Sharekhan Blog

Top 10 IPOs to Watch Out for in 2024

  • Mar 9, 2024

A resurgence in this area was witnessed last year. This thus predicts that 2024 is going to be yet another remarkable year as IPO markets seem to witness a powerful capital raise. This is because around 65 IPOs and more have documents that are filed along with SEBI (Securities Exchange Board of India). The momentum of growth of IPOs is expected in a way to rise considerably in 2024. Below is a list of the top 10 IPOs, which also provide IPO market predictions.

Top IPOs to Watch Out For

  1. Firstcry: Firstcry, which is an omnichannel retailer, is now in the upcoming days poised to submit an IPO papers draft after postponing the public listing last year. It happened because of volatility in the market conditions last year. A rise of $500-600 million is the target of the company for public offering. During the time of the IPO, discussions with familiar sources suggest approximately $4 billion, even though the official valuation has not been determined yet.
  2. Ola Electric: This electric vehicle subsidiary, Ola, is said to be poised to become a prominent and most looked forward to IPO. A range of approximately $700-800 million is the target fundraising of the company, and this will put the valuation of it between $7-8 billion. Various obstacles have been faced by Ola Electric, which includes concerns related to customer service, and safety. Yet, they have experienced an increase in revenue. Its progressive steps towards environmentally friendly alternatives favor the company.
  3. PharmEasy: This is a company owned by Tata which is contemplating a strong public offering as strong as its performance. It also has an EBITDA positive which helps it maintain a positive trajectory. Debt deduction, along with fostering growth organically, are the rights issues that have led to a CCI's pending approval.
  4. Swiggy: A delightful and prominent player in the sector of food delivery, it is anticipated to debut in 2024 in the public market. It has $10.7 billion worth of valuation, and thus, its IPO can be seen to be a major landmark, keeping in mind its dominant position in the market scenario.
  5. PayU India: Its preparation for the anticipated IPO can be expected around the latter half of the year. Financial services, like consumer credit and merchant payments, are the major significant services provided by PayU India. The company is growing, and its substantial presence significantly underscores the IPO it is impending.
  6. Oyo: Aiming to a range of $400-600 billion, which would be generated expectedly through an issuance, which is the primary source of the entire amount, Oyo has deducted the size of the public listing. IPOs for Oyo are considerably delayed because it is a booking platform for traveling people and also to secure its public funding for the repayment of debt substantially.
  7. Mobikwik: In a process of collaboration with SBI and DAM capital market and advisors, Mobikwik has ambitiously put forward the goal of raising approximately $84 million even though there was a postponement in the IPO aspirations of the company. It is known to be India's most important mobile wallet, and they, in the Indian Market, are now opting to go public.
  8. Aakash (Byju’s): Aakash, acquired by this tech firm called Byju's for an amount of $950 million in the educational firm, is now set to launch the most anticipated IPO. This would be set to launch in mid-2024. The acquisition has helped Aakash to witness a good revenue growth of about one-third of its initial revenue. Its forthcoming IPO is an important opportunity for investors.
  9. Unicommerce: This e-commerce company is now set on an IPO whose start can anticipate making the market debut towards the end of the year. This SaaS company's parent company, AecVector Limited, is looking after this process of building the IPO.
  10. Awfis: An alternate safe and flexible workspace provision, Awfis is set for IPO and has submitted the preliminary documents to SEBI. The fresh planned IPO of this company is $160 crore.

The Bottom Line

The remarkable rise in the capital for last year in IPOs has surged higher in eight years. The market looks forward to maintaining an optimistic trajectory along with the upcoming issuances, which total up to twenty-eight crores, slated to pave their way toward public markets. The IPO landscape for the year 2024 promises a worthy growth journey, and with this, investors can figure out the best IPO today. Thus this is another year of heightened activity offering potential growth.

Team Sharekhan
by Team Sharekhan

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