IPO Support

Indian Startup IPO Tracker 2024

The Indian startup IPO Tracker 2024 generally tracks records and key updates with the latest happenings related to the market debut plans for startups. The market debut plans are a great sign for the private startup ecosystem.

Have a look at the list of top Indian startups listed on the stock exchange in 2024. Also, drive into the latest list providing for the recent plans to go for IPOs in the near future.

Understanding IPOs for Growing Startups

The Indian startup market is found to be receptive to IPO-bound companies with good brand names, decent unit economics, and a clear path to profitability. This creates a natural demand for founders to market/ sell/ offer their shares to the public through IPOs (i.e., initial public offering). An IPO is a process where privately growing startups publicly offer their shares for the very first time.

The IPO allows a private growing company to raise equity capital from public investors. It assists in the transformation of a privately held company into a public company. IPO investing is sometimes considered an exit strategy for the company’s founders, early investors, to realize the full profit from their private investment.  Additionally, IPO support consulting is crucial in helping investors understand the complexities (including processes, risks, and opportunities) associated with these IPOs.

Why IPOs Are a Gateway to Public Markets?

IPOs are considered a gateway for startups investing in the public markets. Have a key insight into the reasons why IPOs offer several advantages and opportunities for both the startups and potential investors:

Access to Capital

The initial public offerings allow the private startups with the access to raise substantial capital by offering their shares to the public. It ensures raising capital for growth and through expansion of the startups. Among all the reasons, it is considered the primary reason why IPOs are considered a gateway to the public market or key business initiative for funding.

Liquidity for Existing Shareholders

Initial public offerings enhance liquidity for existing shareholders like founders, early investors, and employees by selling their shares in the public market. This liquidity is crucial for securing trade-in shares on the stock exchange and providing investors easier access to cash.

Brand Recognition

The listing of the private startup’s shares on the stock exchange through initial public offerings enhances the company’s visibility and credibility. The positive brand recognition of the private startup through listing IPOs assists in attracting new business/ partners and retaining existing customers/ employees.

Market Valuation

Initial public offerings assist private startups in determining the market valuation of the company’s publicly traded share price for future fundraising and acquisition opportunities. The market valuation of the company’s shares, which is generally based on investors’ demand and stock performance, is considered a benchmark influencing the strategic decision regarding the company’s worth.

Regulatory Oversight & Transparency

The listing of shares of private companies through IPOs is subject to regulatory oversight and transparency required for building investors’ confidence and addressing high standards of corporate governance.

Attracts Investment Opportunities

IPOs attract institutional investment opportunities, such as mutual, pension, and hedge funds, in publicly traded startups. These diversified institutional investment opportunities provide market support and stability for the long-term benefit of the startups.

Company Exit Opportunity

Initial public offerings (IPOs) offer investors an exit/cash-out opportunity from the company at the time of liquidity events. At the time of IPOs offered by private startups, the investors are free to sell their shares and relocate their capital to other opportunities.

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Purview of Listing of Startup IPOs

Earlier in 2022 and 2023, the listing of startup IPOs on the stock exchange was adversely affected due to geopolitical tensions, raging funding winter, and other macroeconomic pressures. It resulted in the listing of around 5 startups in 2023, and the other 3 new-age tech startups made their way through 2022.

A consistent rise is observed in listing startup IPOs in 2024, fusing startups with the benefits of funding winter, profit-making, and growing investor appetite.

New-Age Startup IPOs Listed on the Stock Exchange (2024)

Most new-age startups are revisiting their IPO plans to list their shares on the stock exchange in 2024. The list of the new-age tech-enabled startup IPOs so far listed on the stock exchange in 2024 are as described below:

Awfis

Awfis, a coworking network founded in 2015 by Amit Ramani, has evolved to provide a tech-enabled workspace solution platform for freelancers, startups, SMEs, large corporates and multi-national companies. The coworking network, which filed its Draft Red Herring Prospectus (DRHP) with SEBI, is granted the authority to greenlit the company’s public shares in April 2024.

The startup, which debuted by listing its Rs. 432.25 per share on the Bombay Stock Exchange and Rs. 435 a piece on the National Stock Exchange, reported a profitable and sustainable quarter. After its listing on the public stock exchange, Awfis’s operating revenue jumped over 45% year-on-year (YoY) to Rs. 232.3 crores.

FirstCry

FirstCry, an e-commerce channel founded in 2010, offers India’s mother and kids-focussed marketplace and daycare facilities. The startup refiled its draft IPO prospectus in April 2024 following a SEBI-issued directive to include key metrics in its DRHP filed in December 2023. The e-commerce channel received SEBI’s approval for a public listing of around Rs.651 per share on the National Stock Exchange and Rs. 625 per share on the Bombay Stock Exchange as of July 2024.

