India IPO Trends Report

EY India IPO trends report is released every quarter and looks at the IPO markets, trends and outlook for the India region. It forms part of our Global IPO trends report.

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Get India IPO Trends Report for Q4 2022 in PDF format

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Key highlights from Q4 2022

  • Indian stock exchanges (BSE and NSE including SMEs) ranked third in the world in terms of the number of IPOs in 2022. There were no cross-border deals.
  • In the main markets (i.e., BSE and NSE), there were 18 IPOs (including one InvIT) in Q4 2022 versus 24 IPOs in Q4 2021 and four IPOs in Q3 2022. This represents a decrease of 25% compared to Q4 2021 and an increase of 350% compared to Q3 2022.
  • As regards to SME markets, there were 34 IPOs in Q4 2022 versus 23 and 33 IPOs in Q4 2021 and Q3 2022, respectively, representing an increase of 48% and 3% respectively as compared to Q4 2021 and Q3 2022.
  • Q4 has been the best quarter of 2022 in terms of the number of deals after the relatively muted activity throughout the year. In addition, from an IPO pipeline perspective, over 10 companies have filed their Draft Red Herring Prospectus (DRHPs) in Q4 of 2022 signaling a potentially brighter 2023.
  • As per the recent DRHP filings, the most active sectors are consumer products & retail, technology and diversified industrial products.
  • As a key development this quarter, SEBI has introduced some significant regulatory changes such as requiring a committee of Independent Directors to recommend that the price band is justified based on quantitative factors, disclosure of all key performance indicators with a three-year look back period and benchmarking with peers, track record of information on the pricing of shares from private equity/investors, enabling confidential IPO filings with the regulator, increased responsibility of audit committee, etc.
Click here to download Q4 2022 report
We saw several IPOs concluding with good post-listing performance. Unlike earlier when capital markets significantly relied on foreign institutional investors, this robust growth pattern will continue because these companies are supported by domestic retail and institutional capital. The investments in domestic mutual funds and vehicles like Alternate Investment Funds are also compelling. A few more quarters like this will hopefully bring back some buoyancy to the market

Prashant Singhal

Technology, Media, Telecom (TMT) Leader, Emerging Markets, EY India

Q4 2022 witnessed 4x the IPO activity in the previous quarter. While IPO issue proceeds by company are relatively small, with the growing prominence of India as an investment destination 2023 brings brighter outlook for Indian capital markets.

Adarsh Ranka

Financial Accounting Advisory Services Leader, Partner with an Indian member firm of EY Global

India clearly seems to stand out as one bright spot in the present-day global environment compared to most other larger economies. To optimise the tax and other costs of the entire exercise from the standpoint of the company and all stakeholders, it is always wise to start planning well in advance and set a clear roadmap. This is essential for meeting the desired IPO schedule and ensuring the regulatory compliances without compromising any of the business goals

Pranav Sayta

Partner and National Leader, International Tax and Transaction Services, EY India

How EY can help

The team

Prashant Singhal

TMT Leader - Emerging Markets, Partner in a member firm of EY Global
Spearheads growth strategy in rapidly converging Technology, Media and Telecommunications (TMT) ecosystem.
Gurugram, IND

Pranav Sayta

EY India international Tax and Transaction Services Leader
Pranav specializes in direct tax and also advices on various international tax matters, inbound and outbound transactions, acquisitions, joint ventures and corporate restructuring.
Mumbai, IND

Sudhakar Rajendran

EY India Enterprise Risk Leader
Risk transformation leader. Thought leader.
Bengaluru, IND

Pavan Sisodia

EY India International Tax and Transaction Services Partner
Pavan specializes in direct tax and advises on areas of corporate structuring, inbound/outbound transactions, mergers and acquisitions, fund raise, deal advisory and promoter planning opportunities.
Bengaluru, IND

Shalini Jain

Partner, People Advisory Services – Tax, EY India
Stock options plan design; Global mobility; Employment taxation; Tax litigation; Double tax avoidance agreements; Workforce mobility; Employment laws
New Delhi, IND

Veenit Surana

Partner, Financial Accounting Advisory Services, EY India
Helping companies with IPO advisory engagements and sharing insights and end-to-end solutions to complex business problem. Passionate about teaching and traveling.
Mumbai, IND

Vishal Malhotra

EY India TMT Tax Leader
Vishal specialises in direct tax advisory and litigation, inbound and outbound transaction advisory and corporate structuring. He also likes to play golf and go for brisk walks.
Gurugram, IND

Kaustav Ghose

EY India Partner and US GAAP National Leader
Kaustav is a Gold medalist graduate in Commerce, and leads the Technology sector for EY’s Assurance practice.
Bengaluru, IND

Arun Krishnamurthy

EY India Business Consulting Partner
Avid Reader. Watch enthusiast. Passionate about Rock music. Compulsive movie watcher.
Bengaluru, IND
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