Tech takes charge: a quarter of all new listings are digital

rupees of debutants’ market value now comes from tech.

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The average tech IPO subscription this year is 19.6x, an impressive figure, but skewed by a few runaway successes. ISTOCKPHOTO

(ISTOCKPHOTO)

That’s a sharp rise from just 3% in 2022 and 5% in 2023, with 2024 offering the first real signal when tech contributed ₹2.3 trillion, or 17%, according to Prime Database.

But while the numbers point to a structural shift, the underlying IPO market remains uneven, heavily influenced by a handful of standout issues and a growing focus on profitability and governance.

Analysts say the landscape has been reshaped by a fundamental reset in how India’s digital economy is valued.

“Over the last five years, India’s technology IPO market has evolved from a phase of exuberant speculation to one defined by profitability and governance,” said Tomas V. Abraham, research analyst at Mirae Asset ShareKhan. “What began as a frenzy of overvalued listings in 2021-22 has matured into a disciplined ecosystem.”