India has eclipsed China as Asia’s top market for company listings this year, as buoyant stock prices spark a boom in initial public offerings.

Propelled by companies including Swiggy and Hyundai Motor, India will be the world’s second-largest equity fundraising market behind the US for the first time, according to data from Dealogic for 2024. The National Stock Exchange of India is set to be the number-one venue for primary listings by value, ahead of Nasdaq and Hong Kong Stock Exchange, KPMG figures show.

The rankings herald a shift in 2024 in Asian finance, as a tightening of regulations leads to a relative listings drought in China. Meanwhile, companies have rushed to take advantage of high valuations following a multiyear rally in Indian equities, despite concerns over whether the market can weather an economic slowdown.