So far in the year 2024, things have been busy in India’s primary market with as many as 68 listings in the year (here is a list of IPOs in 2024). Out of these, we had 55 positive listings while 13 IPOs debuted with losses. Nevertheless, average listing day gains in these 68 IPOs stood at an impressive 30.81%. Given the gains in these IPOs despite all types of market conditions, investors have ample reasons to look forward to upcoming IPOs in November 2024. Here is a list of IPOs expected in November 2024.
Mobikwik – Latest from IPOs in November
MobiKwik, a well-known digital payments platform in India, is looking to tap the primary market with its IPO in November 2024. The company is expected to raise around INR 1,900 crore through this offering which will consist of a fresh issue of INR 1,500 crore and an offer for sale of INR 400 crore. MobiKwik has been expanding its services beyond payments to include lending and insurance products, aiming to create a comprehensive financial ecosystem. The proceeds from the IPO will be utilized for expanding its product offerings and enhancing marketing efforts to increase user acquisition.
Sagility India – Healthcare Outsourcing IPO Among IPOs in November
Sagility India, a prominent player in the healthcare outsourcing sector, is preparing for its IPO scheduled for November 2024. The issue price has not been disclosed yet. The issue is purely an offer for sale. Sagility provides a wide range of services including medical coding, billing, and analytics solutions to healthcare providers globally. With increasing demand for healthcare services and digital transformation in the sector, Sagility is well-positioned for growth. The funds raised will be used for strategic acquisitions and enhancing technological infrastructure.
Zinka Logistics Solution – Logistics IPOs in November
Zinka Logistics Solution is set to launch its IPO in November 2024. The logistics startup, backed by Flipkart, is set to raise INR 550 crore through a fresh issue as part of its initial public offering (IPO). Additionally, the IPO will feature an offer-for-sale of 2.16 crore equity shares from existing shareholders. Zinka Logistics specializes in providing integrated logistics solutions, including freight forwarding and supply chain management services. The company has seen substantial growth due to the rising demand for logistics services in India, driven by e-commerce and manufacturing sectors. Proceeds from the IPO will be directed towards enhancing operational capabilities and expanding its service network.
Niva Bupa Health – Largest Insurance IPO in November 2024
Niva Bupa Health, a leading health insurance provider in India, is gearing up for its IPO in November 2024. The company aims to raise approximately INR 3,000 crore through this offering. The IPO will consist of a fresh equity issue of INR 800 crore and an offer for sale of INR 2200 crore. Niva Bupa has been expanding its product portfolio and enhancing customer service, which has led to significant growth in its policyholder base. The company intends to allocate the net proceeds from the fresh issuance, amounting to INR 625 crore, to strengthen its capital base and improve solvency levels, as well as for various general corporate purposes.
Swiggy – Among the Most Anticipated Upcoming IPOs in November 2024
Swiggy is among the first in line for upcoming IPOs in November 2024. Swiggy, one of India’s largest food delivery platforms, is gearing up for a highly anticipated IPO, seeking to raise approximately INR 11,000 crore. Swiggy IPO is tentatively scheduled for 6 to 8 November 2024. The offering includes a fresh equity sale of INR 3,750 crore and an offer for sale by existing shareholders worth 18,52,86,265 shares. Driven by strong demand for its services, the company’s revenue surged by 36.09% to INR 11,247 crore in FY 2024, although it posted a net loss of INR 2,350 crore in FY 2024. Nevertheless, the IPO has already started trading in the informal or grey market at a premium.
Swiggy’s quick commerce service, Instamart, has been a key growth driver, and the company plans to use the IPO proceeds to expand its footprint in this rapidly growing sector. With backing from global investors like Prosus and SoftBank, Swiggy is well-positioned to capitalize on the projected growth of the Indian e-commerce market, expected to exceed USD 400 billion by 2030.
