Five Biggest Indian IPOs to Hit The Market in 2024 India has seen a tremendous rise in terms of the number of companies going public in 2024, with new listings through initial public offerings (IPOs) contributing as much as INR 14 trillion or 3 per cent to the country's market capitalization, surpassing last year's contribution of 1.4 per cent at INR 5 trillion.
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India has seen a tremendous rise in terms of the number of companies going public in 2024, with new listings through initial public offerings (IPOs) contributing as much as INR 14 trillion or 3 per cent to the country's market capitalization, surpassing last year's contribution of 1.4 per cent at INR 5 trillion.
Although 2017 and 2019 saw higher contributions in terms of percentages at 3.7 and 3.4 per cent respectively, this year's contribution is the highest according to brokerage firm Motilal Oswal.
Here, we take a look at the five biggest listings to hit the bourses in terms of issue size:
Hyundai Motor India Limited
The largest IPO in India's history at INR 27,870 crore, Hyundai Motor India's offering was eagerly anticipated by both institutional and retail investors. The listing was priced between INR 1,865-1,960 per share, which helped the company target a valuation of approximately INR 3.4 lakh crore for Hyundai Motor Company's Indian Subsidiary.
According to Hyundai, proceeds through public fundraising will be used toward electric vehicle manufacturing and enhance its existing R&D capabilities. The IPO drew strong demand from domestic mutual funds as well as international investors.
Vodafone Idea Limited
With an issue size valued at INR 18,000 crore, Vodafone Idea decided to raise funds through IPO, after years of tough competition within the telecom sector and the recent rise of Jio. The listing provided an affordable entry point for institutional retail investors, with shares priced at INR 11 each.
The proceeds of the IPO will be used toward the upgradation of its 5G network and towards paying off debts, according to the company.
This particular listing proved to be a pivotal moment for the telecom sector, reflecting renewed investor confidence in the company's revival plans with the offering oversubscribed by 7 times, underlining the brand's popularity despite its challenges.
Swiggy Limited
One of the most talked-about IPOs in 2024, Swiggy's IPO was valued at INR 11,327 crore. The food-tech company followed its close competitor Zomato into the market, with the issue priced at INR 390 per share. Swiggy said that it plans to utilize the funds to expand its business. The IPO was oversubscribed 3.6 times, signaling a notable response from retail and high-net-worth investors. The listing is now seen as one of the key milestones in India's tech startup ecosystem.
NTPC Green Energy Limited
The renewable energy arm of NTPC Limited, NTPC Green Energy's listing drew significant interest from environmental social governance (ESG) investors. The shares were priced at INR 108 per share, with the company stating that the funds would be primarily used for its future projects and expansion of its battery storage capacity. Valued at INR 10,000 crore, the IPO was oversubscribed by 2.55 times, reflecting a growing investor appetite for clean energy companies.
Bajaj Housing Finance Limited
With an issue size valued at INR 6,560 crore, Bajaj Housing Finance's IPO was oversubscribed nearly 64 times. Shares were offered at INR 70 each, and their debut saw a 100 per cent surge in value.
According to the company, the proceeds are earmarked for expansion of its loan portfolio affordable housing, and strengthening its digital platforms. Bajaj Housing's robust growth prospects, coupled with its parent company Bajaj Finance's track record, made this IPO highly attractive to investors.
