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Business News/ Markets / Stock Markets/  IPO Frenzy: 16 companies hit Dalal Street in January with 6 more set to list; a look at top performers
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IPO Frenzy: 16 companies hit Dalal Street in January with 6 more set to list; a look at top performers

16 companies made their debut on Dalal Street in January, and an additional six companies are scheduled to list this month, bringing the total number of new listings to 22. In terms of top performers, Kay Cee Energy & Infra stood at the top with a gain of 447% over the issue price of ₹54 apiece.

Ola Electric, FirstCry, Aakash, PhonePe, Swiggy, PayU India, MobiKwik, Awfis Space Solutions, Unicommerce, Oyo, and PharmEasy are anticipated to make their stock market debuts this year. (iStock)Premium
Ola Electric, FirstCry, Aakash, PhonePe, Swiggy, PayU India, MobiKwik, Awfis Space Solutions, Unicommerce, Oyo, and PharmEasy are anticipated to make their stock market debuts this year. (iStock)

Building on the momentum from the record number of companies that went public in 2023, the IPO trend is persisting in 2024. 16 companies have already made their debut on Dalal Street in January, and an additional six companies are scheduled to list this month, bringing the total number of new listings to 22.

Out of these 16 companies that made their debut in January, 14 fall under the SME category, showcasing a significant presence of smaller enterprises entering the market. The remaining two, namely Medi Assist Healthcare Services and Jyoti CNC Automation, represent listings from mainline category. 

Also Read: Qualitek Labs shares make stellar debut; stock lists with 90% premium at 190

In terms of top performers, Kay Cee Energy & Infra stood at the top, currently trading at 295.95 apiece, which is 447% higher than its IPO price of 54. Following closely are Maxposure Australian Premium Solar (India), Shri Balaji Valve Components, and Akanksha Power and Infrastructure, all trading with gains ranging from 130% to 276% from their respective issue prices.

However, Sameera Agro and Infra stock stands as an exception, trading 35% below its IPO price of 180 apiece. It's worth noting that in 2023, a total of 176 SME companies successfully entered the Indian secondary market.

Also Read: Multibagger SME stock turns 1 lakh an allottee into 4.41 lakh in 5 years

Upcoming mainline IPOs

Going forward, a significant number of mainline IPOs are expected to list this year. 

Ola Electric, the e-scooter manufacturer backed by SoftBank Group, has taken the first step by submitting its initial draft papers to the Securities and Exchange Board of India (SEBI) for an IPO with the goal of raising 5,500 crore.

Omnichannel retailer FirstCry has also entered the IPO arena. It filed draft documents for an initial public issue, consisting of 1,816 crore ($218 million) worth of fresh shares and an additional 54 million shares offered for sale by its existing investors.

Also Read: Firstcry IPO: Here are 10 key things to know from DRHP

Additionally, Aakash, which was acquired by the prominent ed-tech firm Byju in 2021 for a substantial $950 million, is reportedly gearing up to launch its initial public offering (IPO) by mid-2024.

PhonePe, a frontrunner in India's digital payment arena, is setting its sights on an initial public offering in the 2024–2025 timeframe. Bolstered by a $200 million investment from Walmart, which valued the company at $12 billion, PhonePe is currently in the process of raising a substantial $2 billion fund.

With its strategic diversification across multiple facets of digital payments and a robust trajectory of growth, the anticipation surrounding PhonePe's impending IPO is palpable.

Also Read: 2023 in Review: 62 of 176 SMEs listed this year have delivered multibagger returns; details here

Swiggy, a leading player in the food delivery sector, is poised to make its debut on the public market in 2024. With a valuation of $10.7 billion, the company holds a commanding position in India's food delivery market.

PayU India, a subsidiary of Prosus, is anticipated to be prepared for an initial public offering by the latter half of 2024.

MobiKwik is said to be collaborating with DAM Capital Advisors and SBI Capital Markets to facilitate its IPO, with an ambitious goal of raising approximately $84 million. Despite having postponed its IPO aspirations earlier, the company is now gearing up for a listing in 2024.

Additionally, Awfis Space Solutions, Unicommerce, Oyo, and PharmEasy are anticipated to make their stock market debuts this year.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

 

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Published: 29 Jan 2024, 02:50 PM IST
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