Stocks

February 26, 2024

Upcoming IPOs in 2024 [Month-wise]

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Shakshi

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2024 might finally break the IPO dry spell, a hope dashed in 2023 despite early promise. With a dip in IPO numbers compared to 2022, there's optimism for the upcoming year as some prominent names gear up for trading, signalling a potential resurgence. 

Notably, the setbacks faced by Instacart and Klaviyo in 2023 didn't deter new players from considering their own public debuts. As the Federal Reserve raises interest rate concerns, interest in IPOs is coming back. 

Looking ahead to 2024, market watchers are closely monitoring companies that show promise and resilience in navigating the complexities of the public offering arena. The stage seems set for a potential resurgence in IPO activities. There’s a fresh wave of companies getting ready for trading, and the market anticipates a more favorable environment for new debuts.

Following are the companies that the market is keeping an eye for in 2024.

OLA Electric

IPO Amount: $700 million to $800 million.

Ola Electric, the electric vehicle arm of Ola, is gearing up to be a highly anticipated initial public offering (IPO) in 2024. 

The company aims to raise between $700 million and $800 million, with an anticipated valuation ranging from $7 billion to $8 billion. Despite challenges like safety-related issues and customer service concerns, Ola Electric has managed to raise its substantial revenue. 

This growth signifies its rapid evolution from being simply a ride-hailing platform to a competitive player in the electric vehicle industry. With a strategic focus on sustainable transportation solutions, Ola Electric is well-positioned in a market increasingly embracing environmentally friendly energy alternatives.

First Cry

IPO Amount: Aiming to raise $500 - $600 million 

FirstCry, a prominent omnichannel retailer, is gearing up to file its draft IPO papers shortly, having deferred its public listing the previous year amid market uncertainties. 

The company has ambitious plans to raise between $500 million and $600 million through the upcoming initial public offering.

While the formal valuation is still pending, insiders involved in the discussions hint that it could hover around $4 billion when the IPO takes place. This move reflects FirstCry's strategic effort to navigate the market and capitalize on investor interest, emphasizing the company's significant presence in the retail industry.

Awfis

IPO Amount: Fresh issue of ₹160 crore.

Awfis Space Solutions Ltd, a provider of flexible workspace solutions, has taken a significant step toward raising capital by submitting preliminary documents to the Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO).

As detailed in the Draft Red Herring Prospectus (DRHP) submitted to Sebi, the proposed IPO comprises a fresh issue of up to ₹160 crore and an Offer for Sale (OFS) of 1 crore equity shares.

Unicommerce

IPO Amount: Not disclosed.

Unicommerce, a prominent e-commerce Software as a Service (SaaS) company, is entering the IPO arena, with intentions to debut on the stock market in the latter part of the upcoming year. The parent company, AceVector Limited, has chosen investment firm CLSA to oversee the book-building process for the IPO, according to reports from ET.

The move towards an IPO signifies a significant step for Unicommerce, highlighting its confidence in the market and its ambition to further expand its presence in the e-commerce and SaaS sectors. As the IPO plans progress, market watchers will be keenly observing the developments surrounding Unicommerce's stock market entry.

Aakash (Byju’s Subsidiary)

IPO Amount: Not disclosed.

Aakash, acquired by the prominent edtech firm Byju's in 2021 for a substantial $950 million, is reportedly gearing up for its Initial Public Offering (IPO) set to launch by mid-2024.

Since the acquisition, Aakash has experienced a remarkable three-fold surge in revenue. Forecasts indicate ambitious revenue targets of ₹4,000 crore and ₹900 crore in EBITDA by the fiscal year 2023-24. Aakash's strong position in the test-prep market aligns well with anticipated substantial growth, making the upcoming IPO an attractive opportunity for potential investors.

However, the IPO might face increased investor scrutiny due to recent challenges faced by Byju's, including issues with lenders, workforce reductions, and concerns raised by auditors.

PhonePe

IPO Amount: Not disclosed.

PhonePe, a leading player in India's digital payment landscape, is eyeing an initial public offering (IPO) in the 2024-2025 timeframe. The company, valued at $12 billion after a significant $200 million investment from Walmart, is actively working on securing a substantial $2 billion fund. PhonePe's strategic expansion across various aspects of digital payments and its robust growth trajectory have generated significant anticipation for its upcoming IPO.

