Top IPOs to Watch in 2024 – India’s Most Awaited IPOs

In 2024, key Indian firms like Ola Electric, FirstCry, Awfis, Unicommerce, Aakash, PhonePe, Oyo, PharmEasy, Swiggy, PayU India, and MobiKwik are set for IPOs, aiming to raise substantial funds despite market challenges.
Top IPOs to Watch in 2024 - India's Most Awaited IPOs

Ola Electric

Ola Electric, a subsidiary of Ola, is on track to launch one of the most anticipated initial public offerings (IPOs) in 2024. The company aims to raise between INR 5,600 crore to INR 6,400 crore, valuing it at INR 56,000 crore to INR 64,000 crore. Despite safety concerns and customer service issues, Ola Electric has seen a significant revenue increase, marking its transition from a ride-hailing service to a key player in the electric vehicle sector. Its focus on sustainable transport aligns well with the growing demand for eco-friendly solutions.


FirstCry, an omnichannel retailer, is preparing to file its draft IPO papers soon, having delayed its listing last year due to market volatility. The company intends to raise about INR 4,000 crore to INR 4,800 crore. While the valuation is not finalized, it’s speculated to be around INR 32,000 crore at IPO.

Awfis Space Solutions Ltd

Awfis Space Solutions Ltd, a flexible workspace provider, has submitted initial documents for an IPO to the Securities and Exchange Board of India (Sebi). The IPO includes a fresh issue of up to INR 1,280 crore and an Offer for Sale (OFS) of 1 crore equity shares.


Unicommerce, an e-commerce SaaS company, plans to go public next year. Its parent company, AceVector Limited, has hired CLSA for the IPO’s book-building process.


Aakash, a Byju subsidiary acquired in 2021 for about INR 7,600 crore, is eyeing a mid-2024 IPO. Aakash’s revenue has tripled post-acquisition, with projections of INR 32,000 crore revenue and INR 7,200 crore in EBITDA by 2023-24. However, Byju’s recent challenges, such as lender issues and workforce reductions, may increase investor scrutiny.


PhonePe, a leader in India’s digital payment sector, aims for an IPO in 2024-2025. With a recent $200 million investment from Walmart valuing it at $12 billion, PhonePe is raising a significant $2 billion fund, further solidifying its position in digital payments.

Oyo Rooms

Oyo Rooms’ much-awaited IPO has been delayed as it seeks public funding to repay substantial debt. The company has refiled its draft prospectus confidentially with Sebi, reducing its IPO size by nearly half, from around INR 32,000 to INR 48,000 crore.


PharmEasy, following a successful rights issue raising over INR 31,600 crore, is considering a public offering. With EBITDA positivity in Q1FY24, the company is in a strong position. Ranjan Pai is expected to hold a 15% stake post-rights issue, used for debt reduction and growth.


Swiggy, valued at INR 85,600 crore, plans to enter the public market in 2024. Following rival Zomato’s footsteps, this move is a significant milestone, highlighting its dominant position in the food delivery market.

PayU India

PayU India, a Prosus subsidiary, is gearing up for a late 2024 IPO. Specializing in merchant payments and consumer credit, it earned INR 16,880 crore in revenue in the first half of the current fiscal year. Its IPO is notable in the fintech sector, given its extensive growth in payments and credit.


MobiKwik, collaborating with DAM Capital Advisors and SBI Capital Markets, aims to raise about INR 672 crore in its 2024 IPO. Previously delaying its IPO plans, the company is now poised for a listing, representing a broader trend of SMEs going public in India.

For more details, visit the Alice Blue IPO Page.


In conclusion, the Indian market is set to witness a wave of significant IPOs in 2024, reflecting a diverse array of sectors, from electric vehicles and e-commerce to fintech and food delivery. Companies like Ola Electric, FirstCry, and PhonePe are gearing up for substantial public offerings, underlining their growth and market potential. Challenges like market volatility and regulatory scrutiny remain, but the overall trend indicates strong investor interest and confidence in these companies. These IPOs represent pivotal moments for individual companies and signal the evolving dynamism and maturity of the Indian business landscape.

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