India’s financial landscape reached new heights in 2024, with a significant surge in mergers and acquisitions (M&A) activity and unprecedented fundraising in the equity capital markets. As global and domestic investors sought opportunities in one of the world’s fastest-growing economies, the year saw a remarkable 38% jump in M&A transactions, alongside record-breaking IPO activity that underlined India’s position as a major player in the global financial ecosystem.
Key Highlights of 2024

M&A Activity Overview
- Total Value: M&A deals surged to $109 billion in 2024, compared to $79 billion in 2023, driven by robust corporate strategies and investor confidence
- Domestic Contributions: Indian corporates accounted for $48 billion of this activity, nearly doubling their participation from $26 billion the previous year (Economic Times).
- High-Profile Deals:
- Viacom and Disney Merger: This reshaped the entertainment sector.
- Aster DM’s Acquisition of Quality Care: Strengthened its foothold in healthcare.
- Bharti Group’s Stake in BT Group: Expanded its global telecommunications footprint.
- Sectoral Focus: Key industries with heightened M&A activity included technology, industrials, infrastructure, and retail, reflecting evolving market dynamics and diversification strategies.
Driving Factors
- Economic Growth: India’s strong GDP performance and increasing global recognition as an investment hub attracted domestic and international investors.
- Private Equity (PE) Involvement: PE firms played a pivotal role in funding high-growth startups and acquiring stakes in established companies.
- Conglomerate Ambitions: Companies like the Adani Group, Reliance Industries, and Birla Group actively pursued acquisitions to bolster their portfolios and expand into new markets.
Record-Breaking IPO Activity
India’s equity capital market experienced unparalleled growth in 2024, with total fundraising reaching $74 billion across initial public offerings (IPOs), follow-on public offers (FPOs), and qualified institutional placements (QIPs) (Economic Times).
- Milestone IPOs:
- Hyundai Motor India IPO: Raised $3.3 billion (₹27,870 crore), making it the largest IPO in India’s history, surpassing LIC’s 2022 record.
- Vodafone Idea FPO: At $2.2 billion (₹18,000 crore), it became India’s largest FPO, eclipsing records by Yes Bank and ONGC.
- Diverse Sectors: Fundraising spanned industries like automobiles, telecom, retail, capital goods, and e-commerce, accounting for 59% of the total issue size.
- Market Dynamics: Over 300 IPOs were launched, reflecting retail and institutional investors’ strong appetite for equities.
Key Drivers of Equity Fundraising
- Investor Sentiment: Confidence in India’s economic trajectory encouraged robust participation from domestic and foreign investors.
- Sectoral Growth: Rising consumer demand, digital transformation, and infrastructure investments created lucrative opportunities.
- Regulatory Support: Government reforms and policy initiatives made it easier for companies to access capital markets.
Looking Ahead: 2025 and Beyond
The momentum built in 2024 is set to continue, with an active IPO pipeline estimated at $35 billion. Major companies expected to go public in 2025 include:
- HDB Financial Services: A leading non-banking financial company (NBFC).
- LG Electronics India: A prominent player in consumer electronics.
Emerging Trends
- Green and Sustainable Investments: Increasing focus on ESG (Environmental, Social, and Governance) factors will drive investments in renewable energy and sustainable technologies.
- Tech-Driven Growth: Startups and tech companies will continue to attract significant funding, particularly in fintech, e-commerce, and AI.
- Global Integration: Indian firms will likely pursue more cross-border deals, enhancing global competitiveness.
The year 2024 marked a turning point for India’s financial markets. The surge in M&A activity and equity fundraising underscores the country’s growing economic clout and its appeal to global investors. With robust market fundamentals, strategic corporate initiatives, and an ambitious IPO pipeline, India is poised to sustain this growth trajectory in 2025 and beyond, reinforcing its position as a leading global investment destination.
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FAQs
What drove the surge in India’s M&A activity in 2024?
India’s strong GDP growth, increased private equity participation, and strategic acquisitions by conglomerates were key factors driving the M&A boom.
Which were the largest M&A deals in 2024?
High-profile deals included the Viacom-Disney merger, Aster DM’s acquisition of Quality Care, and Bharti Group’s stake in BT Group.
How much did India raise through IPOs in 2024?
India’s equity capital market raised $74 billion in 2024, with notable IPOs such as Hyundai Motor India and Vodafone Idea setting records.
What industries led the equity fundraising efforts?
Automobiles, telecom, retail, capital goods, and e-commerce were the leading sectors, accounting for 59% of the total issue size.
What is the outlook for 2025 in India’s financial markets?
With an estimated $35 billion IPO pipeline, key trends like ESG investments, tech-driven growth, and global integration are expected to shape 2025.
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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.