So far in the year 2024, things have been busy in India’s primary market with as many as 62 listings in the year (here is a list of IPOs in 2024). Out of these, we had 51 positive listings while 11 IPOs debuted with losses. Nevertheless, average listing day gains in these 62 IPOs stood at an impressive 30.33%. Given the gains in these IPOs despite all type of market conditions, investors have ample reasons to look forward to upcoming IPOs in October 2024. Here is a list of IPOs expected in October 2024.
#1 Hyundai Motor India – Among the Most Anticipated Upcoming IPOs in October 2024
Hyundai Motor India is among the first in line for upcoming IPOs in October 2024. Hyundai Motor India – among the largest passenger car manufacturers in India – is preparing for one of the most significant IPOs in Indian history. The company aims to raise approximately INR 25,000 crore (around USD 3 billion) through an offer for sale of 14,21,94,700 shares, representing a 17.5% stake from its parent company, Hyundai Motor Company. This will simply make it the biggest IPO in India.
With a strong market share of 14.6% in the passenger car segment, Hyundai Motor India is well-positioned to leverage India’s rapidly expanding automotive sector. Analysts believe the IPO will help the company enhance its operational capabilities, especially in the electric vehicle (EV) space, as the global shift toward EVs intensifies. Additionally, Hyundai’s strategic focus on high-margin SUVs has bolstered its profit margins, making this IPO an attractive opportunity for investors seeking exposure to India’s growing automotive industry.
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#2 Afcons Infrastructure: A Powerhouse in Construction
Afcons Infrastructure, part of the Shapoorji Pallonji Group, is generating significant buzz with its upcoming IPO in October 2024, which is expected to raise INR 7,000 crore. The offering includes a fresh issue of INR 1,250 crore and an offer for sale by the company’s promoter, Goswami Infratech, totaling INR 5,750 crore.
Afcons boasts a robust order book exceeding INR 35,000 crore, with projects spanning marine infrastructure, urban development, and transportation. With a 14.69% growth in revenue in FY 2023, Afcons continues to demonstrate strong financial performance. The funds from the IPO will primarily be used to repay debt and improve operational efficiency, making this offering an attractive choice for investors looking to tap into India’s booming infrastructure sector.
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#3 NTPC Green Energy – Leading Name Among the Upcoming IPO in October 2024
As India accelerates its transition to clean energy, NTPC Green Energy’s IPO in October 2024 will be in 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.
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#4 Waaree Energies: Solar Power IPO in October 2024
Waaree Energies, India’s largest solar PV module manufacturer, is another company planning one of the most important IPOs in October 2024. The upcoming IPO aims to raise INR 3,000 crore through a combination of a fresh issue of shares and an offer for sale (OFS). The OFS includes up to 32 lakh equity shares. The funds raised from the IPO are earmarked for key initiatives, including establishing a 6 GW manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as for supporting general corporate purposes. As of 30 June 2023, Waaree Energies has an aggregate installed capacity of 12 GW, positioning itself as a market leader in the solar energy sector.
Given the Indian government’s focus on renewable energy, Waaree Energies is well-positioned for growth. The increasing demand for solar power, coupled with the company’s plans for capacity expansion, make this IPO an attractive option for long-term investors eyeing the renewable energy sector.
#5 Swiggy: A Dominant Player in Food Delivery and Quick Commerce
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. The offering includes a fresh equity sale of INR 3,750 crore and an offer for sale by existing shareholders worth INR 6,664 crore. Despite recording a net loss of INR 2,350 crore in FY 2024, Swiggy’s revenue surged by 45% to INR 8,265 crore, driven by strong demand for its services.
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.
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#6 Deepak Builders & Engineers: A Rising Star in Construction
Next in IPO pipeline is Deepak Builders & Engineers. Deepak Builders & Engineers IPO is aimed at raising capital primarily for working capital and debt repayment. The company has a proven track record, having completed 76 projects, including contracts with government entities. With a compound annual growth rate (CAGR) of 19.81% in revenues from FY 2021 to FY 2023, Deepak Builders is demonstrating consistent financial performance.
The company’s diversified order book, valued at INR 12,115.68 million, and its accreditation as a Class I (Super) Contractor give it a strong competitive edge in the infrastructure sector. For investors seeking to capitalize on India’s growing construction market, this IPO presents a compelling opportunity.
#7 Asirvad Micro Finance – Another IPO in October 2024
Another interesting name among forthcoming IPOs in October includes Asirvad Micro Finance. As a subsidiary of Manappuram Finance, Asirvad Micro Finance IPO is set to attract significant interest. Established in 2008, the company expanded its branch presence to over 1,684 with 3.25 million active borrowers spread across 22 states and 4 Union Territories. The company said that it is looking to enhance its capital base for the prospective business expansion through this IPO.
Asirvad’s established presence and extensive reach in the microfinance sector, along with its growth potential, make it an attractive investment option. Investors may also get an opportunity to double their allotment chances by taking advantage of shareholder reservations.
Upcoming IPOs in October 2024– Expect More Companies to Join
As you can see, upcoming IPOs in October 2024 offer a wide range of investment opportunities across key sectors, including automotive, infrastructure, renewable energy, and e-commerce. As the Indian economy continues to expand, these IPOs provide a chance for investors to gain exposure to high-growth industries and companies with robust financials and strategic plans for the future. Meanwhile, healthy grey market activity continues to support new listings.
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 October 2024. Some of the companies including Onest Ltd, Stallion India Fluorochemicals, Patel Retail, and Indo Farm are looking at tapping the primary markets again. We have included these names in our IPO pipeline.
