The Indian financial landscape is set to witness a dynamic transformation in 2024 as a wave of Initial Public Offerings (IPOs) takes center stage. After a modest beginning in 2023, with 57 public issues raising a substantial Rs. 49,437 crore, the market is gearing up for a more robust performance. In this article, we explore the anticipated IPOs of 2024, highlighting key contenders such as Ola Electric, FirstCry, Aakash, PhonePe, PharmEasy, Swiggy, and MobiKwik.
Here’s a sneak peek at some of the IPOs grabbing headlines:
Ola Electric: Electrifying the Market
Ola Electric, the electric vehicle arm of Ola, is gearing up for a significant IPO, aiming to raise between USD 700-800 million. Despite facing safety concerns and customer service issues, the company’s impressive revenue growth has positioned it as a major player in the electric vehicle market. With the crucial PLI certification for EVs in hand, Ola Electric seeks its debut on Dalal Street.
FirstCry: Nurturing Growth
Parent company Brainbees Solution, the force behind omnichannel retailer FirstCry, has filed papers for its IPO. While the size remains undisclosed, the new share offering values at a maximum of Rs. 1,816 crore. The offer for sale (OFS) segment involves divestment by current investors like SoftBank, Mahindra & Mahindra, and TPG, indicating a strategic move towards public listing for FirstCry.
Aakash (BYJU’S Subsidiary): Educational Evolution
Acquired by BYJU’S in 2021, Aakash is gearing up for an IPO by mid-2024. Boasting a threefold increase in revenue post-acquisition, Aakash’s presence in the test-prep market positions it for substantial growth. Projections aim for a revenue goal of Rs. 4,000 crore and Rs. 900 crore in EBITDA by the fiscal year 2023-24, presenting a compelling opportunity for potential investors.
PhonePe: The Digital Payment Dynamo
PhonePe, a leading player in India’s digital payment landscape, eyes its IPO in the 2024-2025 timeframe. Fueled by a USD 200 million investment from Walmart, valuing it at USD 12 billion, PhonePe is presently securing a significant USD 2 billion fund. With strategic expansion and robust growth, PhonePe’s IPO generates significant excitement in the financial landscape.
PharmEasy: Scripting Success
Considering the possibility of going public, PharmEasy, under Tata’s ownership, raised Rs. 3,500 crore through a successful rights issue. The funds raised will be allocated for debt reduction and facilitating organic growth. Achieving EBITDA positivity in Q1 FY24, PharmEasy showcases a favorable trend, attracting attention in the lead-up to its potential IPO.
Delivering a Feast to Investors With a hefty valuation of USD 10.7 billion, Swiggy is set to step onto the public stage in 2024. As a significant player in India’s food delivery scene, Swiggy’s IPO is a milestone, following in the footsteps of its rival Zomato. The second food delivery service to go public in India, Swiggy’s IPO highlights the company’s expansion and market dominance.
MobiKwik: Digital Wallet Dynamics
MobiKwik, a player in India’s mobile wallet and buy now, pay later sectors, is joining forces with DAM Capital Advisors and SBI Capital Markets for its IPO. With plans to secure around USD 84 million, MobiKwik exemplifies the growing trend among small- and medium-sized enterprises choosing to go public in the Indian market. After deferring its IPO plans, the company is now preparing for a listing in 2024.
Here is a table that provides names of the companies planning to launch their IPOs in 2024:
|Agilus Diagnostics Limited
|Airox Technologies Limited
|AKME Fintrade India Limited
|Apeejay Surrendra Park Hotels Limited
|Arkade Developers Limited
|Asirvad Microfinance Limited
|Balaji Solutions Limited
|Biba Fashion Limited
|BLS E Services Limited
|Ola Electric Mobility Limited
|Emcure Pharmaceuticals Limited
|Stallion India Fluorochemicals Limited
|Kronox Lab Sciences Limited
|Gopal Snacks Limited
|SRM Contractors Limited
|Dee Development Engineers Limited
|Polymatech Electronics Limited
|Jyoti CNC Automation Limited
|Saraswati Saree Depot Limited
|Capital Small Finance Bank Limited
|Juniper Hotels Limited
|Entero Healthcare Solutions Limited
|RK Swamy Limited
|Stanley Lifestyles Limited
|Shiva Pharmachem Limited
|JNK India Limited
Read: Mainboard IPO Vs SME IPO
The year 2024 is poised to be a transformative period for the Indian market, with a flurry of IPOs injecting vitality and growth. Investors keen on capitalizing on these opportunities should keep a watchful eye on key players like Ola Electric, FirstCry, Aakash, PhonePe, PharmEasy, Swiggy, and MobiKwik as they embark on their public listing journeys. These IPOs not only signify the companies’ evolution but also contribute to the overall economic landscape, fostering optimism and attracting investors to Dalal Street.