NTPC Green Energy – Biggest Among IPOs in November 2024
As India accelerates its transition to clean energy, NTPC Green Energy’s IPO in November 2024 will be in the spotlight. A subsidiary of NTPC, the company plans to raise INR 10,000 crore through a fresh equity issue. Retail investors are to be allotted 10% of the shares. The IPO will be listed on both BSE and NSE. This capital will fund the expansion of its green energy projects, including solar energy, green hydrogen, and green ammonia.
With a pipeline of 24 GW of renewable projects, NTPC Green Energy is poised to be a leader in India’s renewable energy sector. The company is tapping into global investor interest by holding roadshows to attract international capital, further underscoring its potential as a long-term investment opportunity in the burgeoning clean energy market.
Investors will also get an opportunity to double their allotment chances by taking advantage of shareholder reservations.
ACME Solar Holdings – Leading Name Among the Upcoming IPO in November 2024
ACME Solar Holdings is another prominent name with IPO lined up in November 2024. ACME Solar Holdings is also considering a pre-IPO placement of up to 5,222,079 shares to some investors. The company is looking to raise up to INR 500 crore through pre-IPO placement and a successful placement will mean a smaller size for ACME Solar IPO.
ACME Solar is a renewable energy company with a diverse portfolio of solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects. The company develops, builds, owns, operates, and maintains utility-scale renewable energy projects through its EPC division and operations and maintenance (O&M) team. It generates revenue by selling electricity to off-takers, including central and state government-backed entities.
Vishal Mega Mart
Vishal Mega Mart operates a chain of retail stores across India offering a wide range of consumer products at competitive prices. The company is preparing for an IPO that is expected to raise around INR 8,000 crore. Retail investors are to be allotted 35% of the shares. The IPO will be listed on both BSE and NSE.
Vishal Mega Mart operates a chain of budget supermarkets across India, primarily catering to middle- and lower-middle-income consumers. As of 30 June 2024, the company operates 626 stores, along with a mobile app and website for online shopping. The product range includes apparel, fast-moving consumer goods (FMCG), and general merchandise.
Quadrant Future Tek – Another IPO in November 2024
Next in line for upcoming IPOs in November is Quadrant Future Tek. Quadrant Future Tek is set to launch its initial public offering with an expected size of INR 275 crore. This offering will consist of equity shares with a face value of INR 10 each. The IPO aims to raise funds primarily for long-term working capital requirements, capital expenditures related to the development of electronic interlocking systems, and the prepayment or repayment of outstanding working capital loans.
Quadrant Future Tek, established in 2015, specializes in manufacturing advanced train control systems and specialty cables for critical applications in industries such as railways, defense, aerospace, and electric vehicles. The company is known for its innovative products, including fire-resistant and lightweight cables, which enhance safety and reliability in various sectors.
Enviro Infra Engineers
Another interesting name among forthcoming IPOs in November includes Enviro Infra Engineers. Enviro Infra Engineers is preparing for an IPO that is set to raise approximately INR 100 crore. The IPO will consist of a fresh issuance of 4.42 crore shares and an offer for sale (OFS) of 52.68 lakh equity shares by the promoters. This capital will be allocated for various strategic purposes, including INR 100 crore for debt repayment, INR 30 crore to fund a subsidiary project in Mathura, and INR 181 crore to meet working capital requirements.
The company specializes in designing, constructing, and maintaining water and wastewater treatment plants, positioning itself as a key player in the environmental engineering sector. With a focus on sustainable solutions, such as zero liquid discharge systems, Enviro Infra Engineers aims to enhance its operational capabilities and expand its market reach through this IPO.
Upcoming IPOs in November 2024 – Expect More Companies to Join
While we have tried to include all the possible names in this list, we do expect some new names to spring a surprise and join this list of upcoming IPOs in November 2024. Some of the companies including Shivalik Engineering Industries and One Mobikwik Systems are looking at tapping the primary markets again. We have included these names in our IPO pipeline.
