A Look at the Most Anticipated IPOs in India for 2024

As 2024 races to its final quarter, the excitement in India’s stock market is palpable. Investors have had a thrilling year so far, with dozens of companies debuting on the stock exchange, but the most exciting phase is yet to come. Some of the biggest names in various sectors are preparing to launch their Initial Public Offerings (IPOs) in the next few months, offering new investment opportunities to both institutional and retail investors. With companies like Swiggy, Hyundai, and NTPC Green Energy at the forefront, the final quarter of 2024 could shape up to be monumental. Here’s a closer look at the key upcoming IPOs that investors should keep an eye on:

Expected Date: November 2024 Swiggy, a household name in India when it comes to food delivery and now quick commerce, is all set to go public. This IPO, expected in November, is valued at ₹11,000 crore, with about ₹5,000 crore coming from the fresh issue of shares. Swiggy’s growth over the years has been nothing short of meteoric. Starting as a food delivery platform, it has now ventured into the rapid grocery delivery space with Swiggy Instamart, rivaling platforms like Zomato and Blinkit. The funds raised from this IPO are expected to help Swiggy further scale its operations and improve its logistics, which will be essential in keeping up with growing competition. For investors, this IPO offers a piece of one of India’s most recognized digital brands, making it a highly anticipated offering.

Expected Date: November 2024 Hyundai’s IPO could be the largest public offering in Indian history, surpassing the record set by LIC in 2022. The Korean automaker’s Indian subsidiary is aiming to raise $3 billion (around ₹25,000 crore), making this IPO a potential landmark event. Unlike many IPOs, which often have a fresh issue of shares, Hyundai’s offering will be an Offer-for-Sale (OFS), meaning existing shareholders will sell part of their stakes. Hyundai's presence in India is already immense, with a significant market share in both traditional and electric vehicles. As the Indian automotive industry shifts toward electric mobility, Hyundai’s strategic investments in electric cars like the Ioniq 5 and Kona EV make this IPO attractive for long-term investors.

Expected Date: October/November 2024 India is increasingly positioning itself as a leader in renewable energy, and NTPC Green Energy’s IPO aligns with this mission. This wholly owned subsidiary of NTPC, one of the largest energy producers in the country, aims to raise ₹10,000 crore through its public offering. The proceeds from the IPO will help fund the company's expansion into wind, solar, and other renewable energy projects. With India setting ambitious goals for green energy production and NTPC Green’s established foothold in the market, this IPO presents a great opportunity for environmentally conscious investors or anyone looking to capitalize on the future of clean energy.

Expected Date: October 2024 Part of the Shapoorji Pallonji Group, Afcons Infrastructure has been instrumental in some of India’s most significant infrastructure projects. From bridges to tunnels to metro rail systems, Afcons has been a pioneer in India’s development story. In October, the company is expected to raise around ₹8,400 crore through its IPO. Afcons plans to use the funds to fuel its future projects and pay off existing debts, making it an attractive option for investors seeking to be part of India's ongoing infrastructure expansion. The construction and infrastructure sectors are key drivers of India's economic growth, and Afcons' IPO could allow investors to directly benefit from the country's long-term growth trajectory.

Expected Date: Q4 FY25 Canara Robeco Asset Management Company, a joint venture between Canara Bank and Robeco Group, is planning to go public by the end of FY25. The Indian asset management market has been growing rapidly as more retail investors enter the stock markets through mutual funds. With over ₹50,000 crore in assets under management (AUM), Canara Robeco AMC is well-positioned to benefit from this trend. The IPO will allow Canara Bank to divest a 13% stake in its subsidiary, and the funds raised will likely be used to further grow the business and expand its product offerings. For investors looking to gain exposure to India’s growing financial market, this could be an attractive opportunity.

Expected Date: Pending Final Approval HDB Financial Services, a subsidiary of HDFC Bank, is another major player expected to hit the markets soon. With plans to raise around ₹2,500 crore, the company aims to boost its lending capacity and expand its financial services. HDB Financial focuses on retail loans, vehicle financing, and SME lending, all sectors poised for growth in the coming years. Given its close association with HDFC Bank, one of India’s most trusted financial institutions, this IPO is expected to generate significant interest among investors.

Hero MotoCorp is lining up two IPOs from its subsidiaries - Ather Energy and Hero FinCorp. Ather Energy has been making waves in the electric two-wheeler space, and with India's push toward electric vehicles, Ather’s IPO will likely draw substantial attention. Expected to raise ₹3,100 crore, the funds will help Ather Energy scale its operations and manufacturing capabilities. Hero FinCorp, the financing arm of Hero MotoCorp, is another exciting IPO in the pipeline. Expected to raise ₹3,688 crore, this IPO will help the company expand its lending operations, particularly in vehicle loans and SME financing.

Microfinance has become an important tool for financial inclusion in India, and both Belstar Microfinance and Asirvad Microfinance are preparing to go public in the near future. Belstar, backed by Muthoot Finance, is expected to raise ₹1,300 crore, while Asirvad, part of Manappuram Finance, plans to raise ₹1,500 crore. Microfinance institutions are critical for providing credit to underserved communities, especially in rural areas. These IPOs offer investors the chance to support social causes while potentially earning high returns.