Most Interesting IPOs in 2022


Last updated on November 27, 2023

After setting new records in 2021, the Indian IPO market seems to have taken breather this year. We’re past the midpoint of 2022 and have seen only dash mainboard IPOs so far. Nevertheless, the remaining months are likely to see a good traction in IPO launches as the market continues to recover from the inflation shock and the ensuing policy rate hikes by the Federal Reserve. Here is a list of the most anticipated IPOs in 2022.

#1 Navi Technologies – From zero to INR780 crore top-line in 4 years

Founded by Sachin Bansal, Navi Technologies is a fintech player with a clear focus on profits. As a co-founder of Flipkart, Sachin Bansal is a well-known name in the industry. His past success could have allowed him tons and tons of venture capital for his new start-up but Bansal is doing it differently this time and this is what makes it one of the most anticipated IPOs in 2022. The company has raised no external equity funding so far and there are no plans to raise money through the ubiquitous Offer For Sale (OFS) route.

According to the draft papers filed by company, Bansal owns over 97% equity stake and has no plans of diluting his shareholding in the upcoming IPO. Bansal is instead using his own financial muscle and debt instruments like Non-Convertible Debentures (NCDs) as capital to rapidly scale up operations of Navi Technologies. Since incorporation in December 2018, the company has made inroads in the 4 product lines of personal loans, health insurance, home loans, and asset management (AMC) and posted revenues of INR780 crore in FY2021.

Most Anticipated IPOs in 2022

#2 India1 Payments – White label ATMs

India1 Payments is the largest white label ATM operator in India, based on the number of ATM transactions and installed base in FY2021. Its network included 8,520 ATMs across 14 states and union territories as of 30 June 2021.

White label ATM operators are independent non-bank ATM operators permitted by RBI. Please read our primer on White label ATMs. Since this is a new category, there is a lot of interest and the company seems to be delivering on its promise with a steady improvement in top line and margins. ICICI Ventures is a major shareholder in the company. This is surely among the most interesting IPOs in 2022.

#3 Waaree Energies – Sun shine

Waaree Energies IPO GMP

The company is a major player in India’s solar energy industry and had installed capacity of 2 GW of making PV module as of 31 March 2021. Given the government’s focus on solar energy and rising installation levels among retail users, the future looks bright for solar players like Waaree Energies. To its credit, it had a market share of 24% among Approved List of Models and Manufacturers (ALMM) as of 31 August 2021.

Waaree Energies is an interesting name among the IPO contenders and some players like Gensol Engineering have struck it big on the maintenance side. While the future is bright, this is no guarantee of success. The industry has seen exit of some players as well as shelving of IPO plans by other prominent ones, including ACME Solar, ReNew Power, and OPG Power.

#4 Bharat FIH – First among most anticipated IPOs in 2022

Bharat FIH is the largest Electronic Manufacturing Services (EMS) provider in India with nearly 15% market share as of FY2021. This is quite impressive for a scattered industry and it is worth noting that Bharat FIH’s market share is more than twice the revenue of the second largest EMS player. Apart from manufacturing, the company provides services related to design and development, component sourcing, logistics, and after-sales services.

Owned by Foxconn, Bharat FIH started with a focus on mobile phones and counts Xiomi – India’s leading smartphone brand – as its biggest customer. During the six months ended 30 September 2021, Bharat FIH produced half of all mobile phones sold by Xiaomi. However, the company is now expanding beyond mobile phones and is looking to enter into production of electric vehicles, televisions, telecom and networking products, and IT hardware devices.

A history of successful winners in the past from this space like Amber and Dixon also make it an interesting IPO. It could be the first from this list of anticipated IPOs in 2022 to tap the market since SEBI approval is already secured.

#5 Imagine Marketing (boAt)

Next in the list of interesting IPOs in 2022 is Imagine Marketing – a consumer products company with “boAt” as the flagship brand. The company started with hearables products and now has presence in gaming accessories, personal care appliances, and mobile accessories.

In the branded wireless hearables and smartwatch segments, the company had a market share of 48% and 23% in terms of volume, during the quarter ended 30 September 2021.

Promoted by Aman Gupta, one of the judges in reality show Shark Tank India, the company has posted impressive growth in recent years. Its revenues surged from INR226.1 crore in FY2019 to INR1,320.4 crore in FY2021. In the same timeframe, its earnings grew over 10X to INR86.5 crore in FY2021. This impressive financial performance is bound to make it an interesting bet for IPO investors in 2022.

