Top 10 IPOs to Watch Out For In FY 24-25 Indian stock markets witnessed a spurt in IPOs in 2023. In 2024 too, the IPO pipeline remains robust with 27 companies having received SEBI approval to raise a combined amount of INR 28,500 crore, and another 36 companies awaiting approval to raise a total of INR 40,500 crore
By Priya Kapoor
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Indian stock markets witnessed a spurt in IPOs in 2023. Overall 57 public issues were launched, raising INR 49,437 crore as compared to 40 IPOs launched in 2022 raising INR 59,939 crore. In 2024 too, the IPO pipeline remains robust with 27 companies having received SEBI approval to raise a combined amount of INR 28,500 crore, and another 36 companies awaiting approval to raise a total of INR 40,500 crore. Here's a look at top 10 IPOs that will hit the market in FY24-25.
SWIGGY
IPO AMOUNT: $1 BILLION (INR 8300 CR)
Swiggy is contemplating a stock market debut in 2024 and has reportedly selected investment banks for the IPO. The food tech giant is targeting a valuation in the range of $10-11 billion, and it currently has approximately $800 million in cash. It has the secondhighest market share in the food delivery segment. In its last fundraise in 2022, it was valued at $10.7B.
AAKASH EDUCATIONAL SERVICES
IPO AMOUNT: $ 1 BILLION (INR 8300 CR)
Online education startup Byju's is gearing up for a $1 billion IPO for its tutoring business, Aakash Educational Services, scheduled for later this year. BYJU'S acquired Aakash Educational Services for about USD 950 million, or about INR 7,100 crore, in April 2021. Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years.
OLA ELECTRIC
IPO AMOUNT: INR 5500 CR
Ola Electric, a manufacturer of electric vehicles (EVs) and certain core EV components such as battery packs, motors and vehicle frames at the Ola Future factory, has reached Sebi with draft papers. If approved, this will be the first issue by an automaker in the country in more than 20 years. The company which made its foray into the EV segment in 2017, has a 32 per cent market share and is a leading player.
PAYU
IPO AMOUNT: INR 5,000 CR
The digital payments startup is expected to raise around INR 5,000 crore this year. Owned by South African conglomerate Prosus, is a payment gateway that also offers other services including buy-now-pay-later, and competes with the likes of Tiger Globalbacked Razorpay and Walmart-owned PhonePe. It has appointed Goldman Sachs, Morgan Stanley and Bank of America as advisors for the IPO, which it plans to list by the end of 2024.
EMCURE PHARMA
IPO AMOUNT: INR 4,500-5000 CR
Emcure Pharmaceuticals filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The IPO comprises a fresh issuance of equity shares worth INR 800 crore and an Offer of Sale (OFS) of 1.36 crore equity shares by promoters and existing shareholders.
OYO
IPO AMOUNT: INR 4,000 CR
The SoftBank-backed company is eyeing to raise between US$400 million and US$600 million. The amount is half of the US$1.2 billion it had intended to raise earlier, when Oyo filed for a listing in India in October 2021. It was eventually delayed due to volatile market conditions. The pre-filing route, however, gives Oyo the flexibility to change the primary issue size by up to 50% till the updated DRHP stage.
FIRSTCRY
IPO AMOUNT: $500-600 MN (INR 1816 CR)
Brainbees Solutions Limited, the parent company of online e-commerce platform FirstCry filed its DRHP with the market regulator. The Punebased company will be the first new-age e-commerce firm that will go public after Nykaa, an online beauty retailer, listed in 2021.
GO DIGIT
IPO AMOUNT: INR 1250 CR
Go Digit General Insurance Ltd refiled its preliminary IPO papers with SEBI after making certain changes to its employee stock appreciation rights scheme. The proposed IPO for Go Digit consists of a new issuance of equity shares valued at INR 1,250 crore and an offer for sale (OFS) of 10.94 crore equity shares made by the company's promoter, Go Digit Infoworks Services, and current shareholders. The company had first filed the draft papers with SEBI in August 2022 to raise funds through an initial share sale.
PORTEA MEDICAL
IPO AMOUNT: INR 1,000 CR
The Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of Health Vista India, the parent company of Portea Medical.The company, announced a fresh issue of equity shares worth INR 200 crore and an offer for sale (OFS) of up to 56,252,654 shares worth INR 800 crore.
MOBIWIK
IPO AMOUNT: INR 700 CR
This is the fintech company's second attempt at the bourses with a reduced offer size. This is also less than what the company initially planned for. Earlier this week, the company obtained a board resolution to raise 880 crore worth of fresh issue of equity shares through IPO. The company had first attempted to raise INR 1,900 crore in November 2021, but decided to withdraw because of poor investor sentiment. Unlike the first time, the company has dropped its offer for sale (OFS) component with no secondary sale of shares in this issue.
