Introduction:
India’s IPO market is bustling, ranking second globally after the US, which raised $26.3 billion this year. Following Swiggy’s successful IPO closure on 8th November 2024, India has surpassed its previous record set in 2021, with IPOs raising over Rs.1.19 lakh crore.
This surge reflects a strong domestic market, investor confidence, and favorable regulations. As businesses seize this momentum, sectors like tech and renewable energy are dominating, drawing keen interest from retail and institutional investors alike.
Investment advisory services often see this period as an opportune time to evaluate upcoming IPOs, backed by tools like stock screeners to identify promising opportunities. Let’s dive into the details of the upcoming IPOs in November 2024. But before the details, let’s brush through the concept of IPO and the types of IPOs.
What is an IPO?
An Initial Public Offering (IPO) is a company’s first step in selling shares to the public. Through an IPO, a private company raises capital, lists its shares on a stock exchange, and becomes publicly traded. This helps the company attract new investors and funding to support growth, scale up, or even allow early investors to partially or fully exit.
An IPO creates opportunities for various investor types. Companies launching IPOs invite funds from four main investor categories:
- Retail Individual Investors (RIIs)
- Qualified Institutional Investors (QIIs); QIIs investing over Rs.10 crore are often considered anchor investors.
- Non-Institutional Investors (NIIs) or High Net-worth Investors (HNIs)
- Employees.
The Securities and Exchange Board of India (SEBI) regulates this process in India to ensure transparency and investor protection.
There are two IPO types: book-building and fixed-price offerings, each differing in how share prices are set.
Fixed Price IPO:
In a fixed-price IPO, the company and its underwriters analyze its assets, liabilities, and finances to set a price per share for raising funds. This issue price is printed on the order paper, and the document includes both qualitative and quantitative justifications for the pricing. Demand for these securities is revealed only after the offer period ends. Fixed-price IPOs often see high levels of oversubscription, sometimes by hundreds of times.
Book Building IPO:
Book building is relatively new to India compared to its history in Western markets. Unlike a fixed price, there is a price range with a ‘floor price’ as the minimum and a ‘cap price’ as the maximum. This range appears on the order paper, and investors can bid for shares within it.
The final share price depends on the bids received, usually set at or above the floor price. Unlike fixed-price issues, demand is visible daily as bids come in, giving a live picture of investor interest while the book is being built.
Upcoming and Latest IPOs of November 2024:
| Company Name | Open Date | Close Date | Issue Price | Issue Size | Status |
| Sagility India IPO | 5th Nov | 7th Nov | Rs.28 to Rs.30 | Rs.2106.60 crore | Listed |
| Swiggy IPO | 6th Nov | 8th Nov | Rs.371 to Rs.390 | Rs.11327.43 crore | Listed |
| ACME Solar Holdings IPO | 6th Nov | 8th Nov | Rs.275 to Rs.289 | Rs.2900 crore | Listed |
| Niva Bupa Health Insurance IPO | 7th Nov | 11th Nov | Rs.70 to Rs.74 | Rs.2200 crore | Listed |
| Neelam Linens And Garments India Ltd | 8th Nov | 12th Nov | Rs.20 to Rs.24 | Rs.13 crore | IPO Closed |
| Mangal Compusolution Ltd | 12th Nov | 14th Nov | Rs.45 | Rs.16.23 crore | IPO Closed |
| Zinka Logistics Solutions Ltd | 13th Nov | 18th Nov | Rs.259 to Rs.273 | Rs.1114.72 crore | Open IPO |
| Onyx Biotec Ltd | 13th Nov | 18th Nov | Rs.58 to Rs.61 | Rs.29.34 crore | Open IPO |
| Rosmerta Digital Services | 18th Nov | 21st Nov | Rs.140 to Rs.147 | Rs.206.33 crore | Upcoming |
| NTPC Green Energy Ltd | 19th Nov | 22nd Nov | Rs.102 to Rs.108 | Rs.10000 crore | Upcoming |
| Lamosaic India Ltd | 21st Nov | 26th Nov | Rs.200 | Rs.61.2 crore | Upcoming |
| C2C Advanced Systems Ltd | 22nd Nov | 26th Nov | Rs.214 to Rs.226 | Rs.99.07 crore | Upcoming |
Overview of the Upcoming IPOs of November 2024:
Rosmerta Digital Services:
Rosmerta Digital Services Limited, founded in 2021, delivers digital and distribution solutions in the automotive sector, specializing in vehicle registration and last-mile delivery.
