India could surpass the UK as the world’s 5th largest stock market by 2024, Goldman says
Investors have been pouring money into India’s stock market, and it could grow to more than $5 trillion to become the fifth largest in the world within three years, according to Goldman Sachs.
Indian start-ups have raised $10 billion through IPOs so far this year — more money than was raised in the last three years, the investment bank said in a report dated Sept. 19.
And the pipeline for future public listings is expected to remain robust over the next two years, Goldman analysts said. Based on Goldman’s analysis, as many as 150 private firms could potentially list on the stock market over the next 36 months.
“We estimate nearly US$400bn of market cap could be added from new IPOs over the next 2-3 years,” Goldman analysts wrote.
They explained that could drive India’s aggregate stock market value to increase from $3.5 trillion currently to over $5 trillion by 2024. That’s likely to make the South Asian country the fifth largest in the world by market capitalization, surpassing the U.K. and the Middle East.
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