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The momentum in the equity market is likely to continue with initial public offerings (IPOs) worth $35 billion in the next 12 months, Kotak Investment Banking said on Friday. In 2024, Kotak Investment Banking topped the LSEG Asia IPOs League Table and was 10th in the LSEG Global Equity League Table.
India is the second-largest market in the world when it comes to equity fundraising and it saw the highest-ever fundraising ($74 billion) in 2024.
"India was probably 14% of the global equity capital markets (ECM). So, that really was a pleasant surprise,” said V Jayasankar, managing director (MD) of Kotak Investment Banking.
According to the investment bank, fundraising activity in India has been notably broad-based, spanning all sectors, unlike global capital markets such as the US, which are often dominated by a few key industries like technology, healthcare, or financial services. In contrast, India's equity capital market saw robust performance across all major sectors.
Domestic investments provided resilience amid geopolitical risks and market volatility. Despite the muted foreign portfolio investor (FPI) inflows, robust inflows of $62 billion from domestic institutional investors (DIIs), backed by increasing SIP (systematic investment plan) flows, provided stability and smoother execution of equity capital market transactions compared to other global markets.
The investment bank said deal sizes are consistently increasing across products, highlighting the depth of Indian markets, with more than 30 $500 million deals last year.
Further, multinational companies (MNCs) prefer India as a listing destination by making their subsidiaries debut on Indian bourses. MNCs are also increasingly monetising their holdings, contributing almost one-third of sell-downs in 2024. The investment bank said the success of Hyundai India's IPO has prompted multiple MNC conglomerates to consider value unlocking through public offers in India.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
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