The company is backed by Warburg Pincus’ South Lake Investment, Qualcomm Ventures and Fireside Ventures.

#6 KFin Technologies – Asset-light and Recurring

KFin Technologies IPO

Financial services provider KFin Technologies is also in the IPO pipeline and its draft prospectus is a treat to read. KFin Tech is one of the two leading investor solution providers in India (the other being CAMS) and offers services to who’s who in the capital market ecosystem including 25 out of 42 Asset Management Companies (AMCs). KFin Tech’s presence in a duopoly market takes it to the most anticipated IPOs in 2022.

Apart from the fact that the General Atlantic-backed company is deeply entrenched in the capital market ecosystem, what makes it an interesting IPO is that the nature of its business is recurring and asset light. KFin Technologies’ recurring revenue during FY2019, FY2020 and FY2021 stood at 98.29%, 95.78% and 99.01%, respectively!

To give you an idea of its size and scale, the company’s revenue stood at INR481.1 crore in FY2021, just a shade behind the INR501.4 crore registered by BSE.

What can go wrong with such an attractive company’s IPO? Well, it is going to be a full-OFS IPO and pricing could be on the higher side.

#7 Protean eGov Technologies – Infra in IT space

The company offers IT-enabled solutions and has expertise in developing citizen-centric e-governance solutions. For the uninitiated, Protean eGov Technologies was earlier known as NSDL e-governance Infrastructure Limited and is market leader in provision of e-governance services such as management of the TIN, PAN processing, NPS and Atal Pension Yojana. It boasts of high market share in key activities including PAN issuance (46.8%), TIN (60%), National Pension System (NPS) (97%), and Atal Pension Yojana (100%).

Protean eGov Technologies has no identifiable promoter but NSE Investments Limited has nearly 25% equity stake in it. But why is this company in the list of most anticipated IPOs in 2022? Well, one simple fact that it is from NSE stable.

#8 Sula Vineyards

As the name suggests, Sula Vineyards is a manufacturer of wines and has over 2,000 acres of vineyards under management. Based in Nashik – India’s wine capital – Sula has grown to become the country’s largest wine brand and has nearly 52% share in the domestic market. This unusually high market share figure highlights the cult status of its brands in the market and makes this a worthy entry in our list of most anticipated IPOs in 2022.

According to its annual return for financial year 2021, the company posted a turnover of INR339.6 crore and it targets to raise anywhere between INR1,200 crore to INR1,400 crore through the public offer. The company is likely to file IPO papers with market regulator Sebi by the end of this month.

#9 Emcure Pharmaceuticals

Emcure is yet another entry in our list of most anticipated IPOs in 2022. The Pune-based company is among the fastest growing pharma players in India. As of FY2021, the company was 12th largest pharma player in India with a turnover of INR6,091.8 crore and a profit of INR418.6 crore.

Nevertheless, its moonshot is the mRNA platform (Messenger RNA platform) which can considerably speed up industry’s response to infectious disease outbreaks. mRNA vaccines’ use only pathogen’s genetic code, thereby reducing development time considerably. This approach contrasts with conventional vaccines which can take months to produce by growing weakened forms of the virus.

Fun Fact – Namita Thapar, a director in the company and daughter of company promoter Satish Mehta, is well-known for her appearance in Shark Tank India.

#10 VLCC Healthcare

After its plans to list came cropper in 2016, VLCC Healthcare is again looking to tap the primary markets and filed its DRHP late last year. Started by Mrs Vandana Luthra, VLCC offers wellness and beauty services through own and franchised outlets. The company is a well-known brand and has something of novelty value as there are no listed players in this segment.

Despite the scattered and distributed nature of this industry, VLCC Healthcare has managed to create a uniform corporate network not only in India but outside as well. Its network served customers across 310 locations in 143 cities and across 12 countries in South Asia, South East Asia, the Gulf Cooperation Council Region (GCC Region) and East Africa.

While these are most anticipated IPOs in 2022, there is no guarantee that all of these companies will bring their public offers this year. Please also note that this list of interesting IPOs in 2022 is based on past performance, promoter credentials and growth runway and can’t account of factors like IPO pricing which are yet unknown.


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