MUMBAI - A blockbuster year for initial public offerings (IPOs) in India has propelled seven entrepreneurs into the US dollar billionaires league as of January 3, 2025. The surge is particularly notable in the renewable energy sector, with Premier Energies, led by Chiranjeev Singh Saluja, seeing its shares rise nearly threefold since its September debut, valuing the company at approximately US$7 billion.
In 2024, India raised a record 1.66 trillion rupees (S$26.5 billion) through IPOs, a significant increase from 650 billion rupees the previous year. Looking ahead, around 85 companies aim to list in 2025, targeting a collective 1.53 trillion rupees (S$24.4 billion). However, challenges loom, including a slowing economy and potential tariff impacts.
Kunal Rambhia, a fund manager, warns of a possible market correction due to rising global tensions, while others remain optimistic about domestic investor support. The IPO pipeline is expected to be dominated by firms in financial services, electronics, and software, with major listings anticipated from companies like Zepto and Flipkart India.
Source: Strait Times, January 3, 2025