Bigger IPOs Set to Surge as Market Stays Strong

Mumbai: Conducive market conditions may see filing for bigger initial public offerings and some big public issues are likely to hit the market in the last quarter of the year with the recent successful listing of Ola Electric and First Cry IPOs.

This year 46 main board IPOs have raised Rs 68,713 crore so far while 163 SME IPOs raised Rs 5,508 crore aggregating to Rs 74,211 crore total fund raised through primary market by 209 companies while 8 more companies are expected to raise more than Rs 1,000 crore by coming week.

Ola Electric which listed on August 9 was the biggest initial public offering(IPO) this year so far raising Rs 6,145.56 crore while second biggest was First Cry promoter Brainbees Solution which raised Rs 4,193.73 crore.

Smaller IPOs have flooded the market in the first seven and half months of 2024, there are bigger public issues lined up that may get market regulator's approval in the remaining period of 2024, making it a bumper year for the primary market.

"Despite the ups and downs in global stock markets, the Indian primary market continues to be robust. In the first week of August, four companies launched IPOs worth over Rs 11,850 crore, and they were all successful. This trend looks set to continue, with 25 more companies, already approved by the SEBI, planning to enter the market to raise about Rs 22,000 crore in the coming few weeks," said a note by Pantomath Capital Advisors, a mid-market investment bank.

Hyundai Motors India, Afcons Infrastructure, National Securities Depository Limited(NSDL), Waaree Energies are some of the big IPOs awaiting Sebi clearance.

In light of bumper listing by Ola Electric, companies with bigger fundraise plans are likely to expedite their plans to file the offer documents.

Last week JSW Cement filed draft red herring prospectus for Rs 4,000 crore IPO while Ecom Express filed offer document for Rs 2600 crore IPO.