Top 10 most anticipated IPOs in 2024: A sneak peek into India's market buzz

As 2023 bids adieu, the Indian IPO landscape is gearing up for an exciting 2024, marked by the potential debuts of several high-profile companies. Despite a somewhat sluggish start to the IPO market in the previous year, 2023 witnessed a surge in the number of public issues hitting Dalal Street compared to 2022. According to Chittorgarh data, 57 public issues raised Rs 49,437 crore in 2023, indicating a notable increase from 40 IPOs raising Rs 59,939 crore in the preceding year.

The proportion of newly raised capital in IPOs reached an eight-year high, with these offerings enjoying substantial gains upon listing, buoyed by robust retail investor participation. Looking ahead, the optimism in the market seems set to continue, with upcoming issuances totaling Rs 28,440 crore poised to make their way into the public markets.

Here's a sneak peek into the 10 most anticipated IPOs in 2024.

Ola Electric

Ola Electric, the electric vehicle arm of Ola, is gearing up to be one of the highly awaited IPOs in 2024. Targeting a fundraising range of $700 million to $800 million, the IPO could value the company between $7 billion and $8 billion. Despite challenges, including safety concerns, Ola Electric's remarkable revenue growth showcases its swift transformation into a prominent player in the electric vehicle industry, emphasising sustainable transportation solutions.

FirstCry

Omnichannel retailer FirstCry is set to submit its draft IPO papers, aiming to raise $500-600 million. Although the valuation is yet to be officially determined, sources suggest it could be around $4 billion at the time of the IPO. After postponing its listing in the previous year due to market volatility, FirstCry is gearing up for a significant debut, with plans to strategically allocate funds for new stores, warehouses, and expansion into Saudi Arabia.

Awfis

Awfis Space Solutions Ltd, a provider of flexible workspace solutions, has filed preliminary documents for an IPO. The planned IPO includes a fresh issue of up to Rs 160 crore and an Offer for Sale (OFS) of 1 crore equity shares.

Unicommerce

Unicommerce, the e-commerce Software as a Service (SaaS) company, is set to make its stock market debut, with CLSA overseeing the book-building process. The startup anticipates a market entry in the latter part of the upcoming year.

Aakash

Aakash, acquired by edtech giant Byju's in 2021, is gearing up for its IPO by mid-2024. With a remarkable three-fold surge in revenue post-acquisition, Aakash holds a significant position in the test-prep market, making its IPO an appealing opportunity for investors, despite recent challenges faced by Byju's.

PhonePe

PhonePe, a leader in India's digital payment arena, is eyeing an IPO in the 2024-2025 timeframe. With a recent $200 million investment from Walmart, valuing the company at $12 billion, PhonePe's strategic diversification across digital payments and robust growth trajectory make its impending IPO highly anticipated.

Oyo

Oyo Rooms, a key player in the travel-booking platform, is navigating the IPO terrain, albeit with considerable delays. After resubmitting its draft red herring prospectus (DRHP), Oyo aims for an IPO range of $400-600 billion, entirely through a primary issuance, to address substantial debt repayment.

PharmEasy

PharmEasy is contemplating a potential IPO following a successful rights issue. The Tata-owned company, EBITDA positive in Q1FY24, is awaiting CCI approval for the rights issue, with proceeds earmarked for debt reduction and organic growth.

Swiggy

Swiggy, a prominent player in the food delivery sector, is gearing up for its IPO in 2024. With a valuation of $10.7 billion, Swiggy's anticipated debut reflects its impressive growth and dominant market presence, following in the footsteps of its rival Zomato.

PayU India

PayU India, a Prosus subsidiary specialising in financial services, is anticipated to go public by the latter half of 2024. With a substantial presence in payments and credit sectors, PayU India's IPO holds significance in the fintech industry. Netherlands-based PayU plans to ask for regulatory approval in February for an initial public offering worth at least $500 million in India, news agency Reuters reported in October, quoting three people with direct knowledge of the matter.

The IPO frenzy in 2024 is poised to bring forth a diverse array of companies, each with its unique story and potential to make a lasting mark on India's dynamic market landscape. Investors and market enthusiasts will keenly watch these developments as they unfold in the new year.