India’s IPO market has grown significantly, raising a record Rs 1.6 lakh crore in 2024. This remarkable performance is a sign of growing investor interest and an indicator of India’s vibrant economic growth and business confidence.
Businesses are tapping into public markets, from technology to manufacturing and finance, to fuel expansion and innovation. As 2025 approaches, the market is gearing up for even bigger milestones.
Alongside this booming trend, the primary market is buzzing with upcoming listings, with one mainboard IPO and 2 SME IPOs ready to open, and 8 more listings scheduled for the week ahead. The total IPO fundraising for December exceeded Rs 26,000 crore, with over Rs 25,400 crore coming from public issues in the mainboard segment. Source: Moneycontrol
Diverse Companies and Larger Issue Sizes
The year saw companies of all sizes, from large to small market capitalizations, tapping into the IPO route. The average issue size rose from Rs 867 crore in 2023 to over Rs 1,700 crore in 2024, reflecting increased issuer confidence and investor interest.
Landmark IPOs of 2024
Hyundai Motor India’s Rs 27,870 crore IPO became the largest in India’s history. Other Major IPOs: Swiggy (Rs 11,327 crore), NTPC Green Energy (Rs 10,000 crore), Bajaj Housing Finance (Rs 6,560 crore), and Ola Electric Mobility (Rs 6,145 crore) followed. Vibhor Steel Tubes launched the smallest IPO, raising Rs 72 crore, showcasing the diversity of companies accessing capital markets. Source: Moneycontrol
December 2024: A Busy Month
In December alone, 15 IPO launches occurred, underscoring the sustained vibrancy of the market. Rising retail participation, strong domestic inflows, and active involvement by foreign portfolio investors (FPIs) have fueled the boom despite FPIs being net sellers in the secondary market.
Private capital expenditure (capex) and the government’s strategic focus on infrastructure and key sectors have provided a solid foundation for the fundraising momentum. Source: Moneycontrol
8 Companies Set to Debut on Stock Exchanges This Week
This week will see a flurry of new listings on Indian stock exchanges:
- Mainboard Listings: Transrail Lighting, DAM Capital Advisors, Mamata Machinery, Sanathan Textiles, and Concord Enviro Systems are scheduled to list on the BSE and NSE on December 27th.
- SME Segment: NACDAC Infrastructure is slated to list on the BSE SME platform on December 24th.
- NSE Emerge: Identical Brains Studios will list on December 26th, followed by Newmalayalam Steel on December 27th. Source: Moneycontrol
Market Performance (Grey Market Premium):
- DAM Capital Advisors shares are trading at over 50% above the upper price band.
- Mamata Machinery IPO shares saw a 107% premium.
- Transrail Lighting shares gained over 40% premium.
- Sanathan Textiles and Concord Enviro Systems are trading at a 10% premium.
Source: Moneycontrol
Transrail Lighting IPO Details
| Offer Price | ₹410 – ₹432 per share |
| Face Value | ₹2 per share |
| Opening Date | 19 December 2024 |
| Closing Date | 23 December 2024 |
| Total Issue Size (in Shares) | 1,94,19,259 |
| Total Issue Size (in ₹) | ₹838.91 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 34 Shares |
| Listing at | BSE, NSE |
DAM Capital Advisors Limited IPO
| Offer Price | ₹269 – ₹283 per share |
| Face Value | ₹2 per share |
| Opening Date | 19 December 2024 |
| Closing Date | 23 December 2024 |
| Total Issue Size (in Shares) | 2,96,90,900 |
| Total Issue Size (in ₹) | ₹840.25 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 53 Shares |
| Listing at | BSE, NSE |
Mamata Machinery Limited IPO
| Offer Price | ₹230 – ₹243 per share |
| Face Value | ₹10 per share |
| Opening Date | 19 December 2024 |
| Closing Date | 23 December 2024 |
| Total Issue Size (in Shares) | 73,82,340 |
| Total Issue Size (in ₹) | ₹179.39 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 61 Shares |
| Listing at | BSE, NSE |
Sanathan Textiles Limited IPO
| Offer Price | ₹305 – ₹321 per share |
| Face Value | ₹10 per share |
| Opening Date | 19 December 2024 |
| Closing Date | 23 December 2024 |
| Total Issue Size (in Shares) | 1,71,33,958 |
| Total Issue Size (in ₹) | ₹550.00 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 46 Shares |
| Listing at | BSE, NSE |
Concord Enviro Systems Limited IPO
| Offer Price | ₹665 – ₹701 per share |
| Face Value | ₹5 per share |
| Opening Date | 19 December 2024 |
| Closing Date | 23 December 2024 |
| Total Issue Size (in Shares) | 71,37,321 |
| Total Issue Size (in ₹) | ₹500.33 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 21 Shares |
| Listing at | BSE, NSE |
SME Listings
Apart from mainboard IPOs, three SME IPOs are scheduled for listing this week. These IPOs span sectors like infrastructure, VFX, and steel, offering investors a range of opportunities.
