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India’s IPO market is set to heat up as five major companies – Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery – received the green light from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs). SEBI issued observation letters to the companies between September 24 and 27, signaling a flurry of activity in India’s capital markets in the coming months.
Credits: Business Today
Let’s dive into the details of these upcoming IPOs and their potential impact on investors and the stock market.
Swiggy: The Food-Tech Giant Prepares for Its Public Debut
One of the biggest food delivery services in India, Swiggy, has long been preparing for its initial public offering (IPO). With the support of international behemoths such as Prosus and SoftBank, Swiggy is poised to emulate its competitor Zomato, which went public in 2021. With the release of SEBI’s observation letter, Swiggy, which first submitted secret filings with the regulator in April 2024, has moved one step closer to listing.
The IPO consists of a fresh equity share offering up to Rs 3,750 crore and an offer-for-sale (OFS) of 18.52 crore equity shares by present shareholders. Among the principal investors in the OFS are Accel India, Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia, and Tencent Cloud Europe.
With its dominant market position, expanding food delivery operation, and diversification into grocery delivery with Instamart, Swiggy’s first public offering (IPO) is anticipated to generate substantial interest from investors. If it is successful, Swiggy will join Zomato as the second food delivery business to list on an Indian exchange.
Hyundai Motor India: A Blockbuster IPO on the Horizon
Another eagerly awaited listing is Hyundai Motor India, the South Korean automaker Hyundai’s Indian division. On September 24, Hyundai Motor India received a letter of observation from SEBI, paving the door for the IPO. The automaker submitted its draft documents in June with the intention of raising money via an offer-for-sale (OFS) structure in which Hyundai Motor firm, the parent firm, would be the only selling stakeholder.
The $3 billion+ Hyundai IPO is anticipated to begin trading as early as October 2024. With one of the biggest global manufacturers attempting to enter India’s public markets, this offering represents a significant turning point for the country’s automotive sector. Due to its well-known brand and commanding position in the Indian passenger car industry, Hyundai’s initial public offering may serve as a model for other foreign automakers considering doing business in India.
Credits: Money Control
Vishal Mega Mart: Fashion-Led Hypermarket Goes Public
With its IPO, Vishal Mega Mart—which has the support of Kedaara Capital and Partners Group—is poised to create a stir in the retail industry. With its IPO, the fashion-focused hypermarket business hopes to raise about $1 billion. On September 25, SEBI released its observation letter, initiating the countdown to its market launch.
Vishal Mega Mart is a prominent hypermarket chain in India with a substantial client base and a strong presence in Tier 2 and Tier 3 cities. The company has established a strong brand in India’s expanding retail industry because to its ability to provide reasonably priced products that appeal to a wide range of consumer demographics. The money obtained from the IPO will probably assist Vishal Mega Mart in increasing its presence and improving its operational capabilities.
Acme Solar Holdings: Renewable Energy IPO with Green Potential
The Gurugram-based renewable energy startup Acme Solar Holdings plans to collect Rs 3,000 crore during its first public offering (IPO). The company’s IPO was approved by SEBI on September 27. The issue will comprise a Rs 1,000 crore offer-for-sale by the promoter, ACME Cleantech Solutions, and a Rs 2,000 crore new issue.
Leading the way in India’s renewable energy market, Acme Solar has major solar power projects all around the nation. Acme’s initial public offering (IPO) may draw investors wishing to participate in the expanding renewable energy sector as India transitions to cleaner energy sources.
SEBI Rejections: Innovision’s IPO Plans Stalled
While SEBI approved five major IPOs, it returned the draft papers of Innovision, a manpower services, toll plaza management, and skill development company. Innovision had filed its papers in August, but SEBI’s return of the draft documents could delay its listing plans. The company had aimed to raise Rs 315 crore through a fresh issue and an offer-for-sale by promoters.
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