India raised the highest amount of money through IPOs, collecting $19.5 billion. India’s quick commerce sector has witnessed explosive growth, surging from $300 million in FY22 to an estimated $7.1 billion in FY25. One of the biggest offerings of the year was the Rs 27,870-crore IPO of Hyundai Motors, which became India’s largest IPO and the world’s second-largest IPO in 2024. Since 2012, the median market capitalisation of SME IPOs has increased 4.5 times, reaching nearly Rs 100 crore in 2024, according to the Indus Valley Annual Report 2025. The funds raised by venture-backed IPOs after 2021 have more than doubled compared to the total amount raised by all venture- backed IPOs before 2021, the report said. The median revenue of SMEs at the time of IPO has tripled — to reach Rs 70 crore, it added. The report noted a decline in the Median market cap of companies going public, with the median cap falling to Rs 2,770 crore in 2023, from Rs 3,800 crore in 2021.