The infusion of funds and its strategic position within the digital payment sector position PhonePe as a noteworthy contender in the IPO landscape, drawing considerable attention from investors.

OYO

IPO Amount: Reduced to $400-600 million.

The eagerly anticipated initial public offering (IPO) of Oyo Rooms has faced considerable delays as the travel-booking platform works to secure public funding for significant debt repayment. 

After the initial IPO filing, the company resubmitted its draft red herring prospectus (DRHP) through a confidential pre-filing route with the Securities and Exchange Board of India. 

Reports suggest that Oyo Rooms has substantially reduced the size of its public listing by nearly half, aiming for a range of $400-600 million, with the entire amount expected to be generated through a primary issuance.

PharmEasy

IPO Amount: Not disclosed.

PharmEasy is actively considering a potential public offering following its robust performance. The Tata-owned company recently raised over ₹3,950 crore through a successful rights issue. PharmEasy achieved EBITDA positivity in Q1FY24, maintaining a positive trajectory.

Pending approval from the Competition Commission of India (CCI) for the rights issue, Ranjan Pai is anticipated to hold approximately 15% stake in PharmEasy. The proceeds from the rights issue are earmarked for debt reduction and fostering organic growth.

Swiggy

IPO Amount: Valued at $10.7 billion.

Swiggy, a prominent player in the food delivery sector, is set to make its debut on the public market in 2024 with a valuation of $10.7 billion. The company holds a commanding position in India's food delivery market, and its anticipated IPO is considered a significant landmark, highlighting Swiggy's impressive growth and dominant market presence. 

Following in the footsteps of its rival Zomato, Swiggy's entry into the public markets marks a significant move, making it the second food aggregator to do so.

PayU India

IPO Amount: Not specified.

PayU India, a subsidiary of Prosus, is expected to be ready for an initial public offering (IPO) by the latter half of 2024. Focused on financial services, including merchant payments and consumer credit, PayU India reported $211 million in revenue from its Indian operations in the first half of the current fiscal year. 

The company's substantial presence and growth in both the payments and credit sectors emphasize the significance of its impending IPO in the fintech industry.

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Upcoming IPOs in 2024 [Month-wise]

February 26, 2024

2024 might finally break the IPO dry spell, a hope dashed in 2023 despite early promise. With a dip in IPO numbers compared to 2022, there's optimism for the upcoming year as some prominent names gear up for trading, signalling a potential resurgence. 

Notably, the setbacks faced by Instacart and Klaviyo in 2023 didn't deter new players from considering their own public debuts. As the Federal Reserve raises interest rate concerns, interest in IPOs is coming back. 

Looking ahead to 2024, market watchers are closely monitoring companies that show promise and resilience in navigating the complexities of the public offering arena. The stage seems set for a potential resurgence in IPO activities. There’s a fresh wave of companies getting ready for trading, and the market anticipates a more favorable environment for new debuts.

Following are the companies that the market is keeping an eye for in 2024.

OLA Electric

IPO Amount: $700 million to $800 million.

Ola Electric, the electric vehicle arm of Ola, is gearing up to be a highly anticipated initial public offering (IPO) in 2024. 

The company aims to raise between $700 million and $800 million, with an anticipated valuation ranging from $7 billion to $8 billion. Despite challenges like safety-related issues and customer service concerns, Ola Electric has managed to raise its substantial revenue. 

This growth signifies its rapid evolution from being simply a ride-hailing platform to a competitive player in the electric vehicle industry. With a strategic focus on sustainable transportation solutions, Ola Electric is well-positioned in a market increasingly embracing environmentally friendly energy alternatives.

First Cry

IPO Amount: Aiming to raise $500 - $600 million 

FirstCry, a prominent omnichannel retailer, is gearing up to file its draft IPO papers shortly, having deferred its public listing the previous year amid market uncertainties. 

The company has ambitious plans to raise between $500 million and $600 million through the upcoming initial public offering.

While the formal valuation is still pending, insiders involved in the discussions hint that it could hover around $4 billion when the IPO takes place. This move reflects FirstCry's strategic effort to navigate the market and capitalize on investor interest, emphasizing the company's significant presence in the retail industry.

Awfis

IPO Amount: Fresh issue of ₹160 crore.

