Hyundai to Swiggy: 5 big IPOs set to light up Dalal Street before 2024 ends

From Hyundai Motors' massive offering to Swiggy's much-anticipated debut, the year's final IPOs could be the most exciting ones yet.

In Short

• Hyundai Motors India plans India's biggest-ever IPO
• Swiggy aims to raise Rs 11,000 crore with its November IPO
• NTPC Green Energy set for Rs 10,000 crore IPO

As we approach the final few months of 2024, it's not just the festival season that's lighting up – the IPO market seems to have saved its biggest fireworks for the year-end too.

Just like how we eagerly wait for the festive season to begin in the latter part of the year, the stock market seems to have a lineup of blockbuster IPOs that promise to make waves on Dalal Street.

From Hyundai Motors’ massive offering to Swiggy's much-anticipated debut, the year’s final IPOs could be the most exciting ones yet.

Let’s look at the top five IPOs you need to watch out for before the year wraps up, presenting exciting opportunities for investors.

Hyundai Motors India IPO

Hyundai Motors India is gearing up for the largest-ever IPO in Indian history. The company received approval from the Securities and Exchange Board of India (Sebi) on Wednesday and is expected to launch its public offering by October 2024.

Hyundai Motors India plans to raise approximately $3 billion (around Rs 25,000 crore) through an offer-for-sale (OFS).

This means that the parent company, Hyundai Motor Company, will sell a portion of its shares to the public. The IPO is expected to boost the company’s presence in the Indian market and provide liquidity to its shareholders.

Swiggy IPO

Swiggy, one of India’s leading food delivery platforms, is all set to make its stock market debut. The company has received Sebi approval for its IPO, and according to reports, it could launch as early as November 2024.

Swiggy is looking to raise Rs 11,000 crore, including a fresh issue worth Rs 5,000 crore. Backed by prominent investors like Prosus, SoftBank, and Accel, Swiggy was valued at $9.3 billion as of August 2023.

With the growing popularity of food delivery services in India, Swiggy’s IPO is expected to attract strong attention from both retail and institutional investors.

NTPC Green Energy IPO

NTPC Green Energy, a subsidiary of the state-owned National Thermal Power Corporation (NTPC), is set to launch its Rs 10,000 crore IPO in early November 2024 as per media reports.

The renewable energy firm, which focusses on solar and wind projects, filed its draft red herring prospectus (DRHP) with Sebi in September.

The IPO will include both fresh issues and an offer-for-sale, with proceeds expected to fund NTPC Green Energy’s expansion plans in India’s fast-growing renewable energy sector.

Given the government’s push for cleaner energy, this offering could prove attractive to environmentally conscious investors.

Ather Energy IPO

Electric two-wheeler manufacturer Ather Energy is another highly anticipated IPO expected before the end of the year.

Ather filed its draft papers in September 2024, with plans to raise Rs 3,100 crore through a fresh issue of shares.

The IPO will also include an offer-for-sale, allowing early investors like Tiger Global, GIC, and 3State Ventures to partially exit their positions.

Ather’s rival, Ola Electric, recently went public with great success, which has added to the excitement surrounding this offering. Ather’s listing could help further establish the company as a key player in India’s growing electric vehicle market.

HDB Financial Services IPO

HDB Financial Services, a non-banking financial arm of HDFC Bank, is set to go public by December 2024 or early 2025, as per media reports.

HDFC Bank’s board recently approved the IPO, which will include a fresh issue of shares worth Rs 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. HDFC Bank owns a 94.64% stake in the company, and the IPO is seen as a strategic move to unlock value for its shareholders.

Foreign institutions like Morgan Stanley, Bank of America, and Nomura, along with domestic firms such as ICICI Securities, Axis Capital, and IIFL, have been selected to manage the offering.