Its core services include digitally enabled solutions for vehicle registration, last-mile delivery, and garage services. Serving clients like OLA Electric and Royal Enfield, Rosmerta has gained recognition for its URJA platform and MyRaasta app, which simplify processes and bolster digital sales.
Rosmerta Digital Services’ upcoming IPO will feature a fresh issue of shares worth Rs.206.33 crores. The minimum application lot is 1,000 shares, requiring an initial investment of Rs.147,000.
This book-built IPO aims to raise funds for strategic acquisitions, office space purchases in Mumbai, warehouse and model workshop establishments, IT infrastructure development, and working capital needs.
NTPC Green Energy Limited:
NTPC Green Energy Limited (NGEL) was incorporated in April 2022 as a wholly-owned subsidiary of NTPC Limited, focusing on renewable energy. As of June 30, 2024, NGEL operates a portfolio with a total capacity of 14,696 MW. The company draws on NTPC’s expertise in executing large-scale projects and strong ties with suppliers and off-takers.
The IPO offers a fresh issue of 92.59 crore shares, with a minimum lot size of 138 shares, making the retail entry point Rs.14,904. The minimum investment required for small non-institutional investors (sNII) is Rs.208,656, while large non-institutional investors (bNII) will need at least Rs.1,013,472.
Lamosaic India Limited:
Lamosaic India Limited, founded in January 2020, specializes in trading and manufacturing flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood. It customizes products based on customer orders, including laminated and decorative flush doors.
Headquartered in Maharashtra, it primarily operates there and has a distribution franchise in Mumbai. The company’s fixed-price IPO aims to raise funds for several purposes: repaying borrowings, meeting working capital needs, pursuing inorganic growth, and general corporate requirements.
Retail investors can participate with a minimum application of 600 shares, requiring an investment of Rs.120,000. High Net-Worth Individuals (HNIs) have a minimum application size of 1,200 shares (2 lots), totaling Rs.240,000.
C2C Advanced Systems Limited:
Founded in 2018, C2C Advanced Systems Limited (formerly C2C – DB Systems Private Limited) specializes in defense electronics, focusing on indigenously developed solutions. It offers C4I systems, AI/ML-based analytics, real-time data integration, and embedded design tailored for defense applications.
C2C’s growth is backed by a robust business model centered on defense electronics, AI/ML solutions, and government initiatives like “Atmanirbhar Bharat.”
The IPO includes 43.84 lakh shares through a fresh issue, with a minimum lot size of 600 shares. Funds raised will support capital expenditure on hardware and software, establish Experience Centres in Bengaluru and Dubai, cover working capital needs, and go toward general corporate purposes.
Bottomline:
The latest IPOs in November 2024 offer great opportunities to invest in diverse sectors, like renewable energy, defense, and manufacturing, and to diversify portfolios. Investing in IPOs can be an excellent way to join a company’s growth story early. The potential for high returns often draws significant attention, especially in a market like India’s. However, IPO investments carry risks, including price volatility, oversubscription challenges, and unpredictable post-listing performance.
So, while upcoming IPOs pose a strong opportunity, investment decisions must be backed by thorough research and a fair understanding of the share market basics. For guidance on the best research approach, you can seek the services of SEBI-registered investment advisory firms.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
FAQ
What is the primary market?
In the primary market, new securities are issued and sold directly by companies or governments to investors to raise capital.
Can I cancel an IPO application?
Yes, in most cases, you can revise or cancel your IPO application before the IPO’s closing date. If you’ve applied through a broker or online platform, they usually allow you to modify your bid or withdraw your application within the specified window.
What is the ‘basis of allotment’?
The Basis of Allotment is a document published by the registrar of an IPO. It details the final price, subscription information, and the share allocation ratio for investors based on their bids. It helps determine how shares are distributed among applicants.
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.
