The $10 Billion Dream

The equity market is witnessing record fundraising. But when will India see its first mega public offer?

- RAHUL OBEROI & PAWAN KUMAR NAHAR

The ipo of hyundai motor India, which listed in October 2024, witnessed record fundraising at 27,859 crore ($3.3 billion). India’s primary markets have been scaling new heights, and Hyundai Motor India’s IPO was proof of that. But as the economy expands and businesses scale up, the question arises: When will India see its first $10 billion IPO, considered a global benchmark for big companies?

The country witnessed its first billion-dollar IPO in 2004, when information technology major TCS raised 4,713 crore (around $1 billion then). Market watchers believe if companies continue to innovate and expand, India will likely see its first $10 billion IPO sooner than later. Dhiraj Padiyath, Head of Products and Platforms at brokerage firm YES Securities says, “Given the trajectory of India’s capital markets and increasing scale of its leading enterprises, it is possible to anticipate the country’s first $10 billion (85,000-90,000 crore) IPO within the next three to five years.”

In dollar terms, the IPO of Coal India, which raised 15,199 crore ($3.4 billion) in 2010, is still the biggest at the then exchange rate. The world, THE IPO OF HYUNDAI MOTOR India, which listed in October 2024, witnessed record fundraising at ₹27,859 crore ($3.3 billion). India's primary markets have been scaling new heights, and Hyundai Motor India's IPO was proof of that. But as the economy expands and businesses scale up, the question arises: When will India see its first $10 billion IPO, considered a global benchmark for big companies?