Which city emerged as the global leader in the total number of initial public offerings (IPOs) in 2023, as reported by Nikkei?

In 2023, Mumbai became the global leader in the total number of IPOs, according to a Nikkei report. This achievement was underscored by the rise of over 10% in India’s benchmark Sensex index, reflecting growing investor confidence bolstered by economic reforms. Mumbai’s ascendancy in the IPO market marked a significant shift, overtaking Hong Kong, which had previously dominated this area. This development was part of a broader divergence in Asian markets, with Japan’s Nikkei 225 index reaching a 33-year high, while Hong Kong experienced its fourth consecutive year of decline.