IPOs are making a comeback in 2024


The Indian Initial Public Offering (IPO) landscape has been a rollercoaster ride over the past few years. After a significant dip in 2022 and 2023, IPOs are back in focus in 2024, marking a resurgence in the primary equity markets. In 2022, the IPO market experienced a slowdown, with a 50% decline in funds raised compared to the previous year. The year 2023 continued this trend with a further 17.5% drop in IPO fundraising. The primary markets experienced a dry and slow first six months, only to witness a significant surge in new stocks going public in the latter part of 2023.



India IPO’s activity over the years

Investor sentiment was deterred by increasing volatility from rising geopolitical tensions, inflation and aggressive interest rate hikes. This weakened the stock markets, valuations and post-IPO performance. Because of tightened market liquidity, investors were more risk averse and favored companies that were able to demonstrate resilient business models in terms of profitability and cash flows. The Americas IPO activity sank to a 13-year low by volume and a 20-year low by value after a record-breaking 2021. Also Europe IPO proceeds were down 78%, affected by geopolitical turmoil.

Global IPO activity by IPO proceeds (Billion USD)

IPO Revival :

Q4 2023 witnessed a significant surge in India’s IPO market with 23 IPOs, marking the highest number for the October-to-December quarter in a decade. The following are the reasons for the positive outlook:

  • Economic Rebound: India’s GDP growth is projected to be among the highest globally in 2024, indicating a strong and resilient economy. This bodes well for businesses seeking capital to expand and thrive.
  • Stable Interest Rates & Lower inflation:
    While still elevated compared to previous years, interest rate hikes seem to be slowing down. This is a result of lower inflation levels, creating a more predictable financial environment for companies and investors.
  • Anticipation of upcoming Indian elections has driven companies to expedite IPOs before February or March, leading to high demand, liquidity, and optimism.
  • Positive investor Sentiment: Easing global uncertainties and signs of market recovery, investors are returning to riskier assets, including IPOs. Additionally, India’s strong domestic investor base offers a reliable source of funds.

Due to the positive outlook, many companies to expected to launch their IPO’s in 2024. Some of the most anticipated Indian  IPO’s of 2024 are listed below:


Brainbees Solutions (Firstcry’s Parent)

  • IPO comprises a fresh issue of equity shares aggregating Rs 1,816 crore and an offer for sale of more than 54 million equity shares.
  • SoftBank holds the largest stake in FirstCry, 25.5 percent, making it the primary shareholder
  • International Expansion: The company aims to establish modern stores and warehouses in Saudi Arabia through its subsidiary, FirstCry Trading, indicating a strategic move towards global market penetration.
  • Subsidiary Investments: Brainbees Solutions will allocate funds to invest in subsidiaries like GlobalBees Brands and acquire additional stakes in indirect subsidiaries, showcasing a focus on strategic expansion.
  • Diversified Fund Usage: The IPO capital will support various initiatives, including sales, marketing, technology, data science, acquisitions, and general corporate purposes, reflecting a well-rounded investment strategy.

DRHP Report: Brainbees_Solution_Ltd_DRHP.pdf 


OLA Electric:

  • The company aims to raise ₹5,500 crore through a new equity share issuance, providing substantial capital for expansion, innovation, and market dominance.
  • Ola Electric, supported by SoftBank and Temasek, seeks to be the first Indian electric vehicle (EV) manufacturer to go public, marking a significant milestone in the country’s electric mobility sector.
  • The company acknowledges key risks, including limited operating history, potential quality issues, competitive market challenges, and dependency on key personnel.

DRHP Report: Ola Electric.pdf



Oyo has submitted preliminary documents for its IPO, anticipating a mid-2024 launch, with an expected fundraising of approximately $400 million.

  • Largest footprint in terms of hotel storefronts in India and SEA.
  • Second largest footprint in Europe in terms of home storefronts among full stack short-stay accommodation players, according to RedSeer.
  • Asset-light business model and a lean cost structure – the company does not own the storefronts listed on its platform
  • Full-stack technology platform.
  • Two flagship Patron applications – Co-OYO and OYO OS

DRHP Report:Oravel Stays Limited DRHP.pdf



Swiggy, the food delivery giant, is set for a significant IPO in mid-2024, expected to be the largest by an internet company next year, targeting an issue size of $1 billion (INR 8,300 Cr).

  • Swiggy, gearing up for an IPO, appointed Rohit Kapoor from Oyo to lead its food delivery, emphasizing focused leadership.
  • Diversifying beyond food delivery, Swiggy now offers various services, including Instamart, InsanelyGood, Dineout, Mall, and Genie.
  • Swiggy aims for a public listing and is restructuring internally to close the gap in gross sales compared to rival Zomato.
  • Undergoing a significant reset, Swiggy adapts to an organizational shift toward cost efficiency and sustainability, with internal changes and reorganization.
  • To improve revenue, Swiggy introduced a platform fee on food-delivery orders, aligning with Zomato’s strategy. Investors anticipate execution improvements in the next two quarters for a successful IPO.



  • PharmEasy’s parent company API Holdings filed a DRHP with SEBI for an IPO worth Rs. 6250 crores.
  • PharmEasy plans to return to the market in 2024 with a public issue, considering its robust performance.
  • The company aims to deleverage its balance sheet before the IPO, already achieving EBITDA positivity in Q1FY24.
  • PharmEasy, with a focus on profitability, is set to go public, having around 20,000 shareholders and funds from the rights issue allocated for debt reduction and organic growth.

DRHP Report: PharmEasy – API Holdings.pdf



With improved economic conditions, strong investor sentiment, and exciting growth sectors, 2024 has the potential to be a banner year for Indian IPOs. Companies across diverse industries are lining up to tap into the market’s renewed enthusiasm, offering investors a wide range of opportunities to participate in India’s dynamic growth story.

Cover Image Source: Freepik

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