NSE ranks fourth on the global IPO offering league table in H1-2025

India’s National Stock Exchange (NSE) ranked fourth on the global IPO (initial public offer) league table in the first half of calendar year 2025 (H1-CY25), with a fund offering at $5.51 billion, according to a note from S&P Global Market Intelligence. This is 8.9 per cent of the worldwide aggregate IPO fundraising in the first half of 2025 of $61.95 billion, data shows.

 

The top three spots as regards offerings were occupied by the Nasdaq Global Market, NYSE and the Nasdaq Global Select Market that offered to raise $28.95 billion in H1-CY25, which is a staggering 46.73 per cent of the total global offering of $61.95 billion, the S&P Global Market Intelligence note suggests. 

 

In terms of issues, however, the NSE topped the table with 73 IPOs as compared to Nasdaq Global Market’s 66 IPOs.

 

The analysis covered the aggregate gross amount of IPOs completed on the world's stock exchanges between January 01, 2025 and June 30, 2025.

 

During the first six months of 2025, India welcomed 119 IPOs, raising an aggregate of Rs 51,150 crore, according to data compiled by S&P Global Market Intelligence. Funds raised in IPOs in the same period in 2024 amounted to Rs 37,682 crore via 157 new listings, the data shows. Indian exchanges closed 2024 with a total of Rs 1.713 trillion raised via 333 new listings. 

Global leaderboard

 

Analysts expect the IPO activity in India to remain robust in the second half of CY25 if the secondary markets remain supportive.

 

"Should macro conditions stabilise, the second half of the year is expected to see a revival in IPO activity. Investor appetite remains strong for well-priced, fundamentally sound offerings, positioning the market for a potential pickup in new listings," said analysts at EY in a note.

 

Financial technology, AI-driven enterprises and industrial tech firms, analysts at EY said, continue to show strong growth potential in India's IPO market. 

 

The fancy of new issues / IPOs remains high, according to Sailesh Raj Bhan, chief investment officer for equity investments at Nippon India Mutual Fund, especially given the bull-market sentiment. 

 

“This is despite poor outcomes of primary markets and follow-on offers in the last one-two years on an average, given weak earnings growth. A very large line up of supply is underway, which will keep momentum and interest high in this space,” he said.