IPO Watch 2024: Top 10 IPOs to watch in India

IPO Watch 2024 – learn the top IPOs coming up in 2024 that might give you a strong return. Let us find out IPOs to be listed in 2024 and how they may perform.

The year 2023 witnessed a remarkable resurgence in India’s IPO market, defying global uncertainties and painting a vibrant picture for investors. This year we have witnessed a flurry of listings of 45 IPOs and many of them have witnessed an impressive over subscription, and some have given multi-bagger returns.

Now the big question is: can the party continue in IPO coming up 2024? Let us dive into the details of “IPO watch 2024” to understand what lies there in the coming years.

IPOs in 2023: A Year of IPO in India

The Indian primary market has witnessed a stellar performance in 2023, defying a global climate riddled with inflation, geopolitical tensions, and rising interest rates. According to EY, the total raised through IPOs in the first three quarters of 2023 alone surpassed the entire collection of 2022. Several factors responsible for the stellar performance of IPOs in 2023 and that are:

• Stellar performance of Indian Economy: The Indian economy has been performing very well compared with other emerging countries and developed countries. While India’s per capita income as per government data, was INR 98,374 in 2022-23 (approx. US$1,183), the Indian economy is expected to hit US$5 trillion by 2027.
• Strong Economic Recovery: Both RBI and IMF are buoyant about the Indian GDP growth of over 6.5% per annum. As of now, India’s GDP growth remained robust, bolstering investor appetite for riskier assets like IPOs.
• Bullish Market Sentiment: While the stock market of developed countries has not performed well, the Indian stock market soared to record highs in 2023. Despite the higher interest rate companies have performed very well in terms of earnings.
• Emerging of New-Age Tech companies: The rise of promising startups in sectors like fintech, SaaS, and e-commerce attracted significant investor interest and fueled the IPO pipeline. Companies like IdeaForge tech, and Netweb, have performed well in their debut in the stock market.
• Favorable Regulatory Environment: The government of India is proactively taking measures to streamline the IPO process and increase the safety of investors further aiding this revival.

These are the factors resulted in a remarkable year for IPOs in 2023. We saw impressive debut performances from the likes of IRENA (240% return), Tata Technologies (180% return), and Astral Poly Technik (140% return), highlighting the potential for substantial wealth creation. The success rate, with over 79% of IPOs trading above their issue price, further strengthens investor confidence in the market.

IPO Watch 2024 – Many Good companies are to be listed

While 2023 was a stellar year in terms of IPO listing, 2024 holds its own set of exciting possibilities. The IPOs coming up 2024 is already heating up with potential strong performers, making it a year’s worth marking on your “IPO watch 2024” calendar. Here are some sectors and names to keep an eye on.

• New-Age Tech: The rise of unicorns in India in fintech, SaaS, and e-commerce will continue to fuel the IPO coming up 2024. Companies like Oyo Hotels & Homes, and Droom are just a few potential disruptors waiting to make their debut into the stock market.
• Consumer Goods: With rising disposable incomes and a growing appetite for premium brands, companies in the consumer goods space like Swiggy, boAt Lifestyle, and Pepperfry are likely to attract significant investor attention in the year 2024.
• Infrastructure: The government of India has been focusing on infrastructure development. Hence, companies related to this sector like logistics, renewable energy, and construction are expected to jump into the IPO market. Companies like Adani Logistics and Azure Power are potential blockbusters in this market.

Top 10 IPOs to watch out for in 2024

Swiggy IPO

SoftBank-backed Swiggy is expected to debut in the stock market with its IPO around August 2024. The company is planning to raise around $500 million to $1 billion through the IPO. The investor SoftBank is aiming to reduce its shares in the company. The company may file DRHP in March 2024. According to a news article, Swiggy’s losses for the entire FY23 amounted to approximately $545 million, representing an 80 percent increase compared to around $300 million in FY22.

FirstCry IPO

Much-awaited e-commerce platform FirstCry is expected to launch its IPO in 2024. Softbank Vision Fund has unloaded around 25% of its shares of the company worth ₹600 crore ahead of the issue while Sachin Tendulkar and TVS Group have bought shares of the company. FirstCry is aiming to raise around $500 million through its issue with 37 percent of the stake for fresh issues. Premji Invest – the family office of Wipro founder Azim Premji and the Mahindra group are expected to invest in the company.

Ola Electric IPO

Ola Electric is planning to launch its IPO in January or February of 2024. This is one of the best IPOs coming up 2024. The Electric vehicle startup  is planning to raise around $400 million with a valuation of $7-8 billion, to set up its first factory in Tamil Nadu with the funds. The company filed DRHP on 22^nd December 2023. The proposed issue is about ₹5500 crore and an offer for sale (OFS) of 95,191,195 equity shares at a face value of ₹10.

Oyo IPO

Oyo filed a confidential IPO in 2021 and it is expected that the IPO will be launched in mid-2024. The Oyo IPO is expected to raise around $500 million. Oyo is an Indian multinational hospitality chain that engaged in leasing and franchising hotels, homes, and living spaces in India as well as globally. The company was founded by Ritesh Agarwal in 2012.

PhonePe IPO

PhonePe is planning for an IPO in 2024-2025. The Digital payments service provider secured an additional $200 million from Walmart at a pre-money valuation of $12 billion in March before going for its IPO. The company is expanding its operation into various related segments of digital payments such as insurance. The company has registered a robust growth trajectory making its IPO highly anticipated.

