Upcoming IPOs in India 2023 | IPO Watch 2023 | Motilal Oswal

Upcoming IPOs in India 2023

Up until now, as many as 34 mainboard IPOs have gone live with their IPOs in the Financial Year 2022-23. Together, these mainboard IPOs have raised more than 52,119.68 crores, inching FY 2022-23, closer to an exceptional year for the companies listing in the stock market. With the rising inflation rates, interest hikes, geographical tensions and solid selling by the Foreign Institutional Investors, not all IPOs have been termed “multibagger”, but some definitely returned the investors with rewarding returns. Now, in this last quarter of the Financial Year, let’s take a peek into some of the companies, which are speculated to be going live with their IPOs.

List of Upcoming IPOs

The following table displays the list of companies set to go public in the financial year 2022-23.

Name of the CompanyIssue Size in Rs. Crores (Tentative)IPO Date (Tentative)
Infinion BiopharmaTo be updated2023
Mukka Proteins LtdTo be updated2023
Capillary Technologies India LtdTo be updated2023
Uma Converter LimitedTo be updated2023
Protean eGov TechnologiesTo be updated2023
TBO TEK Limited2,1002023
Gujarat Polysol Chemicals4142023
Go Airlines3,6002023
Arohan Financial1,8002023
Utkarsh Small Finance Bank6002023
Penna Cement1,5502023
Keventer Agro8002023
Sterlite Power1,2502023
Fincare Small Finance Bank1,3302023
Seven Islands Shipping6002023
Bajaj Energy5,4502023
Gemini Edibles and Fats2,5002023
Medi Assist Insurance TPA Pvt. Ltd.8002023
Inspira Enterprise India Ltd.8002023
Muthoot Microfin7002023
Chemspec Chemicals7002023
VLCC Healthcare300 + OFS2023
HDB FinancialTo be updated2023
Century Metal RecyclingTo be updated2023
OYO Rooms7,000 + OFS2023
National Stock Exchange of India Ltd100002023
NaviTo be updated2023
Snapdeal1,250 + OFS2023
OlaTo be updated2023
SwiggyTo be updated2023
Skanray Technologies Ltd4002023
Jana Small Finance Bank Ltd1,1002023
Puranik Builders Ltd5102023
Aadhar Housing Limited73002023
*The issue size and issue dates will vary.
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Infinion Biopharma

Infinion Biopharma is an innovation-driven life sciences company that combines biophysics and engineering with traditional pharmacology and biochemistry to produce high-value, innovative products across a range of therapeutic areas. In its DRHP, the company has announced to raise funds via the sale of 45 lakh shares.

Mukka Proteins Ltd

Mukka Proteins Ltd is an animal protein company, primarily engaged in the production of Fish Meal, Fish Oil and Fish Soluble Paste as well as developing alternative proteins such as Black Soldier Fly (BSF) Insect meal in the animal food segment. In its DRHP - the company has announced to raise funds via issue of 8 crore fresh equity shares.

Capillary Technologies India Ltd

Capillary Technologies is a technology first company, who offer artificial intelligence-based cloud-native SaaS products and solutions, like automated loyalty management and customer data platforms. The company is the market leader in the Asia-Pacific region in terms of loyalty management, with a 39% market share, in FY20. The company has announced its IPO and will be going live soon in 2023

Uma Converter Limited

Incorporated in 2000, Uma Converter Limited is engaged in manufacturing flexible packaging material. Uma Converter Limited manufactures packaging material suitable for packaging products manufactured in the food and beverage industry, e-commerce industry, pharmaceutical industry, hygiene and personal care industry, household industry and agricultural industry. The company is aiming to raise ₹18.41 crores via fresh issue of 55 lakh equity shares opening on December 15 2022.

