India’s IPO boom in 2024 resulted in seven entrepreneurs joining the billionaire ranks, driven by the thriving renewable energy sector. Among them is Chiranjeev Singh Saluja, whose company, Premier Energies, evolved from his father’s 1995 initiative to address limited electricity in rural areas. Premier Energies now stands as India’s second-largest solar module and cell manufacturer, valued at $7 billion after a September IPO.
The renewable energy space saw other billionaires emerge, including Hitech C Doshi of Waaree Group, Bhavish Aggarwal of Ola Electric Mobility, and Manoj K. Upadhyaya of Acme Solar Holdings. This growth aligns with India’s ambitious plan to add 100 GW of solar capacity within four years. Saluja anticipates sector consolidation, with scalability being crucial for survival.
India’s IPO market raised a record $19.82 billion in 2024, with unique investors on the main exchange increasing by 27%. However, challenges like an economic slowdown, weak corporate earnings, and geopolitical tensions could dampen momentum in 2025, especially for startups and tech firms. Nevertheless, domestic investments are strong, with private equity and family offices channeling funds into pre-IPO companies.
Financial services, electronics, and software companies dominate the 2025 IPO pipeline, alongside major players like Flipkart and PayU. Additionally, Mukesh Ambani’s Reliance Industries plans to list its retail and telecom segments. While large IPOs are anticipated, smaller firms continue to drive market activity, reflecting a shift in entrepreneur strategies favoring partial ownership of larger, publicly listed entities.
