NEW DELHI: The Indian market is set to witness several companies go public in the next two months, including Hyundai Motor India, Swiggy, and NTPC Green Energy. Merchant bankers estimates that they collectively aims to raise approximately Rs 60,000 crore via their IPOs
Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are some of the other companies planning to launch their IPO in this period.
Munish Aggarwal, managing director and head – equity capital markets at Equirus, expects more than 30 IPOs across various sectors and deal sizes, consisting fresh issues and offers for sale, to be launched between the end of September and December.
Hyundai Motor India Ltd, a subsidiary of South Korea’s automaker Hyundai Motor Company, is expected to raise Rs 25,000 crore, potentially surpassing LIC’s Rs 21,000-crore IPO and becoming the largest-ever initial share sale in India. According to its draft red herring prospectus (DRHP), Hyundai Motor India’s entire issue will be an offer-for-sale (OFS) of 14,21,94,700 shares by Hyundai Motor Company, with no fresh issue component.
Additionally food and grocery delivery company Swiggy is gearing up to raise Rs 10,414 crore via its IPO through a combination of fresh issue worth Rs 3,750 crore and offer for sale (OFS) component of 18.52 crore worth Rs 6,664 crore.
NTPC Green Energy, a subsidiary of the state-owned NTPC focusing on renewable energy, is planning to launch its Rs 10,000 crore IPO in early November. Afcons Infrastructure, a construction firm under the Shapoorji Pallonji Group, is also set to join the group with a Rs 7,000 crore offer. Waaree Energies is expected to raise Rs 3,000 crore through a fresh issue of shares, along with an OFS component.
Other companies in the queue include Niva Bupa Health Insurance and One Mobikwik Systems, aiming to raise Rs 3,000 crore and Rs 700 crore, respectively.
Aggarwal attributes the strong IPO market momentum to key macroeconomic and sector-specific factors, as well as the willingness to explore new ideas, partially driven by robust inflows into domestic mutual funds and the strong capital formation.
Companies eyeing to go public are raising funds for various purposes, such as expansion plans, debt retirement, working capital requirements, and providing exit routes for existing shareholders.