Protean eGov Technologies

Protean eGov Technologies Ltd (formerly called NSDL E-Governance Infrastructure Ltd), a leading IT enabled services infrastructure enabler, in its DRHP has announced that it would be raising approximately Rs 1,300 crores via IPO coming in early 2023

TBO TEK Limited

Incorporated in 2006, TBO is a technology platform tool to simplify the process for travel agents to book airline tickets across multiple airlines. TBO is one of the leading global travel distribution platforms servicing Buyers and Suppliers in over 100

Gujarat Polysol Chemicals

Gujarat Polysol Chemicals is amongst the leading chemicals manufacturers for the Infra-tech (Construction), agro, dyes and leather industries in India. The company is amongst the leading manufacturers of poly carboxylate ether (PCE) liquid in India. As per the DRHP filed, the company is aiming to raise Rs 414 crores via IPO, in early 2023.

Go Airlines Ltd

Go Airlines is an ultra-low-cost carrier (“ULCC”) focused on maintaining low unit costs and delivering compelling value to customers that drives its unit revenues. The IPO issue size is tentatively anticipated to be around ₹3,600 Crs, whereas the date of the issue is yet to be declared.Know More

Arohan Finance Ltd

Arohan Financial Services ltd is a leading NBFC-MFI with operations in financially under-penetrated Low Income States of India. The NBFC company provides income generating loans & other financial inclusion related products. The IPO size for the IPO is tentatively stated to be around ₹1800 crores.Know More

MobiKwik Ltd

Mobikwirk is a Fintech company which was incorporated in the year 2009. Ranked amongst one of the largest mobile wallets players in India, the company has operations divided into 3 segments. The total issue size of the latest IPO of Mobikwik Ltd is expected to be around Rs 1900 crores, which includes a fresh issue of ₹1500 crores & an OFS for ₹400 Crores.Know More

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank provides microfinance options to underserved or unserved segments, particularly in the states of Bihar and Uttar Pradesh. The main aim of Utkarsh Small Finance Bank IPO is to raise capital for further enhancements. The IPO will include a fresh issue of shares that amount to ₹750 Crores & provide an offer of ₹600 Crores for sale.Know More


Ixigo is a technology company focused on empowering Indian travelers to plan, book and manage their trips across rail, air, buses and hotels. The company assists travelers in making smarter travel decisions through innovations on its OTA platforms, comprising the websites and mobile applications. The IPO issue size is estimated to be around ₹1,600 Cr, opening in early 2022.

Penna Cement

Penna Cement Industries is one of the largest privately held cement companies in India and a leading integrated cement player in terms of cement production capacity, as of March 31, 2021. The total issue size of the latest IPO of Lava International Ltd is expected to be around ₹1550 crores.Know More

Keventer Agro

Based out of Kolkata, Keventer Agro Ltd, is a fast moving consumer goods (FMCG) company, which keeps interest in packaged, dairy, and fresh food products. The IPO will aim to raise a capital of ₹800 crores, which shall include both a fresh issue and an Offer for sale.Know More

Sterlite Power

Sterlite Power, is a leading private sector power transmission infrastructure developer and solutions provider, operating in India and Brazil. The IPO issue size of the company is anticipated to be around ₹1,250, which will include both - a fresh issue and an offer for sale.

Fincare Small Finance Bank

Headquartered in Bengaluru, Fincare Small Finance Bank is a micro-financing bank, which provides a wide range of banking services to its customers numbered over 25 lakhs. The total issue size of the latest IPO of Fincare Small Finance Bank Ltd is expected to be around ₹1330 crore, comprising a fresh issue of ₹330 crores & an OFS will stand at ₹1000 crores, as per the DRHP filed.Know More

Seven Islands Shipping

Headquartered in Mumbai, Seven Islands Shipping Limited is a seaborne logistics company, incorporated in 2002. It is engaged in the trading of petrochemical lubricants, crude oil, and more. The company aims to raise funds worth ₹600 crores via public issue, which shall include a fresh issue of ₹400 crores.Know More

Bajaj Energy

Bajaj Energy and Lalitpur Power Generation Company Ltd, are amongst the largest private sector thermal power generation companies in North India. The company deals in developing and financing thermal power plants in India, and aims to raise a capital of ₹5450 via IPO in the mid 2022.Know More

