India's M&A activity sees 38% jump in CY24, $35 billion IPO pipeline
Kotak Mahindra Investment Bank.
Domestic corporates played a substantial role, with their deal contribution almost doubling to $48 billion in CY24, up from $26 billion last year. Notable deals include the merger of Viacom and Disney, Aster DM and Quality Care, and Bharti Group's acquisition of a stake in BT Group.
After a brief slowdown last year, Indian conglomerates are driving significant activity across sectors, focusing on diversification and strategic expansion. Major M&A deals in CY24 include Adani Group's buyouts in industrials and infrastructure, Birla Group's acquisitions in industrials, and Reliance's acquisitions in TMT and infrastructure, it said.
CY24 saw the highest-ever fundraising in Indian equity capital markets, with $74 billion raised. This momentum is expected to continue, with a $35 billion IPO pipeline. Multinational corporations (MNCs) are increasingly preferring India as a listing destination, listing their Indian subsidiaries or flipping their corporate office to India.
MNCs are also monetizing their holdings, contributing almost one-third of sell-downs in CY24. The year witnessed IPOs and FPOs worth $22 billion, $20 billion of QIPs, and $32 billion of sell-down through block activity.
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