5 Mega IPOs to Watch Before 2024 Ends: Hyundai, Swiggy, and More

As 2024 approaches its final stretch, all eyes are not just on the festive season but also on the IPO market, which is poised to deliver a series of highly anticipated offerings. Investors are gearing up for what could be one of the most exciting periods on Dalal Street, with several blockbuster IPOs expected to go live in the coming months.

Just as the festive season brings anticipation and excitement, these upcoming IPOs are generating significant buzz in the stock market, promising a range of opportunities for investors. With major players such as Hyundai Motors and Swiggy preparing to make their market debuts, 2024 could end on a high note for IPO enthusiasts.

Here’s a closer look at the top five IPOs slated to launch before 2024 wraps up:

Hyundai Motors India IPO

Hyundai Motors India is preparing for a historic IPO that could set a record for the largest-ever public offering in Indian history. The company, which has already secured approval from the Securities and Exchange Board of India (Sebi), is expected to hit the stock market by October 2024.

Hyundai Motors India plans to raise approximately $3 billion (around Rs 25,000 crore) through an offer-for-sale (OFS), with the parent company, Hyundai Motor Company, selling a portion of its shares to the public. This IPO is not only expected to enhance Hyundai’s presence in India but also provide liquidity to its shareholders, making it a highly anticipated event on Dalal Street.

Swiggy IPO

Swiggy, one of India’s largest and most popular food delivery platforms, is gearing up for its much-awaited IPO. The company, which has received regulatory approval from Sebi, is expected to launch its public offering as early as November 2024.

Swiggy is aiming to raise Rs 11,000 crore, including a fresh issue worth Rs 5,000 crore. With a valuation of $9.3 billion as of August 2023 and backing from prominent investors such as Prosus, SoftBank, and Accel, Swiggy’s stock market debut is expected to attract significant attention from both retail and institutional investors. As food delivery services continue to grow in popularity in India, Swiggy’s IPO could prove to be one of the year’s standout offerings.

NTPC Green Energy IPO

NTPC Green Energy, a subsidiary of the National Thermal Power Corporation (NTPC), is expected to launch its Rs 10,000 crore IPO in early November 2024, according to media reports. This renewable energy-focused arm of NTPC has already filed its draft red herring prospectus (DRHP) with Sebi and is gearing up for its public debut.

The IPO will include both a fresh issue of shares and an offer-for-sale, with proceeds aimed at expanding NTPC Green Energy’s solar and wind energy projects. Given India’s ongoing push for cleaner, renewable energy, this IPO is likely to attract investors who are focused on sustainable and environmentally friendly investments.

Ather Energy IPO

Ather Energy, a leading manufacturer of electric two-wheelers in India, is another highly anticipated IPO expected to hit the market before the end of 2024. Having filed its draft papers with Sebi in September, Ather plans to raise Rs 3,100 crore through a fresh issue of shares.

The offering will also include an offer-for-sale by early investors like Tiger Global, GIC, and 3State Ventures, allowing them to partially exit their positions. Ather’s competitor, Ola Electric, recently went public with great success, adding to the anticipation surrounding this offering. Ather’s IPO is expected to further solidify its standing as a key player in India’s growing electric vehicle market.

HDB Financial Services IPO

HDB Financial Services, a non-banking financial subsidiary of HDFC Bank, is preparing to go public by December 2024 or early 2025, according to media reports. HDFC Bank’s board recently approved the IPO, which will include a fresh issue of shares worth Rs 2,500 crore alongside an offer-for-sale by existing shareholders.

The IPO is expected to value HDB Financial Services at between $7 billion and $8 billion. With HDFC Bank owning a 94.64% stake in the company, this public offering is seen as a strategic move to unlock value for its shareholders. Additionally, global financial institutions such as Morgan Stanley, Bank of America, and Nomura, along with domestic firms like ICICI Securities, Axis Capital, and IIFL, have been selected to manage the offering.

Conclusion:

As we near the end of 2024, the Indian IPO market is set to experience a flurry of activity with major companies like Hyundai Motors, Swiggy, NTPC Green Energy, Ather Energy, and HDB Financial Services preparing to go public. These IPOs span across diverse sectors—automotive, renewable energy, electric vehicles, food delivery, and financial services—offering investors a wide array of opportunities to diversify their portfolios.

With the potential to generate significant returns and drive market momentum, these upcoming IPOs are expected to not only light up Dalal Street but also shape the future of India's investment landscape. Whether you are a seasoned investor or new to the market, keeping an eye on these offerings could lead to promising gains as 2024 comes to a close.