IPOs in 2024: From Ola Electric to PhonePe, Here Are 5 Developments; Check Out the Full List

Even though 2023 got off to a poor start, there were more public difficulties on the stock market than the year before. Based on information provided by Chittorgarh, 57 IPOs were conducted, raising ₹49,437 crores in total. 2022, on the other hand, had 40 IPOs that raised ₹59,939 crores.

Notably, the fundraising ratio for initial public offerings (IPOs) hit an eight-year high this year. Participating in these offerings allowed retail investors to profit handsomely, making huge gains. Future public markets are forecast to raise a total of ₹28,440 crores, therefore the market has the potential to continue on its bullish trajectory.

VLA Ambala, SEBI Registered Research Analyst & Co-Founder, Stock Market Today- SMT states, “India’s IPO landscape is undergoing a significant transformation, marked by the entry of new-age tech startups across various sectors. Notably, sectors like food delivery, childcare, electric vehicles, hospitality, logistics, and healthcare are seeing a surge in IPO activity. These companies predominantly operate in the B2C space, focusing on basic necessities and consumer-oriented services.”

She added, “The entry of these companies into the public market is a strong indicator of investor confidence and the robust growth potential in these sectors. This period presents diverse investment opportunities, allowing investors to diversify their portfolios across different industries. Understanding the business models and market positions of these companies is essential for making informed investment decisions. The 2024 IPO scene in India reflects the country’s evolving economic landscape and underscores the potential for growth in these varied sectors.”

Based on BSE data that is currently available and media reports, below is a preview of the IPOs scheduled for the upcoming year:

1. PhonePe

PhonePe, which is in the forefront of India’s digital payment market, plans to go public in 2024 or 2025. PhonePe is currently in the midst of acquiring enough money, estimated at $2 billion, inspired by Walmart’s $200 million investment, which valued the company at $12 billion. PhonePe’s impending initial public offering (IPO) is much anticipated, as it will leverage its strategic diversification in multiple digital payment domains and robust developmental momentum.

2. Electric Ola

Ola Electric, the company’s electric car division, is preparing for an IPO in 2024. With a valuation of between $7 billion and $8 billion, the company hopes to raise between $700 million and $800 million. Ola Electric has seen a notable increase in revenue in spite of security and customer service difficulties. Its emphasis on ecologically friendly energy options is in line with the growing need for sustainable mobility solutions.

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3. Unicommerce

E-commerce software-as-a-service (SaaS) provider Unicommerce is about to make its initial public offering (IPO). In the second part of the next year, the business hopes to launch in the share market. The parent company, Acesolver Limited, has hired financial firm CLSA to manage the book-building process for the initial public offering (IPO), according to ET reports.

4. Awfis

Flexible workspace provider Awfis Space Solutions Limited has filed preliminary documents for an early public offering with the Securities and Exchange Board of India (SEBI). The proposed IPO comprises an offer to sell one crore equity shares and a fresh issue of up to ₹160 crores, according to SEBI’s draft red herring prospectus (DRHP), which was filed on Friday.

5. Swiggy

Swiggy, a significant participant in the meal delivery industry, is preparing to launch in the general market in 2024. The company is valued at $10.7 billion and is a dominant player in the food distribution market in India. Swiggy’s much-awaited initial public offering (IPO) is viewed as a major turning point that will alter the company’s remarkable rise and commanding market position. By entering public markets, it will take on rival Zomato head-to-head and grow into a significant player in the food aggregation industry.