Ipo Insights

India’s IPO market continues to demonstrate its depth and resilience. In November 2024 alone, INR 35,729 crores were raised, making it one of the year’s strongest months. Listings were led by NTPC Green Energy and Swiggy, which together accounted for 60% of the capital raised. Between April and November, 54 companies were listed on the mainboard, raising INR 120,512 crores.

Our analysis of subscription levels and IPO performance reveals that IPOs in the 50x to 100x subscription range deliver the best balance of risk and reward, underscoring the importance of investor demand and market timing in driving lasting outcomes.

Despite this robust activity, November reflected emerging caution in investor sentiment, with subscription levels across categories witnessing a notable decline. Regulatory changes, such as SEBI’s evolving frameworks, are critical in supporting high-growth startups and enabling faster access to public markets.