India emerges as biggest IPO market in Jan-March period this year: Report

Mumbai: Even though the number of listings declined by a fifth, India emerged as the biggest market worldwide in initial public offerings (IPOs) in the January-March period this year, a report said on Tuesday.

By amounts raised, Indian companies raised $2.8 billion through IPO in the quarter, around a tenth of the funds raised globally, the report said.

The report by EY, however, said by number of IPOs, there was a 20 per cent decline during the first quarter of the calendar year 2025 with 62 listings.

The consultancy firm also said fewer companies delivered positive first-day returns during the quarter, pointing out that this number declined to 63 per cent during the quarter from 83 per cent in 2024.

Hexaware Technologies’ $1 billion IPO was driving the overall deal activity by numbers during the quarter, the report said.

BSE, the 30-share benchmark, has declined 1.1 per cent during the quarter, which saw heightened volatilities after the change in trade policies adopted by US President Donald Trump following his January 20 inauguration.

The IPO landscape in India remains diverse, with significant activity across sectors such as industrials, real estate, hospitality and construction, and health and life sciences, it said, adding that the health sector recorded notable growth.

The Q1 performance, despite global uncertainties, highlights the robust fundamentals and investor confidence in the Indian market, the firm’s partner Adarsh Ranka said.

Outlook for India’s IPO market in 2025 appears promising, with a healthy pipeline of companies preparing to enter the market, it added.