Upcoming IPOs in 2024: 11 expected issues in the new year; check out the full list

The Indian IPO market is gearing up for an exciting year in 2024. After a relatively slow start in 2023, which saw 57 public issues raising ₹49,437 crore, there’s a surge in interest and optimism. This is a significant increase from 2022, which had 40 IPOs raising ₹59,939 crore. With ₹28,440 crore worth of issuances expected in the upcoming year, let’s delve into the top 11 anticipated IPOs.

1. Ola Electric

Ola Electric, the EV arm of Ola, is eyeing a massive IPO, aiming to raise $700-800 million, valuing the company at $7-8 billion. Despite challenges, its rapid growth from a ride-hailing service to a key player in the EV sector highlights its commitment to sustainable transport.

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Also Read: Ola Electric IPO: Exploring the Top 10 Key Risk Factors from the Draft Papers

2. FirstCry

The omnichannel retailer is set to file its draft IPO papers, targeting a $500-600 million raise. The expected valuation is around $4 billion, marking a significant step for the company after delaying its listing due to market volatility.

Also Read: Firstcry IPO: FirstCry Files for IPO, Key Details Revealed in DRHP

3. Awfis

Awfis Space Solutions, a provider of flexible workspaces, has filed preliminary documents with SEBI for an IPO. The offering includes a fresh issue of ₹160 crore and an Offer for Sale of 1 crore equity shares.

4. Unicommerce

The e-commerce SaaS company plans to debut on the stock market in late 2024, with parent company AceVector Limited hiring CLSA for the IPO’s book-building process.

Also Read: Upcoming IPO in India

5. Aakash (Byju’s subsidiary)

Post-acquisition by Byju’s, Aakash is heading for a mid-2024 IPO. With revenue tripling and an anticipated ₹4,000 crore revenue target, it’s a significant opportunity for investors, despite recent challenges faced by Byju’s.

6. PhonePe

Leading India’s digital payment sector, PhonePe eyes an IPO in 2024-2025. Backed by a $200 million investment from Walmart, the company is in the process of raising a $2 billion fund.

Also Read: Announced IPOs: Upcoming Big IPOs in India 2024

7. Oyo

Oyo Rooms, despite delays, is preparing for an IPO to fund debt repayment. The public listing size has been reduced to $400-600 billion, with the entire amount expected from primary issuance.

OYO IPO

8. PharmEasy

With a successful rights issue of over ₹3,950 crore and EBITDA positivity, PharmEasy is gearing up for an IPO. Ranjan Pai is expected to hold a 15% stake post the rights issue.

9. Swiggy

The food delivery giant, valued at $10.7 billion, is set to enter the public market in 2024. Swiggy’s IPO is a major event, highlighting its growth and market dominance.

Also Read: When Can a Company Go for IPO in India

10. PayU India

A subsidiary of Prosus, PayU India, specializing in payments and consumer credit, is preparing for a late 2024 IPO. Its significant growth in the fintech sector makes this a notable event.

11. Mobikwik

Teaming up with DAM Capital Advisors and SBI Capital Markets, MobiKwik aims to raise about $84 million in its 2024 IPO. The mobile wallet and buy now, pay later service provider represents the trend of SMEs going public in India.

MobiKwik IPO

Conclusion

The IPO market in 2024 is set to be vibrant and diverse, reflecting the growing maturity of the Indian business landscape. From electric vehicles to digital payments, these upcoming IPOs showcase the dynamic nature of India’s corporate sector. Investors, both retail and institutional, are keenly watching these developments, anticipating exciting opportunities in the year ahead.

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