IPO Route
Here’s a look at some of the prominent startups that entered the market in 2024:
Go Digit General Insurance
Go Digit General Insurance made its stock market debut on May 23, with its shares listed on the National Stock Exchange (NSE) at Rs 286, a 5.15% premium on the issue price of Rs 272.
Prior to its IPO, the Bengaluru-based company raised Rs 1,176.5 crore from anchor investors. Although it had attained a valuation of $4 billion during its last private fundraise in 2022, Digit valued itself 25% lower in the public listing.
Awfis
Awfis, a co-working space company headquartered in Delhi, made its market debut on May 30. The stock opened at Rs 435 on the NSE, a premium of 13.57% to the issue price of Rs 383 per share.The issue included a fresh share sale of Rs 128 crore and an offer-for-sale (OFS) of up to 12.2 million shares, including those offered to anchor investors.
Le Travenues Technologies (Ixigo)
Shares of Le Travenues Technologies, which operates the travel platform Ixigo, listed on the stock exchanges on June 18 at a premium of 48.5% to its IPO price of Rs 93, and later hit the 20% upper circuit at Rs 161.99 on the BSE.
Founded in 2006, Ixigo offers travel solutions via its app, assisting users with train and flight bookings, besides other services.
Ola Electric
Ola Electric, India’s largest electric two-wheeler maker, hit the bourses on August 9. The stock listed flat at Rs 76 on the BSE. The IPO was a combination of a fresh issue of equity shares of up to Rs 5,500 crore and an OFS of 8.49 crore equity shares by the promoters and investors.
Brainbees Solutions (FirstCry)
Brainbees Solutions, which operates and owns FirstCry, hit the exchanges on August 13 with a premium of 40%. The stock listed at Rs 651 on the NSE against an issue price of Rs 549.
The Pune-based startup reduced the size of its fresh issue to Rs 1,666 crore from Rs 1,816 crore disclosed in its draft red herring prospectus (DRHP), and an OFS for up to 54 million shares.
Swiggy
Sriharsha Majety-led Swiggy made a strong debut on the bourses on November 13, listing at a premium of 8% over its issue price of Rs 390.
Swiggy had set the price band for its IPO at Rs 371-390 per equity share of the face value of Re 1.
“We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint (and) stores network for Instamart business,” Majety told reporters after the listing.
In addition to these, several other notable companies, including Zinka Logistics Solutions Limited (BlackBuck), TBO Tek and TAC Infosec also made their stock market debut. The IPOs of these startups in 2024 highlight the growth of India’s startup ecosystem, with businesses from diverse sectors leveraging the rising demand for innovative solutions. As these companies grow, they play a key role in shaping the future of India’s economy.
Mobikwik ready to hit the bourses
Gurugram-based fintech startup Mobikwik’s IPO book-building process closed Friday, generating demand for almost 120 times the shares on offer. The company is offering 11.8 million shares and received bids for 1.4 billion shares.
Mobikwik is looking to raise Rs 572 crore through the public issue, which is its second attempt to list the company on the bourses. While the Gurugram-based startup had first decided to raise Rs 700 crore in its January prospectus filed with markets regulator Securities and Exchange Board of India (Sebi), it eventually trimmed the size of the issue to Rs 572 crore.
Bluestone IPO
Jewellery retailer Bluestone, which filed the draft papers for an IPO on December 12, is expected to price the issue at a valuation of Rs 12,000-13,000 crore, a more than 50% jump from its most recent fundraising from the private market.
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