The Unstoppable Momentum of India’s IPO Market
As we move into 2024, the Indian Initial Public Offering (IPO) market is bracing for another wave of heightened activity, building on the euphoria of 2023. Industry analysts are optimistic, predicting a bustling year from leading players like Swiggy, Firstcry, Ola Electric, Oyo, and Portea Medical poised to capture the market’s attention.
A Recap of 2023: The IPO Comeback
Reflecting on the past year, Tanvi Kanchan, Head of Corporate Strategy at Anand Rathi Shares and Stock Brokers, hailed 2023 as the comeback year for the market. With over 173 SMEs and 52 mainboard listings marking their debuts, the year was adorned with some of the most remarkable offerings the market has seen. Shrikant Chouhan, Head of Equity Research at Kotak Securities, echoed this sentiment, noting that despite a slow start, the market rallied in April, reaching a peak in the December quarter.
The 2024 IPO Landscape
The 2024 landscape is expected to be robust, with more than 65 Public Offerings filings already in motion with the Securities and Exchange Board of India (SEBI). Big names set to enter the fray include Swiggy, aiming for a $1 billion raise; Firstcry, seeking Rs 1,816 crore in a fresh issue alongside a significant offer for sale; and Ola Electric, with plans for a fresh issue of Rs 5,500 crore and an OFS of 9.52 crore equity shares.
Healthvista India, the parent of Portea Medical, is also on the horizon, eyeing a fresh issue of Rs 200 crore and an OFS of Rs 800 crore, having received SEBI’s final nod last April.
IPO Trends and Expectations
Despite the general trend of activities slowing down ahead of elections, Arpit Jain, Joint MD of Arihant Capital Markets Ltd., suggests that 2024 might defy this norm. With abundant liquidity, GDP growth prospects, and a continued bull run, the IPO market is expected to thrive or even expand.
Sunil Nyati, Managing Director of Swastika Investment, highlights Ola Electric, First Cry, and Swiggy as notable candidates for 2024, poised to become well-known names upon listing. Their strong business models and market presence are anticipated to draw significant investor interest.
Conclusion: The Bright Horizon in 2024
As we look towards 2024, the Indian market is set to continue its impressive trajectory. With a lineup of heavy hitters like Swiggy, Firstcry, Ola Electric, Oyo, and Portea Medical ready to make their mark, investors and market watchers alike are in for another exciting year. This continued momentum underscores the vibrant and dynamic nature of India’s financial landscape, promising opportunities and growth in the IPO sphere.