(Reuters) -Companies are rushing to go public in India this year as the stock market booms, with Swiggy’s $1.35 billion initial public offering opening up for subscriptions next week.
About 270 companies have raised over $12.57 billion through IPOs in India so far this year, well above the $7.4 billion raised in all of 2023, LSEG data shows.
These are the country’s biggest IPOs of 2024:
* HYUNDAI MOTOR INDIA
Hyundai Motor India’s $3.3 billion IPO, the first by a carmaker in India in two decades, received bids totalling $5.5 billion. However, concerns around lofty valuations and an auto industry slowdown led the company to log a lacklustre debut.
* SWIGGY
SoftBank-backed food delivery firm Swiggy is eyeing an $11.3 billion valuation on its $1.35 billion IPO, after cutting it down twice by a combined 25%, citing recent volatility in the Indian equity markets.
* NTPC GREEN
State-run NTPC’s green energy arm filed draft papers for a $1.2 billion IPO in September.
* BAJAJ HOUSING FINANCE
Shares of India’s most valuable home loan financier have more than doubled after a blockbuster response to its $782 million IPO in September.
* OLA ELECTRIC
The electric scooter maker’s $734-million IPO in August drew investor interest from the likes of Fidelity and Nomura.
* SCHLOSS BANGALORE
Brookfield-backed Leela hotels owner Schloss Bangalore filed for a $599 million IPO in September.
* BHARTI HEXACOM
Telecom operator Bharti Hexacom’s $511-million IPO was launched in April, attracting bids worth more than $8 billion.
* AADHAR HOUSING FINANCE
Mortgage lender Aadhar Housing Finance’s IPO in May raised $358 million.
* GO DIGIT GENERAL INSURANCE
Insurer Go Digit launched its share sale in May, raising $312 million.
(Reporting by Hritam Mukherjee, Nandan Mandayam, Dimpal Gulwani in Bengaluru; Editing by Aditya Kalra, Mark Potter and Lincoln Feast.)
