IPOs galore: 24 issues worth Rs 30k crore expected in next 2 months

As the market sentiment and investor confidence are upbeat given the return of the Modi government, over 24 companies are expected to tap the primary market in the next two months to raise Rs 30,000 crore through their public issues or IPOs. 

Mahavir Lunawat, Managing Director, Pantomath Capital Advisors on the IPO market outlook commented that with election results being out, the continuation of existing policies is highly expected, which will fuel the IPO boom further. He said that companies with good fundamentals will go public & attract large amounts of capital from the Street. This he believes considering the below factors:

- An increase in domestic capital

- Improved governance practices and a thriving Indian entrepreneurship spirit

- Supportive government policies, especially when it comes to FDI.

India has reportedly become the second-largest IPO market. The BSE IPO index, so far, during the first half of 2024 has delivered a return of 17 per cent as against 5 per cent during the same period last year. 

Companies likely to hit the Primary market in the upcoming months include:

Name                                      Issue size (Cr)

Ola Electric                                    7250

Afcons Infrastructure                     7000

Emcure Pharma                            5000

Waaree Energies                          3000

One Mobikwik Systems                1500

Asirwad Microfin                           1500

Allied Blender                               1500

Stanley Lifestyles                         1200

Shiva Pharmachem                      900

Bansal Wires                                745

Ola Electric as per reports will be the first issue by an automaker in the country in more than 20 years. The Bengaluru-based company, which filed preliminary IPO papers with the market watchdog in December 2023, has obtained its nod to float the public issue. 

As per Zee Business research desk inputs over 35 companies are waiting for the IPO approval from the SEBI to aggregate a total of Rs 50,000 crore.

IPOs to open next week

DEE Piping's IPO worth Rs 418 crore is slated to launch next week on June 19, 2024, with subscriptions closing on June 21, 2024. Established in 1988, DEE Piping Systems is an engineering company engaged in providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), chemicals, and other process industries through engineering, procurement, and manufacturing.