One In Four IPOs Joined Billion-Dollar Valuation Club In 2024; Total Adds Hit Triple Digits

India's primary market has been red hot in 2024, with most issuances being oversubscribed by retail investors. In a year marked with the largest ever issuances in the primary markets, newly listed companies led the list of new entrants in the billion-dollar valuation club.

Amid the continued bull run for Indian equities, the number of companies that crossed $1 billion in market capitalisation was above 100.

BSE Ltd., the exchange with the most number of Indian companies listed, has seen 158 new additions, with the total crossing over 6,000.

Across the 90 initial public offerings on the exchange's mainboard, 24 were valued at over $1 billion.

As one in four newly listed companies on the BSE mainboard joined the ranks of a 10-digit valuation in US dollar terms, nearly one in every 10 listed companies in the country now command such a valuation.

Over a 100 companies crossed the threshold over the course of the calendar year, with those commanding the largest valuation belonging to the newly listed set of companies.

The largest among them was the Korean automotive manufacturer Hyundai Motor India Ltd. which raised Rs 27,000 crore through an offer for sale in October, with the total value of shares listed being Rs 1.46 lakh crore.

Swiggy Ltd. and Bajaj Housing Finance Ltd. follow next with a market cap of over Rs 1 lakh crore.

Among those companies which were not new offerings, KFin Technologies Ltd. has the largest valuation of over $3 billion, or Rs 26,000 crore, followed by PG Electroplast Ltd. and Wockhardt Ltd.

LS Industries Ltd. topped the list of companies that grew the most during the year, to cross the threshold of a $1-billion valuation, after shares of the company rose over seven times their initial price in 2024.

Shakti Pumps India Ltd. followed next, growing shareholder wealth sixfold over the period, followed by Transformers And Rectifiers India Ltd., whose shares went up 4.7 times.