8 Cos Line Up Rs 60k-Cr IPOs In Two Months

New Delhi: The primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings (IPOs) over the next two months to raise around Rs60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch IPOs during October-November, they added. Together, these firms are looking to raise Rs60,000 crore through their IPOs. Munish Aggarwal, Managing Director and Head - Equity Capital Markets at Equirus, expects over 30 IPOs to be launched between September-end and December.

This will be across sectors, deal sizes and a combination of fresh issues and offers for sale. The strong momentum in IPO markets is driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas, which is partially led by strong inflows into domestic mutual funds and the robust capital formation happening across corporate India, he added. The companies are tapping the primary market to raise funds for expansion plans, retire debt, support working capital requirements and provide exit routes to the existing shareholders. Hyundai Motor India Ltd, the Indian subsidiary of South Korea’s Hyundai Motor Company, is expected to raise Rs 25,000 crore, making it the largest-ever IPO in India.

This could surpass LIC’s Rs 21,000-crore initial share sale. The automaker’s entire issue will be an offer-for-sale (OFS) of 14,21,94,700 shares by Hyundai Motor Company, with no fresh issue component, according to its draft red herring prospectus (DRHP).