The company’s IPO comprises fresh issue shares of around Rs. 1,885.82 and equity shares of Rs. 5.4 crores. However, the startup revised the value of fresh issue shares by reducing it by around 8% to Rs. 1,666 crores (as per Red Herring Prospectus). Also, they made a strong debut by raising Rs. 1885.82 crores from 71 anchor investors at just Rs. 465 per equity share ahead of the IPO.

Go Digit General Insurance

Go Digit General Insurance, an Insurtech unicorn founded in 2016, offers insurance policies across diversified verticals like health, motor, vehicle, etc. The Go Digit General Insurance startup refiled its DRHP with the Securities and Exchange Board of India in March 2024 for the issuance of fresh shares worth Rs. 1,125 crores.

It also made its debut on Dalal Street in May 2024 by listing stocks valued at Rs. 286 apiece on the National Stock Exchange and Rs. 272 on the Bombay Stock Exchange at a rate of 5.15% to their issue price. Go Digit’s profit after tax (PAT) after the flagged approval for the public listing of shares surged up to 74% from Rs. 58 crores in the previous fiscal year to Rs. 101 crores in Q1 FY 2025. 

Ixigo

Ixigo, founded in 2006, is a travel-tech sector that started a travel search website to assist users in comparing their best travel deals. Further, it was branded as an online travel aggregator in FY 2020, offering services for booking packages for holidays, travel, hotels, etc. The parent company of ixigo (Le Travenues Technology Ltd.) refiled its DRHP with SEBI in February for making a stellar debut through investments of around Rs. 138.10 per share on the National Stock Exchange.

The ixigo’s IPO granted significant attention to debut with a premium of 48.5% from the issue price of Rs. 93 on the National Stock Exchange and a premium of 45.16% on the Bombay Stock Exchange. Ixigo reported approx. 55.2% rise in the profit after tax in Q4 FY 2024, leading to revenue growth of 20.4% YoY during the quarter compared to Q4 FY 2023.

Menhood

Menhood, a Jaipur-based D2C men’s grooming brand founded in 2019, offers services for the sale of trimmers, intimate perfumes, intimate wash, moisturizers, etc. The parent company (Macobs Technologies Limited) filed its DRHP in January 2024 for an IPO comprising fresh-issued shares of around Rs. 25.95 lakhs.

As a result, the startup eventually got listed on the National Stock Exchange Emerge on July 24 at just Rs. 96 apiece, offering a 28% premium to its issue price by Rs. 75.

Ola Electric

Ola Electric, a Bengaluru-based startup founded in 2017, is an electric two-wheeler startup currently retailing a portfolio of 5 scooter models. In December 2023, the startup filed its DRHP with SEBI for the issuance of around Rs. 5,500+ crores of IPO. Ola Electric got its IPO listed in late June, comprising a fresh issue of shares valued at around Rs. 5,500 crores and an OFS component of around 8.49 crore shares.

Ahead of the market debut, India’s leading ride-hailing platform raised major shares from 84 anchor investors, including SBI, HDFC, Nippon Life, and the Government Pension Fund of Norway. Later, on August 2, the EV’s makers opened the public issue and subscription of shares at a 4.27x speed. 

TAC Infosec

TAC Infosec (TAX Security) is a SaaS-based cybersecurity startup founded in 2016. In January, the startup filed its DRHP to list its IPO on NSE’s small and medium enterprise (SME) platform, NSE Emerge. Further, in April, the TAC Security IPO only allowed the listing of fresh equity shares of Rs. 28.29 lakhs on the NSE Emerge.

As a result, the startup recorded a 23% rise in the net profit of the startup as compared to FY 2023. Also, the operating revenue zoomed 17% to Rs. 11.84 crores in FY 2024.

TBO Tek

TBO (Travel Boutique Online) Tek, founded in 2006, is a B2B travel portal that was established to provide solutions to tour agents and operators. In April, the Delhi-NCR-based company filed their DRHP with SEBI to list their IPO on the stock exchange. The NSE-listed shares of TBI Tek raised a premium of around 55% to the issue price. The company’s stock debuted at Rs. 1,426 against the issue price of Rs. 920. Furthermore, approx. 64% surge in PAT (i.e., Rs. 46.4 crores) of Q4 FY 2024.

Trust Fintech

Trust Fintech, an enterprise technology company founded in 1998, offers SaaS products and fintech solutions for implementing ERP, offshoring IT services, and other related functions for the BFSI sector. In February, the fintech company filed its DRHP with NSE to raise funds via IPOs and listed the funds on the SME platform within two months.

