Upcoming IPOs: Swiggy, Hyundai, NTPC Green Energy among big companies likely to go public soon

India’s primary market has seen a blockbuster phase so far in 2024, with as many as 64 mainboard issues successfully listing on the exchanges. It is anticipated that the last three months of the current year are likely to be an action-packed period for investors as several big-ticket IPOs are expected to be launched.

Big companies like Hyundai, Swiggy and others plan to launch their initial public offerings (IPOs) in the upcoming months after getting final approval from the Securities Exchange Board of India (Sebi).

Swiggy IPO (Expected date: November 2024)

Quick commerce and food delivery major Swiggy received approval from market regulator SEBI in September 24 for its ₹11,000 crore IPO, according to reports. Out of the total IPO funds, the company is likely to raise ₹5,000 crore through a fresh issue of shares, according to a Business Standard report.

Though no information is available about the official launch date of the IPO. However, a Moneycontrol report suggests that the public offer is expected to open in November 2024.

Hyundai IPO (Expected date: November 2024)

Earlier this year, on June 15, Hyundai India filed the draft papers with SEBI for its $3 billion IPO. According to a report by Moneycontrol, the automaker has received the market regulator’s nod for its public offer, and an October launch could be possible. According to the DRHP, the IPO will comprise entirely an offer-for-sale of 14.2 crore shares.

If everything goes as planned, this will be the biggest public offering in India. LIC's $2.7 billion listing in 2022 was the largest IPO so far. This will also be the largest IPO by an automotive company since Maruti Suzuki’s listing in 2003.

Afcons Infrastructure IPO (Expected date: October 2024)

According to a report by the Economic Times, the Afcons Infrastructure IPO, which is part of the Shapoorji Pallonji Group, is likely to open for subscription in the first week of October.

According to the DRHP filed with the SEBI, the Afcons Infrastructure IPO consists of a fresh issuance aggregating up to ₹1,250 crore and an OFS component aimed at raising ₹5,750 crore by the promoter, Goswami Infratech. The ET report added that the company is also likely to increase the size of the issue to ₹8,400 crore.

The construction firm plans to use the proceeds of its issue to fund capital expenditures, working capital needs, and debt repayment.

NTPC Green Energy IPO (Expected date: October/November 2024)

NTPC Green Energy, a wholly owned subsidiary of state-owned company NTPC, filed its DRHP with the SEBI earlier this month. NTPC Green Energy aims to raise ₹ 10,000 crore via its public issue through a fresh issuance of equity shares. According to reports, the NTPC Green Energy IPO is likely to open for subscription in the first week of November 2024.

Canara Robeco AMC IPO (Expected date: Q4FY25)

Earlier this year, in March, Canara Bank informed the exchanges that it plans to sell 13% of its stake in subsidiary Canara Robeco Asset Management Company (AMC) through the IPO route. According to reports, the Canara Robeco AMC IPO is expected to be launched in the fourth quarter of the current financial year.

HDB Financial Services IPO (Shareholder approval pending)

HDFC Bank informed the exchanges on September 20 about board approval for the IPO of its subsidiary HDB Financial Services. The financing arm of HDFC Bank is expected to raise up to ₹2,500 crore through fresh issue of shares along with an offer-for-sale (OFS). The dates for the public issue are not known yet.

Other IPOs to watch out for

In addition to these big-ticket IPOs, SEBI has also given the go-ahead to the public issues of Belstar Microfinance and Asirvad MicroFinance.

Muthoot Finance, the parent company of Belstar Microfinance, plans to launch an initial public offering (IPO) featuring a fresh issue of ₹1,000 crore and an OFS of ₹300 crore. On the other hand, Asirvad MicroFinance, a subsidiary of Manappuram Finance, will raise funds through a fresh issue of equity shares worth up to ₹1,500 crore.

Two subsidiaries of automotive company Hero MotoCorp are also likely to go public soon. Hero MotoCorp subsidiary Ather Energy, an electric two-wheeler manufacturer, plans to raise ₹3,100 crore via a fresh issue of shares. The company filed the draft papers with SEBI on September 9.

Hero FinCorp, the financial services arm of the two-wheeler maker, is also likely to launch its IPO soon. The company filed DRHP with Sebi in August.

Hero FinCorp plans to raise ₹3,688 crore through a fresh issue of shares aggregating to ₹2,100 crore and an OFS component worth ₹1,568 crore.