Gemini Edibles and Fats Ltd

Headquartered in Hyderabad, Telangana, Gemini Edibles and Fats Ltd is one of the leading and the fastest growing edible oils and fats companies in India. According to the DRHP filed by the company, the IPO will aim to raise ₹2500 Crores, slated to go live in the mid 2022.Know More

Medi Assist Healthcare Services Ltd

Medi Assist Healthcare Services Ltd, Bengaluru-based healthcare company, aims to raise funds via an initial public offering which aggregate upto ₹840-1,000 crore. The IPO will consist of a pure offer for sale of 2.8 crore equity shares by Dr. Vikram Jit Singh, Medimatter Health management, Bessemer Health Capital LLC, and Investcorp Pvt. ATE Equity Fund.

Inspira Enterprise India Ltd.

The company is a leading cybersecurity and digital transformation services company in India as well as globally. The company aims to raise a capital ₹800 crores via an IPO. The IPO consists of a fresh issue of ₹300 crores & an offer for sale of ₹500 crores by its existing shareholders & promoters.

Muthoot Microfin

Incorporated in 1997, Muthoot Finance Ltd is the Kerala - based largest gold financing company in India in terms of loan portfolio. The company is planning to go live with its IPO to raise a fund of ₹700 crores through 51,500,000 Equity Shares.

Chemspec Chemicals

Chemspec Chemicals is a leading manufacturer of critical additives for the FMCG ingredients used in hair and skincare products worldwide. According to the DRHP filed by the company, the IPO will aim to raise ₹700 Crores, slated to go live in the mid 2022.

VLCC Healthcare

Founded in 1996, VLCC Healthcare Ltd is a beauty and wellness company. The company operates its business through its 3 core business models - 1) Wellness & Beauty Clinic; 2) Personal care products; and 3) Institutes for skill development. The IPO will issue a fresh issue of ₹700 Crores, which will be coming out in December 2021.Know More

HDB Financial

A subsidiary of HDFC Bank, the NBFC company is amongst the leading private sector companies in the lending business. As per the DRHP filed with SEBI, the company aims to capture a valuation of ₹60,000 to ₹65,000 crores with its IPO, the size of which is yet to be declared.

Century Metal Recycling

Century Metal Recycling Limited (CMR), is India’s largest producer of Aluminium and Zinc die-casting alloys with a combined annual capacity of over 218,000 MT. The company intends to go live with its IPO in 2022, whereas the issue size and the date are yet to be finalized.

OYO Rooms - Oravel Stays

Founded in the year 2013, Oravel Stays Ltd, styled as OYO Rooms offers a new-age technology platform that empowers the large yet highly fragmented global hospitality ecosystem. The total issue size of the IPO is expected to be ₹7000 crores issued via fresh issue. The IPO date is yet to be announced.Know More

National Stock Exchange of India Ltd

NSE is the leading stock exchange in India & the 4th largest in the world by equity trading volume in 2015. The company owns & manages the NIFTY 50 index, a leading benchmark for the Indian capital markets. The issue size for the IPO is estimated to be around ₹10,000 crores whereas the date of issue is yet to be declared.


Bengaluru-based Navi Group is a financial services company which provides personal loans and home loans through Navi Finserv, and health insurance through Navi General Insurance. The company plans to go public in 2022, with an undisclosed issue size.


Snapdeal Limited, India's largest pure-play value e-commerce platform. With over 200 million app installations on Google Play Store, it is the most installed pure-play value e-commerce application. The company is planning to go public with its IPO via fresh issue of ₹1250 crores and an additional capital raised through OFS.Know More


OLA has become the largest ride-hailing aggregator in India, beating Uber. In 2021, the company also entered the electric vehicle market by manufacturing the electric two-wheeler vehicles, thereby promising a healthy start. The ride-hailing company is expected to go public in 2022, with an anticipated issue size of Rs 2000 crores.


BYJU’s Indian food delivery company Swiggy, which is backed by SoftBank Group, has started preparations to raise at least $800 million in an IPO early next year. The food delivery company doubled its valuation to $10.7 billion in its latest funding round in January 2022. Swiggy's grocery delivery service Instamart is an addition to its food delivery business, spanning its control over the delivery-related sector in India.

