The momentum witnessed in the initial public offering (IPO) market in 2023 is poised to continue into 2024, with several high-profile companies gearing up for public listings. Analysts predict that offerings from Swiggy, Firstcry, Ola Electric, Oyo, Portea Medical, and more will capture the attention of investors in the coming year.
Tanvi Kanchan, Head of Corporate Strategy at Anand Rathi Shares and Stock Brokers, termed 2023 as a comeback year for the IPO market, highlighting over 173 small and medium-sized enterprises and 52 mainboard listings. She believes that 2024 will sustain the IPO momentum, driven by expectations of GDP growth, the India manufacturing story, and potential electoral outcomes.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, expects robust capital raises in 2024, with over 65 IPO documents filed with SEBI. Notable IPOs lined up include Swiggy, Firstcry, Ola Electric, Oyo, and Portea Medical.
Firstcry’s parent company, Brainbees Solutions, has already filed draft papers with SEBI for its IPO, aiming to raise Rs 1,816 crore through a fresh issue. Ola Electric, a manufacturer of electric vehicles, has also submitted draft papers for an IPO with a fresh issue of equity shares up to Rs 5,500 crore.
Reports suggest that Swiggy is contemplating a stock market debut in 2024, aiming to raise an estimated $1 billion. Healthvista India, the parent company of Portea Medical, received SEBI’s final observation in April last year and may opt for a fresh issue worth Rs 200 crore.
Several other companies, including Rashi Peripherals, Survival Technologies, Shiva Pharmachem, Western Carriers(India), and Indegene, which received SEBI’s nod in the past year, could also initiate IPOs in 2024.
Arpit Jain, Joint MD at Arihant Capital Markets Ltd, noted that IPO activities usually slow down or stop before general elections, but the current market scenario suggests continued or increased IPO activities in 2024.
Sunil Nyati, Managing Director at Swastika Investmart, identified Ola Electric, Firstcry, and Swiggy as notable candidates for 2024 IPOs. With strong business models and market presence, these companies are expected to attract significant investor interest upon listing.
