Govind Bhutada
2025-02-17 10:41:00
www.visualcapitalist.com
Visualizing Global IPOs in 2024, By Country
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Despite economic uncertainties and geopolitical challenges, global initial public offering (IPO) markets remained relatively healthy in 2024.
Newly-listed companies benefited from the positive momentum in global stock markets, with interest rate cuts and technological advancements boosting overall investor sentiment.
This infographic highlights the strongest IPO markets of 2024 based on the number of IPOs and proceeds generated, by country. The data is from Ernst and Young’s (EY) Global IPO Trends Report.
Which Countries Had the Most IPOs in 2024?
In addition to the U.S. and Europe, key emerging markets led global IPO activity in 2024.
India had a record-breaking year, with the highest IPO volume and proceeds generated in history, thanks to strong economic growth and corporate earnings in the first half of the year.
| Country | Number of IPOs | IPO Proceeds (US$ billions) |
|---|---|---|
 India |
327 | $19.9B |
 United States |
183 | $32.8B |
 Europe (ex. UK) |
115 | $18.2B |
 China |
98 | $8.9B |
 Japan |
84 | $6.2B |
 South Korea |
75 | $2.9B |
 Hong Kong |
64 | $10.7B |
 Malaysia |
49 | $1.7B |
 Saudi Arabia |
42 | $4.3B |
 UK |
10 | $0.9B |
Of the 327 Indian IPOs, more than 200 fell in the small and medium enterprise (SME) IPO category. The largest IPOs included Hyundai Motor India ($3 billion) and local food delivery platform Swiggy ($1.3 billion).
The U.S. claimed the top spot in proceeds at $32.8 billion despite significantly lower IPO volume. It also remained the leading international IPO market, with foreign companies making up 101 or 55% of its listings.
While most markets delivered double-digit IPO returns, Chinese mainland IPOs outperformed, averaging a 123.9% return in 2024. Interestingly, 33 Chinese companies were listed on U.S. exchanges in 2024.
Breaking Down 2024’s Global IPOs by Sector
IPO activity in 2024 was concentrated in a few high-growth sectors, led by:
- Technology, Media & Telecom (TMT): The largest sector by IPO volume and proceeds, driven by AI and semiconductor companies.
- Industrials: Infrastructure, automotive, and logistics companies saw strong IPO momentum.
- Consumer Goods & Services: Retail and e-commerce IPOs continued to attract strong investor interest.
Together, these three sectors accounted for 60% of total IPOs worldwide, both in volume and proceeds. In the United States, most IPOs (44) were in the health and life sciences sector, followed by the TMT sector (36).
With central banks signaling continued monetary easing in 2025, global IPO markets are expected to remain buoyant, particularly in the AI, clean energy, and digital finance sectors.
Learn More on the Voronoi App
The health and life sciences sector led U.S. IPO volumes in 2024, and IPOs from this sector have delivered high returns historically. See The Best Performing U.S. IPOs of 2023 on the Voronoi app to learn more.
The post Visualizing Global IPOs in 2024, by Country appeared first on Visual Capitalist.
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