th July 2023|
|IKIO Lighting Limited IPO||16th June 2023|
|Nexus Select Trust REIT||19th May 2023|
|Mankind Pharma Limited IPO||9th May 2023|
|Avalon Technologies Limited IPO||18th April 2023|
|Udayshivakumar Infra Limited IPO||3rd April 2023|
|Global Surfaces Limited IPO||23rd March 2023|
|Divgi TorqTransfer Systems Limited IPO||14th March 2023|
This is not investment advice. Investments in the securities market are subject to market risk, read all the related documents carefully before investing. Past performance is not indicative of future returns.