Awfis Space Solutions Ltd, a provider of flexible workspace solutions, has taken a significant step toward raising capital by submitting preliminary documents to the Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO).

As detailed in the Draft Red Herring Prospectus (DRHP) submitted to Sebi, the proposed IPO comprises a fresh issue of up to ₹160 crore and an Offer for Sale (OFS) of 1 crore equity shares.

Unicommerce

IPO Amount: Not disclosed.

Unicommerce, a prominent e-commerce Software as a Service (SaaS) company, is entering the IPO arena, with intentions to debut on the stock market in the latter part of the upcoming year. The parent company, AceVector Limited, has chosen investment firm CLSA to oversee the book-building process for the IPO, according to reports from ET.

The move towards an IPO signifies a significant step for Unicommerce, highlighting its confidence in the market and its ambition to further expand its presence in the e-commerce and SaaS sectors. As the IPO plans progress, market watchers will be keenly observing the developments surrounding Unicommerce's stock market entry.

Aakash (Byju’s Subsidiary)

IPO Amount: Not disclosed.

Aakash, acquired by the prominent edtech firm Byju's in 2021 for a substantial $950 million, is reportedly gearing up for its Initial Public Offering (IPO) set to launch by mid-2024.

Since the acquisition, Aakash has experienced a remarkable three-fold surge in revenue. Forecasts indicate ambitious revenue targets of ₹4,000 crore and ₹900 crore in EBITDA by the fiscal year 2023-24. Aakash's strong position in the test-prep market aligns well with anticipated substantial growth, making the upcoming IPO an attractive opportunity for potential investors.

However, the IPO might face increased investor scrutiny due to recent challenges faced by Byju's, including issues with lenders, workforce reductions, and concerns raised by auditors.

PhonePe

IPO Amount: Not disclosed.

PhonePe, a leading player in India's digital payment landscape, is eyeing an initial public offering (IPO) in the 2024-2025 timeframe. The company, valued at $12 billion after a significant $200 million investment from Walmart, is actively working on securing a substantial $2 billion fund. PhonePe's strategic expansion across various aspects of digital payments and its robust growth trajectory have generated significant anticipation for its upcoming IPO.

The infusion of funds and its strategic position within the digital payment sector position PhonePe as a noteworthy contender in the IPO landscape, drawing considerable attention from investors.

OYO

IPO Amount: Reduced to $400-600 million.

The eagerly anticipated initial public offering (IPO) of Oyo Rooms has faced considerable delays as the travel-booking platform works to secure public funding for significant debt repayment. 

After the initial IPO filing, the company resubmitted its draft red herring prospectus (DRHP) through a confidential pre-filing route with the Securities and Exchange Board of India. 

Reports suggest that Oyo Rooms has substantially reduced the size of its public listing by nearly half, aiming for a range of $400-600 million, with the entire amount expected to be generated through a primary issuance.

PharmEasy

IPO Amount: Not disclosed.

PharmEasy is actively considering a potential public offering following its robust performance. The Tata-owned company recently raised over ₹3,950 crore through a successful rights issue. PharmEasy achieved EBITDA positivity in Q1FY24, maintaining a positive trajectory.

Pending approval from the Competition Commission of India (CCI) for the rights issue, Ranjan Pai is anticipated to hold approximately 15% stake in PharmEasy. The proceeds from the rights issue are earmarked for debt reduction and fostering organic growth.

Swiggy

IPO Amount: Valued at $10.7 billion.

Swiggy, a prominent player in the food delivery sector, is set to make its debut on the public market in 2024 with a valuation of $10.7 billion. The company holds a commanding position in India's food delivery market, and its anticipated IPO is considered a significant landmark, highlighting Swiggy's impressive growth and dominant market presence. 

Following in the footsteps of its rival Zomato, Swiggy's entry into the public markets marks a significant move, making it the second food aggregator to do so.

PayU India

IPO Amount: Not specified.

PayU India, a subsidiary of Prosus, is expected to be ready for an initial public offering (IPO) by the latter half of 2024. Focused on financial services, including merchant payments and consumer credit, PayU India reported $211 million in revenue from its Indian operations in the first half of the current fiscal year. 

The company's substantial presence and growth in both the payments and credit sectors emphasize the significance of its impending IPO in the fintech industry.

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