IPO mkt set for revival with $10.7 bn public float in pipeline
MUMBAI : The country’s primary market may be headed for a revival with at least 71 companies firming up plans to launch their initial public offerings (IPO) in the second half of fiscal 2024, according to Delhi-based primary market tracker Prime Database. According to Prime Database, these companies could raise as much as $10.7 billion or ₹89,069 crore by selling their shares to the public and listing them on exchanges through IPOs in the coming six months.
Among the companies that have filed for IPOs, at least 41 have secured a nod from the Securities and Exchange Board of India (Sebi) and are likely to raise ₹50,940 crore from the public through IPOs. Additionally, there are at least 30 companies that have filed offer documents and awaiting Sebi approval for their IPOs, aimed at raising around ₹38,129 crore, as per Prime Database.
Bankers and market experts are upbeat about prospects of primary market after a lull. “IPOs priced over the last 1-2 quarters have seen strong participation from all categories - domestic & foreign institutional and retail investors.
Headline number of IPOs have increased, however, most of the IPOs are in the sub-$150mm size range and large sized IPOs continue to elude markets," said Abhinav Bharti, head of equity capital markets, JP Morgan. “The euphoria in the secondary market is paving the way for many new companies to explore an opportunity of listing," said Abhijit Tare, managing director & CEO, Motilal Oswal Investment Advisors Ltd.
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