| IPO | Offer Price | Face Value | IPO Dates | Total Issue Size(in shares) | Total Issue Size (in ₹) | Lot Size |
| NACDAC Infrastructure | ₹33 to ₹35 per share | ₹10 per share | 17 to 19 December | 28,60,000 | ₹10.01 cr. | 4000 |
| Identical Brains Studios | ₹51 to ₹54 per share | ₹10 per share | 18 to 20 December | 36,94,000 | ₹19.95 Cr | 2000 |
| Newmalayalam Steel Limited | ₹85 to ₹90 per share | ₹10 per share | 19 to 23 December | 46,40,000 | ₹41.76 Cr | 1600 |
Upcoming IPOs: What’s Opening This Week
As the momentum continues, the primary market is buzzing with activity. In the upcoming week, one mainboard IPO and two SME IPOs are set to open, adding to the excitement as investors keenly watch these new opportunities.
Unimech Aerospace IPO
Bengaluru-based space startup Unimech Aerospace is set to launch its Rs 500 crore initial public offering (IPO) on December 23. The IPO, priced between Rs 745-785 per share, will remain open for bidding until December 26.
| Offer Price | ₹745 to ₹785 |
| Face Value | ₹5 per Share |
| Opening Date | 23rd December 2024 |
| Closing Date | 26th December 2024 |
| Total Issue Size (in Shares) | 63,69,424 shares |
| Total Issue Size (in Rs.) | ₹500.00 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 19 Shares |
| Listing at | BSE, NSE |
SWOT Analysis of Unimech Aerospace
| Strengths | Weaknesses |
| Strong Revenue Growth High Profitability Experienced Management Team Export-Oriented Business | Limited Track Record Dependence on a Few Customers Exposure to Global Economic Conditions |
| Opportunities | Threats |
| Growing Aerospace MarketProduct DiversificationStrategic Partnerships | Intense competition from both domestic and international players. Changes in government regulations or policies. Global supply chain disruptions could affect the availability of raw materials. |
Solar91 Cleantech IPO Details
Solar91 Cleantech, an SME IPO, will open for subscription on December 24 and close on December 27. The company’s equity shares will be listed on the BSE SME platform. The IPO price band is set at ₹185 to ₹195 per share. Solar91 Cleantech aims to raise ₹106 crore at the upper price limit through a fresh issue of 54.36 lakh equity shares.
| Offer Price | ₹185 to ₹195 |
| Face Value | ₹10 |
| Opening Date | 24th December 2024 |
| Closing Date | 27th December 2024 |
| Total Issue Size (in Shares) | 54,36,000 shares |
| Total Issue Size (in Rs.) | ₹106 Crores |
| Issue Type | Book Built Issue IPO |
| Lot Size | 600 Shares |
| Listing at | BSE SME |
SWOT Analysis of Solar91 Cleantech
| Strengths | Weaknesses |
| History of successful project execution. Solar91 Cleantech has demonstrated impressive financial growth in recent years. The company is led by experienced professionals with expertise in the renewable energy sector. | While Solar91 Cleantech has a presence in 13 states across India, its geographical reach is still relatively limited. The success of Solar91 Cleantech’s business is closely tied to government policies and incentives related to renewable energy. The solar energy market is highly competitive.. |
Opportunities | Threats |
| Solar91 Cleantech can expand its operations to new regions within India and explore international markets. The company can invest in research and development to adopt new technologies. Solar91 Cleantech can explore new business areas such as energy storage solutions, electric vehicle charging infrastructure, and green hydrogen. | An economic downturn could negatively impact customer demand for solar energy solutions. Changes in government policies related to renewable energy subsidies or net metering could impact the financial viability of solar projects. Rapid advancements in solar technology could make existing solutions obsolete, requiring Solar91 Cleantech to adapt and invest in new technologies continuously. |
Anya Polytech & Fertilizers IPO
The public issue for Anya Polytech & Fertilizers Ltd. will open on December 26th and close on December 30th. Investors can subscribe to the IPO between ₹13 and ₹14 per share. The minimum investment is 10,000 shares per lot. The company aims to raise ₹44.80 crores through this fresh issue. The shares of Anya Polytech & Fertilizers are expected to list on the NSE SME platform on January 2, 2025.
