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

Hyundai to Swiggy: 5 Major IPOs Poised to Energize Dalal Street Before 2024 Closes

As we move into the final stretch of 2024, it’s not just the festive season bringing excitement—Dalal Street is about to see some of its biggest IPOs hit the market. With a flurry of major public offerings lined up, the end of the year promises to be just as thrilling for investors as it is for festival-goers.

Among the much-anticipated debuts are Hyundai Motors and Swiggy, setting the stage for an exciting conclusion to the IPO market in 2024. Let’s take a look at the top five IPOs that could create waves on Dalal Street and offer enticing opportunities for investors.

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1. Hyundai Motors India IPO

Hyundai Motors India is gearing up for what could be the largest IPO in Indian history. After receiving the go-ahead from the Securities and Exchange Board of India (SEBI), Hyundai’s public offering is expected to launch by October 2024.

The automaker plans to raise around $3 billion (approximately ₹25,000 crore) through an offer-for-sale (OFS), where the parent company, Hyundai Motor Company, will sell a portion of its shares to the public. The IPO aims to strengthen Hyundai’s foothold in India while offering liquidity to its shareholders.

2. Swiggy IPO

Swiggy, a top player in India’s food delivery industry, is all set for its stock market debut. With SEBI’s approval already in place, the company could launch its IPO as early as November 2024.

Swiggy is aiming to raise ₹11,000 crore, which includes a fresh issue worth ₹5,000 crore. Backed by major investors like Prosus, SoftBank, and Accel, Swiggy was valued at $9.3 billion as of August 2023. With the increasing popularity of food delivery services in India, Swiggy’s IPO is expected to attract strong interest from both retail and institutional investors.

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3. NTPC Green Energy IPO

NTPC Green Energy, a subsidiary of the National Thermal Power Corporation (NTPC), is planning to raise ₹10,000 crore through its IPO, which is expected to launch in early November 2024.

The renewable energy firm, focusing on solar and wind projects, filed its draft red herring prospectus (DRHP) with SEBI in September 2024. The offering will consist of both fresh issues and an offer-for-sale. With India’s push for clean energy, this IPO could be particularly appealing to environmentally-conscious investors.

4. Ather Energy IPO

Electric two-wheeler manufacturer Ather Energy is another highly anticipated listing set to hit the market by the end of 2024. Ather aims to raise ₹3,100 crore through a fresh issue of shares, alongside an offer-for-sale allowing early investors like Tiger Global and GIC to partially exit.

Ather’s rival, Ola Electric, recently went public with great success, adding to the buzz surrounding this IPO. Ather’s debut could solidify its position as a key player in India’s rapidly growing electric vehicle market.

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5. HDB Financial Services IPO

HDB Financial Services, the non-banking financial arm of HDFC Bank, is expected to go public by December 2024 or early 2025. The IPO will include a fresh issue worth ₹2,500 crore, along with an offer-for-sale by existing shareholders.

The offering is expected to value HDB Financial Services between $7 billion and $8 billion, and it’s seen as a strategic move by HDFC Bank to unlock value for its shareholders. Global institutions such as Morgan Stanley and Bank of America, along with domestic firms like ICICI Securities and Axis Capital, have been appointed to manage the offering.

As these companies prepare for their stock market debuts, investors are eagerly awaiting the fireworks that these IPOs promise to bring to Dalal Street before the year ends.