Upcoming IPOs: Swiggy, Hyundai, Ola Electric among big companies likely to go public soon

India’s primary market is likely to have an action-packed FY25 with over 24 companies going public in the upcoming weeks and many more expected to get approval from Securities Exchange Board of India’s (Sebi) soon. These public issues are likely to raise as much as ₹30,000 crore from the primary market.

Even as broader equity indices touched new highs and stocks traded at high valuations, reports suggest that investors are still eager to purchase new shares.

Here’s a look at some big companies planning to launch their IPOs soon:

Ola Electric IPO

Electric two wheeler manufacturer Ola Electric on June 11 received market regulator Sebi’s approval for launching its IPO, according to reports. The Ola Electric's IPO consists of a fresh issue valued at ₹5,500 crore along with an offer-for-sale (OFS) component of ₹1,750 crore totalling to an offer size of ₹7,250 crore, according to the company’s Draft Red Herring Prospectus (DRHP). The existing shareholders of the company are likely to offload 95.19 million shares through the OFS.

The EV maker plans to use the funds for capital expenditure, repayment of borrowings and for research and development (R&D).

FirstCry IPO

Earlier this year on April 30 omnichannel retailer FirstCry re-filed its draft documents for its IPO after the market regulator asked the company citing lack of adequate disclosure in key performance indicators. The company plans to raise $218 million (₹1,822 crore approximately) through a fresh issue of shares and an OFS of 54 million shares by existing investors, according to the company’s DRHP. The company is likely to float its IPO in July according to reports.

Hyundai IPO

Korean automotive giant Hyundai is slated to file a DRHP with Sebi in the upcoming weeks, according to reports. The market regulator is likely to approve the DRHP within a period of 60-90 days after the DRHP filing. The public issue of the carmaker could be launched in September or October.

Bankers such as Citibank, Morgan Stanley, Kotak Mahindra, HSBC and JPMorgan have been roped in to manage the public issue as per reports. The automobile manufacturer is seeking a valuation of $22-28 billion for its Indian subsidiary and is also deliberating on a 15-20% stake sale through the IPO, which is likely to be an OFS by the South Korea-based parent company.

Haldiram's IPO

Snacks maker Haldiram Snacks Pvt Ltd is likely to launch its IPO, after the stalling of a deal on stake sale to foreign investors, according to reports. However, the decision to launch an IPO is still in the preliminary stage and reports suggest that the controlling shareholders might lower their asking price and go ahead with a sale.

Also read: Haldiram’s to take IPO route as stake sale talks stall over valuation

Swiggy IPO

Shareholders of the food-delivery app have approved the company’s decision to launch an IPO, after a special resolution was passed at Swiggy's Extraordinary General Meeting (EGM) held on April 23, according to reports.

The food delivery business aims to raise up to ₹3,750 crore ($450 million) through a fresh issue along with an offer-for-sale (OFS) component which is likely to be worth up to ₹6,664 crore ($800 million) according to reports.

Besides these companies, Afcons Infrastructure, the construction arm of the Shapoorji Pallonji Group might also launch its IPO to raise ₹7,000 crore. Emcure Pharmaceuticals, Allied Blenders and Distillers, Waaree Energies are among 24 companies planning to bring their IPOs.

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