9 IPOs Set to Debut in 2024: A Comprehensive List

In spite of a slow start in 2023, the Indian primary markets experienced a significant level of achievement. There was a rise in public issues compared to the previous year, although the funds raised through initial public offers (IPOs) were lower than in 2022.

A total of 57 issues made their way into the capital market in 2023, exceeding the 40 issues from the previous year. Nevertheless, the total funds raised experienced a 17% decrease. Significantly, the proportion of new funds raised in initial public offerings this year has reached its highest level in eight years.9 IPOs Set to Debut in 2024

Strong retail participation had a positive impact on these issues and contributed to their substantial listing gains. Looking ahead, the market is set to maintain a positive outlook, with upcoming issues worth ₹28,440 crore expected to enter the public markets.

Presenting a compilation of the highly anticipated IPOs of 2024, derived from exchange data, reports, and market speculation.

Ola Electric Company

Ola Electric, the EV arm of Ola, is poised to become a highly anticipated IPO in 2024. The company aims to raise a substantial amount, between $700 million and $800 million, which would value it at an impressive $7 billion–$8 billion. This IPO marks a significant milestone for India’s motor sector, as it is the first one in approximately two decades.

In spite of the obstacles faced, Ola Electric has experienced a significant increase in revenue, showcasing its impressive transformation from a cab aggregator to a prominent EV manufacturer. The company’s emphasis on sustainable transportation solutions positions it favourably in a market that is increasingly shifting towards green energy.

FirstCry

FirstCry, a Pune-based omnichannel marketplace, is poised to become a highly anticipated IPO in 2024. Its parent company, BrainBees Solutions, has recently filed a draft red herring prospectus (DRHP) with SEBI, with the goal of raising ₹1,816 crore through a fresh issue of shares.

This move involves the sale of 5.4 crore equity shares through an offer-for-sale (OFS), with notable participants such as Japan’s SoftBank and Premji Invest, along with founder Supam Maheshwari selling a portion of his stake.9 IPOs Set to Debut in 2024

The funds raised from this initial public offering (IPO) will be strategically allocated. The company has plans to invest ₹648 crore in setting up new stores and warehouses in India, covering lease payments for existing stores, expanding into Saudi Arabia, and investing in subsidiaries and technology.

Aakash (Byju’s Subsidiary)

Aakash, which edtech giant Byju’s paid $950 million to acquire in 2021, reportedly plans to go public by the middle of 2024. Following the acquisition, Aakash has witnessed a substantial increase in revenue, with estimates indicating a potential revenue of ₹4,000 crore and ₹900 crore in EBITDA by FY 2023–24. The test-prep market, where Aakash has established itself as a leader, is expected to witness significant growth, making its IPO an attractive prospect for investors.

PhonePe

PhonePe, a prominent player in India’s digital payments industry, is considering going public in 2024–2025. After receiving a significant $200 million investment from Walmart, which has valued the company at an impressive $12 billion, PhonePe is currently in the process of raising an additional $2 billion in funds. The company’s expansion into various segments of digital payments and its strong growth trajectory have generated significant anticipation for its IPO.

Oyo Rooms

The IPO of Oyo Rooms has been highly anticipated, but it has also faced significant delays. The travel-booking platform is seeking to raise public funds in order to repay the majority of its debt.

Following the initial filing for an IPO, the company decided to refile its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India using a confidential pre-filing route. It appears that the company has significantly reduced the size of its public listing, aiming to raise $400–$600 billion solely through a primary issuance.

 PharmEasy

PharmEasy is reportedly considering a public issue if it maintains its strong performance. The company, which belongs to Tata, recently raised more than 3,950 crore through a rights issue. PharmEasy has achieved positive EBITDA in Q1 FY24, and this positive trend is ongoing.

The company is currently awaiting CCI approval for the rights issue. Once this approval is obtained, Ranjan Pai is expected to hold approximately 15% of PharmEasy. The funds from the rights issue will be allocated towards reducing debt and supporting organic growth.

PayU India

PayU India is anticipated to be prepared for an IPO by the latter part of 2024. PayU India, a subsidiary of Prosus, provides a range of financial services, including merchant payments and consumer credit. The company generated $211 million in revenue from its India operations during the first half of the current fiscal year.

PayU India’s impressive growth in the payments and credit sectors, along with its strong market position, makes its IPO a noteworthy event in the fintech industry.

Swiggy

Swiggy, a prominent player in the food delivery industry, is expected to make its debut on the stock market in 2024. The company, with a valuation of $10.7 billion, holds a dominant position in the food delivery market in India. Swiggy’s upcoming IPO is poised to be a major milestone, showcasing the company’s impressive growth and strong market position.

If it decides to enter the public markets, it would be the second food aggregator to do so, following its competitor Zomato.

MobiKwik

MobiKwik is said to be collaborating with DAM Capital Advisors and SBI Capital Markets for its IPO, with the goal of raising approximately $84 million. The company had previously postponed its IPO plans, but it is now scheduled for a listing in 2024.

MobiKwik, a prominent player in India’s mobile wallet and buy now, pay later space, is emblematic of the growing number of small- and medium-sized companies opting for public listings in India.

Factors to Consider When Investing in IPOs in 2024

In 2024, successfully navigating the Indian IPO landscape requires a thoughtful and strategic approach from potential investors. Thorough research and analysis are essential, starting with a detailed examination of the company’s financial status, potential for growth, and position in the market.

These are the key factors to consider when investing in IPOs.

  • Perform a thorough analysis of the company’s financial status, growth potential, and market position for IPO insight.
  • Assess the purpose of the IPO and fund utilisation for strategic vision.
  • Gain a deep understanding of industry dynamics and the competitive landscape for IPO success insights.
  • Examine the management team’s track record and expertise for confidence in leadership.
  • Stay updated on economic conditions and market trends to make informed investment decisions.
  • Evaluate the grey market premium (GMP) for market sentiment insights.
  • Analyze IPO subscription metrics to assess demand levels.
  • Establish a clear understanding of the investment horizon, risk tolerance, and financial goals prior to IPO engagement.
  • Prudently distribute investments across sectors to minimise risks.
  • Stay updated on regulatory changes, market sentiment shifts, and global economic developments for informed decisions.

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