India led the global initial public offering market in the first eight months of this year, with 227 listings happening in the country's exchange totaling $12.2 billion, according to an analysis. 

In its latest report, UK-based consulting firm Global Data said that this growth was driven by strong market sentiment and a favorable macroeconomic environment. 

According to the analysis, small and medium enterprises operating in the country also played a crucial role in driving the IPO market in the first eight months, supported by strong demand from local retail investors and institutions.

Global Outlook

The report revealed that the number of IPOs globally declined in the first eight months, while deal value saw a significant rise during the same period. 

GlobalData said that the world witnessed a total of 822 IPOs in the first eight months, with deals valued at $65 billion. 

The deal value marks a rise of 17 percent compared to the same period in 2023. 

"Investor sentiment towards equities, particularly IPOs, continued to improve, buoyed by the strong aftermarket performance witnessed in 2023," said Murthy Grandhi, Company Profiles Analyst at GlobalData. 

Country Rankings

According to the report, India was followed by the United States in the IPO market with 133 offerings raising $23.1 billion in the first eight months of this year. 

China secured the third place with 69 transactions valued at $5.3 billion.

The analysis added that the Asia Pacific region recorded the largest number of IPOs, with 575 transactions worth $23.7 billion. 

On the other hand, the North American region led in terms of deal value with 149 deals generating $25.4 billion.

According to the study, 135 deals valued at $6.4 billion happened in the technology and communications sector during the first eight months, while the financial services industry witnessed 113 IPOs worth $11.6 billion.