The year 2023 has been remarkable for the stock market and IPOs. Starting the year with Sah Polymers Limited, followed by Utkarsh Small Finance Bank Limited, and concluding with Tata Technologies and Indian Renewable Energy Development Agency Ltd (IREDA), these IPOs have delivered promising returns to their investors. However, if you missed out on investing in these IPOs, fret not! Here’s a list of the Top 5 IPOs to watch for in 2024!
Swiggy
According to a report released on November 8, food delivery major Swiggy is reportedly set to engage seven investment banks for its planned initial public offering (IPO) in 2024, as per sources familiar with the matter.
Based in Bengaluru, Swiggy holds the second-largest market share, accounting for approximately 45% in the food delivery segment. The company also operates in the grocery delivery space through Swiggy Instamart. In its most recent funding round in 2022, Swiggy was valued at $10.7 billion.
Backed by SoftBank, Swiggy is anticipated to debut its IPO in the early months of 2024, aiming to raise approximately $500 million through the offering. The IPO serves as a means for investor SoftBank to decrease its stake in the company
Oyo
Established in 2013, Oravel Stays Ltd, operating under the brand name OYO Rooms, swiftly garnered attention across India as its founder, Ritesh Agarwal, achieved the distinction of becoming the youngest self-made billionaire at the age of 27.
Oyo has already pre-filed draft paperwork for its IPO, and it’s anticipated that the IPO will be launched in mid-2024, as reported by Inc42. The Oyo IPO is expected to raise approximately $400 million.
The IPO issue size for Oyo comprises a fresh issue of Rs. 7,000 crores along with an offer for sale of Rs. 1,430 crores.
Ola Electric
As the first Indian EV maker to secure funds from public investors, Softbank-backed Ola Electric, specializing in electric-powered scooters and aiming to venture into the electric passenger car domain, is poised to file IPO papers this week. This move marks the inaugural IPO by an automaker in the past two decades following Maruti Suzuki’s IPO in 2003.
The electric vehicle startup, Ola Electric, is targeting a January or February 2024 launch for its IPO. With plans to raise approximately $400 million, Ola Electric intends to utilize the funds to establish its inaugural factory in Tamil Nadu.
FirstCry
The Pune-based startup and childcare online platform, FirstCry, is anticipated to launch its IPO in 2024. FirstCry aims to raise approximately $500-600 million through its IPO, with 60 percent allocated to the offer for sale (OFS) component and the remainder as part of the primary offering. While the official valuation hasn’t been confirmed, discussions among sources familiar with the matter suggest it could be around $4 billion at the time of the IPO.
The FirstCry IPO is expected to be listed post the 2024 Lok Sabha Elections. SoftBank intends to reduce its shares in FirstCry to below 26 percent through this IPO. Specific details regarding the issue size and expected date will be disclosed by December 29, when the firms are set to file their IPO draft.
Portea Medical
The Securities and Exchange Board of India (SEBI) has granted approval for the initial public offering (IPO) of Healthvista India, the parent company of Portea Medical, a health IT startup. Portea Medical received its IPO approval from SEBI in early 2023 and aims to raise ₹1000 crore through the offering, which is anticipated to launch in the first quarter of 2024.
Healthvista India, the parent company of Portea Medical, has announced plans for a fresh issue of equity shares valued at INR 200 crore, along with an offer for sale (OFS) of up to 56,252,654 shares worth INR 800 crore as part of its impending IPO.
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