| Offer Price | ₹13 to ₹14 |
| Face Value | ₹2 |
| Opening Date | 26th December 2024 |
| Closing Date | 30th December 2024 |
| Total Issue Size (in Shares) | 3,20,00,000 shares |
| Total Issue Size (in Rs.) | ₹44.80 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 10,000 Shares |
| Listing at | NSE SME |
SWOT Analysis of Anya Polytech & Fertilizers
| Strengths | Weaknesses |
| The company has established a strong presence in the Indian market, with a wide distribution network across 18 states. The leadership team possesses extensive experience in the fertilizer and agricultural industry. Anya Polytech & Fertilizers is committed to research and development, introducing new and innovative products to meet the market’s evolving needs. | The company’s profitability is susceptible to fluctuations in raw material prices, which can impact margins. The fertilizer industry is highly competitive, with numerous players vying for market share. The success of the company’s business is closely tied to government policies and subsidies related to the fertilizer sector. |
Opportunities | Threats |
| Anya Polytech & Fertilizers can expand its operations to new regions within India and explore international markets to increase its customer base. The company can explore new business areas such as specialty fertilizers, bio-fertilizers, and organic farming solutions to diversify its revenue streams. The company can invest in research and development to adopt new technologies and improve the efficiency and sustainability of its production processes. | Changes in government regulations or policies related to the fertilizer industry could impact the company’s operations. Growing concerns about environmental sustainability could pose challenges to the fertilizer industry and require the company to adopt more sustainable practices. |
Why 2024 Became a Landmark Year
Several factors contributed to this record-breaking year. First, India’s economy has shown resilience post-pandemic, with consistent GDP growth and favorable government policies encouraging investment. The “Make in India” initiative and production-linked incentives (PLI) have boosted manufacturing, attracting investor confidence.
Second, the growing participation of retail investors, facilitated by easy access to trading platforms and financial literacy initiatives, has fueled demand for new IPOs. Many investors see IPOs as an opportunity to get in early on promising companies, leading to oversubscription of several issues.
Third, the global economic landscape has made India an attractive investment destination. Given the uncertainties in other markets, international investors are increasingly looking to India for stable returns.
Why SMEs Are Gaining Traction
SME IPOs are becoming increasingly popular, reflecting the rising confidence in India’s small and medium enterprises. These companies are crucial to India’s economic fabric, contributing significantly to employment and GDP. By listing on the SME platform, these businesses gain access to growth capital, enabling them to scale operations and enhance competitiveness.
Factors Driving IPO Success
- Economic Growth: India’s fast-paced economic growth continues to be a major driver, providing a favorable environment for business expansion.
- Investor Sentiment: Positive market sentiment, liquidity, and a surge in retail investor participation are propelling IPO demand.
- Digital Transformation: Many companies going public are leveraging digital technologies, making them appealing to investors looking for future-ready businesses.
- Policy Support: Government initiatives, tax incentives, and SEBI’s reforms have simplified the listing process, encouraging more companies to enter the market.
Momentum Expected to Continue in 2025
If 2024 was impressive, 2025 could be even bigger. Industry experts predict that the IPO pipeline remains strong, with several high-profile companies planning to go public. Fintech, renewable energy, and healthcare sectors are expected to dominate the IPO space.
HDB Financial Services plans a Rs 12,500 crore issue, while LG Electronics India aims for a Rs 15,000 crore IPO. Hexaware Technologies also has a Rs 9,950 crore offering in the pipeline. Source: Moneycontrol
Conclusion
India’s IPO market is experiencing a historic run, and the momentum shows no signs of slowing down. With Rs 1.6 lakh crore raised in 2024 and an exciting pipeline for 2025, investors have plenty of opportunities to participate in the country’s growth story. As new IPOs, including SME offerings, hit the market, staying informed and making strategic investment decisions can help investors capitalize on this thriving trend.
The coming weeks are set to bring even more excitement for those looking to ride the IPO wave. Keep an eye on upcoming listings and be ready to seize the opportunities that India’s booming IPO market offers.
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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.
