In 2023, despite global market challenges, the Indian primary market successfully raised a remarkable Rs. 49,500 crore through 58 initial public offerings (IPOs). This success has set a positive outlook for the market in 2024, with anticipated offerings worth Rs. 28,440 crore.
January 2024 IPO Watchlist
Ola Electric: A subsidiary of Ola, Ola Electric, is gearing up for its IPO in 2024. Despite facing issues related to safety and customer service, the company has seen a sharp increase in revenue. This growth results from its evolution from a cab aggregator to a prominent electric vehicle manufacturer.
PhonePe: A significant player in India’s digital payment sector, PhonePe plans to launch its IPO between 2024 and 2025. The company, recently valued at Rs. 12 billion, is expanding into various digital payment domains. This expansion, coupled with its growth, makes its IPO a highly anticipated event in 2024.
Aakash (Byju’s Subsidiary): Acquired by Byju’s in 2021, Aakash is looking to launch its IPO by mid-2024. The acquisition has led to a tripling of Aakash’s earnings. With expected revenues of Rs. 4,000 crore and an EBITDA of Rs. 900 crore for the fiscal year 2023-24, Aakash is a major contender in the test-prep market. Its IPO is viewed as an attractive investment opportunity due to its recent growth.
PharmEasy: With strong financial records, PharmEasy, owned by Tata, is preparing for its IPO. The company boasts a revenue of over Rs. 3,950 crore. Rajan Pai is expected to own about 15% of the company upon receiving approval from the Competition Commission of India (CCI). The IPO will help reduce debt and support further growth.
OYO Rooms: OYO Rooms aims to use its upcoming IPO to pay off a significant portion of its debt. After initially filing for an IPO, the company has refilled its draft red herring prospectus with the Securities and Exchange Board of India (SEBI), reducing the issue size by nearly half. The funds raised will likely be raised through a primary issuance of shares.
Swiggy: As a key player in the food delivery sector, Swiggy plans to go public in 2024. Following its competitor Zomato, Swiggy’s IPO is expected to showcase its market growth and position. It will be the second food delivery platform in India to go public.
First Cry: A well-known online platform for childcare products, Pune-based First Cry, is set to launch its IPO after the 2024 Lok Sabha elections.
MobiKwik: Collaborating with DAM Capital Advisors and SBI Capital Markets, MobiKwik aims to launch its IPO and raise around Rs. 84 crore in 2024. Known for being a significant mobile wallet and pay-later service provider, MobiKwik is crucial in aiding small and medium-sized companies in their public offerings in India.
For more details, visit the Alice Blue IPO Page.
Conclusion
These upcoming IPOs reflect the diverse and dynamic nature of the Indian market, covering sectors from electric vehicles and digital payments to education, healthcare, hospitality, food delivery, child care, and financial services. The variety and strength of these companies indicate a robust outlook for India’s primary market in 2024.