As a result, the company observed a rise of 210% in net profit to Rs. 12.5 crores during FY 2024.  Meanwhile, a consistent growth within the operating revenue of 55.4% (i.e., from Rs. 22.5 crores to Rs. 35 crores in FY 2024) is observed.

Unicommerce

Unicommerce, an e-commerce SaaS startup funded in 2012 (now acquired by Snapdeal after 2015), enables the management of inventory across all online marketplaces. In January, the e-commerce company filed its DRHP—IPO, which solely comprised an OFS (offer for sale) of Rs. 2.98 crores.

 The listing of unicommerce shares raised the net profit to Rs. 13.1 crores in FY 2024. Furthermore, the operating revenue of the e-commerce startup reported a rise of Rs. 103.5 crores in FY 2024.

Upcoming Market Debut of Indian Startup IPOs

The financial year 2023-24 promised to line up the upcoming initial public offering in the Indian stock market. The debut of these IPOs represents existing investment opportunities for individuals and institutions. Below is the list of Indian startup IPOs about to make an upcoming market debut in FY 2024:

Swiggy Logistics

Swiggy, a Bengaluru-based startup, an online food delivery platform founded in 2014, recently in April 2024, filed its DRHP through a confidential pre-filing route for an IPO worth Rs. 10,414.1 crores. Moreover, Swiggy is looking forward to a pre-IPO funding round.

Ecom Express

Ecom Express, founded in 2012, is a logistics solution provider that caters to e-commerce platforms, D2C brands and quick commerce players in the industry. The company made prior IPO plans for this year

Zappfresh

Zappfresh, founded in 2015, is a D2C startup that ensures meat from farms is supplied to customers within 90 minutes. The startup filed its first IPO through DRHP in April-August 2024. The Zappfresh IPO comprises a fresh issue of Rs. 59.06 lakhs equity, with no offer for-sale component.

PhonePe

PhonePe, founded in 2015, is India’s biggest digital payment platform. Holding multiple accounts for nearly half of all Unified Payment Interface (UPI) transactions, PhonePe secures easy payment processing within the nation. As a senior Walmart executive stated, the IPO of Flipkart (Walmart) acquired PhonePe is still about to take a couple of years (until 2026).

PayU

PayU, a Prosus-backed fintech major, is about to make an upcoming market debut by the second half of the calendar year 2024. However, PayU appointed Goldman Sachs, Morgan Stanley, and Bank of America as advisors to seek approval of an IPO likely to be presented by the end of FY 2024.

OYO

OYO, founded in 2012, is a leading digital platform that offers hospitality and tour services. It filed its DRHP for Rs. 8,430 crores in an IPO. However, the Delhi-based hospitality majorly withdrew its IPO documents presented for a public listing of its shares. Interestingly, it was the second attempt where OYO presented its documents to the market regulator for public listing.

Ola Cabs

Ola Cabs, a mobility platform that offers ride-hailing and food delivery services, held discussions with investment banks like Goldman Sachs, Bank of America, Citi, Kotak, and Axis to secure assistance for IPOs. According to reports, Ola parent ANI Technologies is looking to raise around $500 million via its public listing at a nearly S5 billion valuation.

Shadowfax

Shadowfax, a 2015 Flipkart-backed logistics startup, offers hyperlocal and on-demand deliveries to businesses. The startup reportedly wants to make a public market debut by raising around Rs. 2,500 crores at a Rs. 5,000 to 8,000 crores valuation. However, the promoters and investors started discussions with merchant bankers concerning the clear-cut timeline for the IPO.

MobiKwik

MobiKwik, founded in 2009, is a leading digital payment platform that started its operations as a digital wallet to provide buy now pay later (BNPL) and other payment gateway services. In January, the Delhi-based fintech unicorn refiled its DRHP with SEBI to raise around Rs. 700 crores through a fresh issue of equity shares.

Flipkart

Flipkart, an e-commerce startup founded in 2007, has become India’s most significant marketplace, diversifying into new host areas like fintech and travel aggregation. Like its sister arm, PhonePe, the Google and Walmart-backed e-commerce company expects a 2026 IPO.

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Conclusion

The bumper listing of all new-age companies in 2024 is secured with premium and healthy rallies after their listing. A consistent growth of Indian startups is observed as a merit of a surge in IPOs amid the funding winter. Indian startups have access to the vibrant and evolving landscape, ensuring public offerings and focusing on innovation. The optimistic outlook for new-age companies in 2024 depends upon the significant growth and transformation in the Indian startup ecosystem. Dive into the future of investment with India’s startups IPOs by visiting our website and unlock exclusive insights to seize the opportunity to elevate your portfolio today.

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