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Exciting opportunities ahead Explore the upcoming IPOs in January 2024

08 Feb 2024

Introduction:

Undoubtedly, 2023 emerged as the pinnacle year for Initial Public Offerings (IPOs), with 173 small and medium-sized enterprises (SMEs) going public, along with 52 mainboard listings. The market experienced remarkable debuts and impressive subscription rates. Companies such as Tata Technologies, IdeaForge, Senco Gold, and Utkarsh Small Finance Bank more than doubled or nearly doubled investors’ money on the listing day itself.

This surge in IPO activity underscores not just the current vibrancy of the Indian stock exchanges but also the increasing eagerness of firms to access public markets for fundraising. The IPO arena is poised for substantial capital accumulation even in 2024. More than 65 applications have already been submitted to the Securities and Exchange Board of India (SEBI), hinting at a continued strong momentum in the market.

Top upcoming IPOs in January 2024

As per the Prime Database data, out of the 65 companies that have applied for fundraising, 24 companies have already received approvals from the market regulator to raise approximately Rs. 26,000 crores. These include some big names, such as Swiggy, Firstcry, Oyo, Ola Electric, and Go Digit, among others. Several of these companies’ IPO can hit the D-street in the first month of the new year.

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Below are the top upcoming IPOs in January 2024:

1. Brainbees Solutions Limited

Among the top upcoming IPOs in January, the first name is Brainbees Solutions Limited, the parent company for Firstcry. It is India’s premier multichannel retail platform, specialising in products for mothers, infants, and children. As per the company’s Draft Red Herring Prospectus (DRHP) filed with the SEBI, it plans to raise Rs. 1,816 crores through its IPO.

If everything goes well, Brainbees Solutions IPO could hit the markets in the first or second week of January 2024. The buzz is already high around this public offering.

2. Ola Electric

Ola is a leading app cab service provider in India. Recently, it has ventured into the electric vehicle (EV) manufacturing business with the launch of the Ola Electric Scooter. The company also manufactures crucial EV components such as battery packs, motors, vehicle frames, etc. The company has already received clearance from the SEBI to raise approximately Rs. 5,500 crores through its IPO.

Considering the size and profit potential, Ola Electric's IPO could become one of the most subscribed IPOs in 2024. The IPO is expected to hit the primary markets around the second week of January 2024.

3. Swiggy

After the blockbuster stock market debut of Zomato, Swiggy is another prominent player in the food-delivery sector, planning to go public in 2024. The company holds a giant market share in India’s food delivery market. As of 30 December 2023, it has a valuation of approximately 10.7 billion US Dollars. 

The upcoming IPO of Swiggy stands as a significant milestone, highlighting the company's remarkable expansion and commanding position in the market. The company plans to raise around 1 billion US dollars through the IPO.

4. Phone Pe

Phone Pe, a leading player in India’s digital payment sector, is also planning to go public in 2024. With a significant 200 million dollars of backing from Walmart, valuing the firm at 12 billion dollars, PhonePe is actively working towards securing noteworthy 2 billion dollars of funding from public investors.

Given its strategic expansion into various digital payment domains and a consistent track record of growth, the excitement surrounding PhonePe's forthcoming IPO is tangible.

5. Oyo

The much-anticipated IPO of Oyo Rooms has faced significant delays as the travel-booking platform strives to obtain public funding to address its considerable debt obligations. After its initial IPO filing, the company refiled its DRHP using a confidential pre-filing method with the Securities and Exchange Board of India.

Reports indicate that Oyo Rooms has considerably downsized its public listing, targeting a valuation between 400-600 million dollars, with the entirety of this sum anticipated to be raised via a fresh issue.

To conclude

Investing in IPOs worked well for investors in 2023, Barring four or five, most gave decent listing gains. The trend is expected to continue in 2024 as well. With several promising companies lined up to tap the primary markets, you can keep your funds ready for investments. Should you need a Demat account to invest in IPOs, you can open one for free with Motilal Oswal. And that too, from the convenience of your home.

 

Related Articles: How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account 

 

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