In India, the distribution of Initial Public Offerings (IPOs) varies across different states, reflecting the country’s diverse economic landscape and regional economic activities. While IPOs are not evenly spread, certain states stand out as major contributors to the IPO market due to factors such as economic growth, industry dominance, and investor interest. Here is the list of state wise IPOs in India.
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State Wise IPOs in India by Different Years
| States | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total |
|---|---|---|---|---|---|---|---|
| Andhra Pradesh | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Bihar | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Chhattisgarh | 0 | 0 | 0 | 1 | 2 | 0 | 3 |
| Gujarat | 5 | 7 | 7 | 6 | 13 | 2 | 40 |
| Haryana | 6 | 2 | 7 | 11 | 9 | 1 | 36 |
| Jammu and Kashmir | 0 | 0 | 0 | 1 | 0 | 0 | 1 |
| Jharkhand | 0 | 0 | 0 | 1 | 0 | 1 | 2 |
| Karnataka | 5 | 5 | 2 | 11 | 18 | 2 | 43 |
| Kerala | 1 | 0 | 2 | 2 | 0 | 0 | 5 |
| Madhya Pradesh | 0 | 0 | 0 | 1 | 1 | 0 | 2 |
| Maharashtra | 23 | 7 | 21 | 32 | 35 | 3 | 121 |
| New Delhi | 4 | 4 | 4 | 8 | 2 | 1 | 23 |
| Punjab | 1 | 1 | 1 | 3 | 2 | 0 | 8 |
| Rajasthan | 0 | 1 | 3 | 1 | 3 | 0 | 8 |
| Tamil Nadu | 7 | 4 | 4 | 1 | 3 | 0 | 19 |
| Telangana | 6 | 4 | 2 | 3 | 3 | 0 | 18 |
| Uttar Pradesh | 3 | 0 | 4 | 3 | 7 | 0 | 17 |
| West Bengal | 3 | 3 | 1 | 5 | 5 | 0 | 17 |
| Total | 64 | 38 | 59 | 90 | 104 | 10 | 365 |
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As it is evident from the list of IPOs by states, Maharashtra is the undisputed leader with the maximum number of companies headquartered in the state. Since it houses India’s financial capital Mumbai, it is no surprise. Mumbai’s stock exchanges, including the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), also play a pivotal role in the IPO market. The state’s diverse industrial base, encompassing finance, entertainment, and technology sectors, contributes to a substantial number of IPOs originating from Maharashtra.
Gujarat is another prominent state for IPO activity, especially in sectors like chemicals, textiles, and pharmaceuticals. The state’s business-friendly policies and robust manufacturing sector attract companies seeking public offerings, with Ahmedabad being a notable center for IPO activities in Gujarat.
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Apart from these major players, other states like Haryana, Tamil Nadu, and Uttar Pradesh also witness considerable IPO activity. Delhi’s diverse economy and being the seat of political power contribute to its share in the IPO market and it is suitably aided by cities like Gurugram and Noida in the NCR region. Tamil Nadu, known for its automobile manufacturing and healthcare industries, and Telangana, with a burgeoning IT sector in Hyderabad, attract companies aiming to go public in these respective domains.
In the list of IPOs by states, Karnataka emerges as a laggard despite its capital Bengaluru being known as India’s Silicon Valley. The state has a vibrant ecosystem and is home to numerous tech startups but not many of these unlisted companies have tapped the primary market route.
Overall, the state wise distribution of IPOs in India highlights the regional economic strengths and investor appeal across different sectors. While certain states lead in IPO activities due to financial infrastructure, industry dominance, and investor interest, the entire nation’s diverse economic landscape contributes to the dynamic IPO market in India.
We hope this list of IPOs by states is useful for your research. Check out other similar listings at IPO Central.
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