PharmEasy IPO

PharmEasy is planning to launch its IPO may be in 2024. The Tata-owned company recently raised over ₹3,950 crore in a rights issue. The funds from the rights issue will be used for debt reduction and organic growth.

PharmEasy is EBITDA positive as of Q1FY24, and the trend continues. PharmEasy was founded by Dharmil Sheth and Siddharth Shah in Mumbai, India in 2015. The idea behind starting this company is to make healthcare in India easily available.

MobiKwik IPO

MobiKwik is working with DAM Capital Advisors and SBI Capital Markets for its IPO, aiming to raise about $84 million. MobiKwik deferred its IPO plans previously but is now set for a 2024 listing. The company is a fintech company that provides a mobile phone-based payment system and digital wallet.

MobiKwik, one of India’s largest mobile wallets and buy now, pay later service providers, is part of a broader trend of small- and medium-sized companies going public in India. Bipin Preet Singh is the Managing Director, Co-Founder, and CEO of the company.

Ebixcash IPO

Ebixcash may also come up with its IPO plan in 2024. This is one of the best IPOs coming up 2024. Ebixcash filed DRHP for an initial public offering on March 9, 2022. According to DRHP, this IPO consists of a fresh issue of ₹ 60,000 million. The company operates its business under four segments Payment solutions Travel Financial technologies Business processing outsourcing (BPO) services and start-up initiatives.

The company has been performing well. Ebixcash IPO is one of the best IPOs to be invested in. The profit after tax grew from ₹ 2,431.73 million to ₹ 7,513.87. The EPS also grew from ₹ 2.54 in the Financial Year 2021 to ₹ 7.96 in the Financial Year 2023.

NSDL IPO

NSDL the full name is National Securities Depository Limited. This is one of the best IPOs coming up 2024. The company filed DRHP on 7th July 2023 to float its Initial public offering. According to DRHP, NSDL IPO consists of an offer for the sale of 57,260,001 Equity Shares. There is no fresh issue in this offering. The company may come up with its IPO towards the end of 2024.

National Securities Depository Limited (NSDL) is the largest depository in India. NSDL is responsible for the dematerialization of securities in the country. National Securities Depositories Ltd (NSDL) and Central Securities Depositories Ltd (CDSL) both are depositories, responsible for holding your securities safely in dematerialized form and facilitating trading in stock exchanges. While CDSL is a listed company and doing well in the stock market, NSDL is waiting for the SEBI node to go for its IPO listing.

Portea Medical IPO

Healthcare startup Portea Medical received its IPO approval from SEBI in early 2023, and the company plans to raise ₹1000 crore through the issue. The IPO is expected to be launched in the first quarter of 2024. Healthvista India is the parent company of Portea Medical.

The Portea Medical IPO comprises a fresh issue of equity shares worth INR 200 Cr and an OFS of up to 56,252,654 shares worth INR 800 Cr.

In FY22, Portea Medical posted a net standalone loss of INR 53.82 Cr, as against a revenue of INR 96.37 Cr from operations.

IPO Watch GMP 2024: A Word of Caution

While the outlook for IPO watch 2024 seems bright, investors must remain cautious and conduct thorough due diligence before investing. The grey market premium of the IPO does not represent the true picture of the said IPO always. Hence, it is important to understand the company before investing. Therefore, I tried to share my experience and analysis of the company so that you can understand the company. IPO watch GMP does not help you for the long-term investment. A few factors to consider before investing in the company IPO are:

• Company Fundamentals: Before investing do a detailed analysis on the company’s financials, business model, and competitive advantage. Read 5 golden rules about the IPO for beginners to understand IPO investing as a beginner.
• Management Expertise: Evaluate the leadership team’s track record and ability to navigate market challenges. Most of this analysis you can do with the help of DRHP filed by the company with SEBI. Learn 6 guiding steps for DRHP in IPO filing for beginners and retail investors.
• Valuation: Make sure that the IPO price reflects the company’s long-term growth potential. If the valuation of the company is high during the IPO pricing, then the listing price may be low
• Market Conditions: Monitor global and domestic economic trends, as unexpected events can impact IPO performance. If the market sentiment is positive, it is advisable to invest in the IPO.

The final word on IPO watch 2024

The year 2023 has shown that the Indian IPO market is back with a bang, and IPO watch 2024 promises to be an even more exciting season. While the “IPO watch 2024” list offers promising names, thorough research, and strategic decision-making remain key to navigating this dynamic landscape. IPO watch GMP does not help in navigating this journey. Keep watching the IPO coming up 2024 and stay informed. Read the DRHP of the company carefully to prepare yourself to witness the next leg of this IPO journey.

More Across from our Website

We endeavor to help you to understand different aspects of a company before you invest in the company’s IPO. Learn all company insights for investment in new companies in the Indian share market 2023. To know more information about company insights for investment, business overview of companies for investment, here are some suggested readings on company insights for investment –10 Best IPOs in 2022, Tata Motors Stock Price, Tesla Stock Price Prediction 2025, Highest Dividend paying stocks, 5 best upcoming IPOs in India, Tata Technologies IPO Review, IPO Watch 2024, IPOs in 2023.

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