28 IPOs Worth ₹38,000 Crore in Pipeline for Second Half of FY24

The Indian stock market has experienced a significant increase in initial public offerings (IPOs) this year. In the first half of FY24 alone, a record-breaking 31 IPOs took place. Looking ahead to the second half of the fiscal year, an additional 28 firms are set to debut on the stock market, with expectations of raising ₹38,000 crore through their listings. Furthermore, 41 companies are awaiting approval from SEBI to launch IPOs worth ₹44,000 crore.

Several major IPOs are anticipated in the remaining months of FY24. Among them are Oyo, Tata Technologies, JNK India, Dom Industries, Apeejay Surrendra Park Hotels, Epack Durables, BLS E-Services, India Shelter Finance Corporation, Cello World, RK Swamy, Flair Writing Industries, Go Digit Insurance, and Credo Brands Marketing. According to Angel One, a leading brokerage firm, three new-age technology companies are collectively aiming to raise ₹12,000 crore through their IPOs.

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Despite the current volatility in the secondary market, Pranav Haldea, Managing Director of Prime Database, believes that the second half of FY24 will witness numerous IPO launches before a pause due to the general elections. Investors are particularly interested in the Oyo IPO and Go Digit Insurance. Oyo is reportedly looking to raise over ₹8,300 crore, while Go Digit Insurance is also expected to make a significant offering.

In contrast, the first half of the fiscal year only saw one tech IPO by Yatra, which raised ₹775 crore in late September. Notable IPOs in the previous fiscal year included Paytm, Zomato, and Nykaa.

Oyo Rooms, or Oravel Stays, originally planned to raise ₹8,430 crore through its IPO, comprising ₹7,000 crore of fresh issue and ₹1,430 crore of offer for sale. However, it is expected that the company will adjust the valuation and size of the issue.

Another highly anticipated IPO is Tata Technologies, which marks the Tata group’s first IPO in 19 years. The last IPO by the Tata group was Tata Consultancy Services (TCS) in 2004. Tata Technologies, an operating subsidiary of Tata Motors, offers high-end technology solutions. The IPO will consist of 811 lakh shares as part of its offer for sale, with the entire offering being a 100% offer for sale.

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