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OTC Exchange Market of India Capital Markets: 2024 year in review and 2025 outlook
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The global IPO market saw increased optimism in 2024, with the year ending on a strong note. Globally, seven of the top ten IPOs by capital raised listed in the second half of the year, with six in the final quarter. The largest IPO of the year was Lineage (NASDAQ), the world’s largest operator of cold storage warehouses, raising US$4.44 billion through a REIT structure, and listing with a market capitalisation of more than US$18 billion.
In 2024, the global IPO market was more diversified across countries and sectors. India’s IPO market led volumes while European exchanges also attracted larger listings accounting for three of the top ten IPOs; family-owned beauty brand Puig Brands (Spain), dermatology brand Galderma Group (Switzerland) and private equity manager CVC Capital Partners (Euronext Amsterdam). Sector wise, consumer IPOs led across both discretionary and staples, followed by the industrial and financial sectors. Despite successful listings for Rubrik, Reddit and Astera Labs in the US, there wasn’t a technology IPO in the global top ten in 2024.
The total number of IPOs fell marginally from 1,327 to 1,302 in 2024, however Global IPO proceeds rose by 5%, increasing from $120.1 billion in 2023 to $125.9 billon according to Dealogic data.