The Reserve Bank of India (RBI) called September the busiest IPO month in 14 years. The month is near its end, but the primary market buzz is unlikely to fade as more than half a dozen companies want to raise around £6 bn in the next 60 days. Hyundai Motor India, Swiggy, and NTPC Green Energy are big IPO names set to hit Dalal Street in October and November.
Apart from the three big IPO names, several other firms like Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are also planning to launch their initial public offerings (IPOs) during October-November.
The IPO rush is likely to continue till the end of the year with the Indian stock market witnessing the entry of 30 new IPOs, according to Munish Aggarwal, Managing Director and Head - Equity Capital Markets at Equirus. The new IPO arrival will be a combination of listings from across sectors, varying deal sizes, and a mix of fresh issues and offers for sale.
The IPO market in India is flourishing due to positive key macroeconomic indicators, strong inflows into domestic mutual funds, and robust capital formation. The IPO rush aligns with the Indian stock market’s stellar growth, indicating a heightened investor interest. The strong momentum of IPO markets is partially driven by strong inflows into domestic mutual funds and the robust capital formation happening across corporate India, he added.
IPOs also provide an opportunity for companies to boost their capex and raise funds for expansion plans, retire debt, support working capital requirements, and provide exit routes to existing shareholders. Here is the list of the top three much-awaited IPOs of 2024.
