A Historic Surge in India’s Primary Markets: IPOs in 2024
As we approach the end of 2024, the Indian primary markets have witnessed an unprecedented surge, with companies raising over ₹1.19 lakh crore through initial public offerings (IPOs). This remarkable achievement has positioned India as the second-largest IPO market globally, trailing only the United States, which has seen companies raise a staggering $26.3 billion this year. The enthusiasm surrounding IPOs reflects a robust investor sentiment and a growing appetite for equity investments in the country.
Record-Breaking Activity in the Primary Market
So far this year, more than 64 companies have tapped into the primary markets, showcasing a diverse range of sectors and business models. This influx of capital not only highlights the resilience of the Indian economy but also underscores the increasing confidence of investors in the growth potential of Indian businesses. The momentum is expected to continue, particularly with several high-profile IPOs scheduled for the upcoming weeks.
Upcoming IPOs: A Look Ahead
The week starting November 18 promises to be particularly exciting for investors, with the much-anticipated ₹10,000-crore public offer from NTPC Green Energy Limited set to open for subscription. Alongside NTPC, four other companies, including Zinka Logistics Solutions, are preparing to make their stock market debuts, further fueling the IPO frenzy.
NTPC Green Energy IPO (Opens November 19)
NTPC Green Energy Limited’s IPO is one of the most awaited offerings this month. The subscription window will open on November 19 and close on November 22. The IPO consists of a fresh issuance of 92.59 crore shares, with a price band set between ₹102 and ₹108 per share. Retail investors can participate by bidding for a minimum lot size of 138 shares, which translates to an investment of ₹14,904.
For NTPC shareholders, the company has reserved shares worth ₹1,000 crore under a special quota, allowing them to apply for shares without any discount. Eligible applicants must have held NTPC shares on the filing date of the Red Herring Prospectus (RHP), which was submitted on November 13, 2024.
Lamosaic India IPO (Opens November 21)
Following closely, Lamosaic India Limited will launch its IPO from November 21 to November 26, aiming to raise ₹61.2 crore through a fresh issuance of 30.6 lakh shares. The price has been fixed at ₹200 per share, with a minimum lot size of 600 shares, requiring an investment of ₹1,20,000. The shares are expected to be listed on the NSE SME platform Emerge, with a tentative listing date of November 29.
C2C Advanced Systems IPO (Opens November 22)
C2C Advanced Systems, specializing in defense electronics solutions, will open its IPO for bidding on November 22. This book-building issue is valued at ₹99.07 crore and consists of a fresh issue of 43.84 lakh shares. The price band is set between ₹214 and ₹226 per share, with a minimum lot size of 600 shares, requiring an investment of ₹1,35,600. The expected listing date for C2C Advanced Systems is also November 29.
Closing Subscription Windows and Upcoming Listings
As the subscription windows for several IPOs close, investors are keenly watching the developments. The Onyx Biotec IPO and Zinka Logistics Solutions IPO will close on November 18, while NTPC Green Energy’s bidding window will conclude on November 22.
In terms of listings, shares of Neelam Linens and Garments (India) Limited are anticipated to be listed on the NSE SME platform Emerge on November 18. Mangal Compusolution Limited’s listing is scheduled for November 20, but may be postponed due to the Maharashtra elections. On November 21, shares of Zinka Logistics Solutions Ltd and Onyx Biotec Limited are expected to be listed on the NSE and BSE.
Future IPOs to Watch
Investors are also looking forward to several other public issues expected later this month. Notably, Avanse Financial Services Ltd aims to raise ₹3,500 crore through its IPO, which includes a fresh offer of ₹1,000 crore and an offer-for-sale (OFS) component of ₹2,500 crore. Additionally, Mobikwik Systems is preparing to launch its ₹1,900 crore public issue, comprising an OFS of ₹400 crore and a fresh issuance of ₹1,500 crore. The specific dates and price bands for these offerings are yet to be finalized.
Conclusion
The primary market activity in India during 2024 has been nothing short of historic, reflecting a vibrant and dynamic investment landscape. With several high-profile IPOs on the horizon, investors have much to look forward to as they navigate this exciting phase in the Indian equity market. For those interested in staying updated on IPO listings, schedules, and upcoming offerings, further information can be found here.