IPO Market To Remain Red Hot In 2024 As Issues Worth Rs 60,000 Cr Will Be Up For Grabs

In 2023, data from Prime Database revealed that 57 Indian companies raised approximately Rs 49,000 crore through mainboard IPOs. The surge in public offerings shows no signs of abating, with the market gearing up for about Rs 60,000 crore in upcoming share sales as the new year unfolds. A robust IPO pipeline emerges as over 25 companies filed Draft Red Herring Prospectuses (DRHPs) in Q3, signaling a strong intent to secure funds in the coming quarters. Currently, 25 companies have regulatory approval for public issues, targeting Rs 29,000 crore, while 29 await approval, anticipating a cumulative fundraise of about Rs 34,000 crore. Notable IPOs to watch in 2024 include Swiggy, FirstCry, Ola Electric, Oyo, and Portea Medical. Swiggy aims to raise $500 million, while FirstCry eyes $500-600 million. Ola Electric plans a $400 million IPO, Oyo targets $400 million, and Portea Medical seeks to raise ₹1000 crore in the first quarter of 2024.