Skanray Technologies Ltd

Incorporated in 2007, Skanray Technologies is a technology company which focuses on designing, development, manufacture and marketing of medical equipment. The company has an efficient in-house R&D team that as of 31 December, 2020, has been granted 49 trademarks, 27 patents and 11 design registrations. According to the DRHP filed by the company, the tentative issue size of this IPO is stated to be Rs 400 Crores.

Jana Small Finance Bank Ltd

Registered as an NBFC, the financial corporation was incorporated in the year 2006. The bank currently holds 611 branches and 134 ATMs located in 229 districts, 19 states and 3 union territories. In April 2020, the bank launched a full digital self onboarding platform called DIGIGEN. The tentative issue size of this bank is stated to be 1,100 crores of which Rs 700 would be a fresh issue and the remaining will be an OFFER FOR SALE.

Puranik Builders Ltd

Puranik Builders is among the prominent residential real estate developers in Mumbai Metropolitan Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on the number of units currently being marketed in these regions. As of July 31, 2021, the company had completed 35 projects in the MMR and PMR. The tentative issue size of Puranik Builders is stated to be Rs 510 crores.

Aadhar Housing Limited

Aadhar Housing Finance Ltd is a housing finance company offering a range of mortgage-related loan products, including loans for residential property purchase and construction, home improvement, etc. The company currently holds 292 branches which are located in and around 20 Indian States. The tentative issue size of the IPO is Rs 7,300 crores. Know More

Recent IPOs in 2022

Name of the CompanyIssue PricePrice BandListing DateLot Size
Landmark Cars Ltd552Crores₹ 481 To ₹ 506 23-Dec-202229
Sula Vineyards Ltd960.35Crores₹ 340 To ₹ 357 22-Dec-202242
Abans Holdings Ltd345.60 Crores₹ 256 To ₹ 27023-Dec-202255
Harsha Engineers International Ltd755 Crores₹ 314 To ₹ 33026-Sep-202245
Dreamfolks Services Ltd562.10 Crores₹308 to ₹32606- September – 202246
Symra SGS Technology Ltd766 Crores₹209 to ₹22026- August- 202268

Landmark Cars Ltd

Landmark Cars Ltd is India's leading premium automative retail business with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, Renault, and commercial vehicle retail business for Ashok Leyland. The company is going live with its IPO on 13th November 2022, with an aim to raise about ₹ 552 crores.

Sula Vineyards Ltd

Incorporated in the year 2003, Sula Vineyards Ltd stands as the largest wine producer and seller in India as of FY2022-23. As of Q2FY23, company have presence in 25 states & 6 union territories and globally in over 20 countries. The company went live with its IPO on 12th November 2022, with a total issue size of ₹960.34 crores.

Abans Holdings Ltd

Incorporated in the year 2009, Abans Holdings Ltd is a globally diversified organization engaged in Investment Management, Trading, Broking, Gold Refining, Non-Banking Financial Services, Agricultural Trading, Pharmaceuticals Distribution, Software Development, and Real Estate Development. Abans Holdings Limited represents the financial services arm of the Abans Group. The public issue of the equity shares went live from December 12, with a total issue size of ₹345.60 crores.

Harsha Engineers International Ltd

India’s largest manufacturer of precision bearing cages, in terms of revenue, Harsha Engineers International Ltd went public on 14th September 2022. The IPO was subscribed over 19 times in the retail category and closed at Rs 487, returning 47% on investment.

Dreamfolks Services Ltd

India's largest airport service aggregator platform, Dreamfolks Services Ltd went public on 24th August 2022. The IPO was subscribed over 43.66 times in the retail category and closed at ₹463, returning 42% on investment.

Symra SGS Technology Ltd

The chennai-based engineering and design company engaged in electronics manufacturing services (EMS), Symra SGS Technology Ltd went public on August 12, 2022. The IPO was subscribed over 6 times in the retail category and closed at ₹312, returning 42% on investment.

FAQs On Upcoming IPO