The current IPO frenzy in Indian markets can be attributed to several factors, including the upcoming Indian elections in the next year, prompting companies to go public before February or March. Experts have noted the presence of high demand, liquidity and optimism, resulting in substantial oversubscriptions and listing gains.
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The total amount raised from IPOs in 2023 ranks as the fourth largest in the past decade, reaching 49,420 crore rupees. While this falls below the figures of 2021 (₹120 lakh crore), 2017 (₹67,200 crore), and 2022 (₹59,300 crore), last year’s IPO market was incredibly lucrative.
The year 2024 is also likely to see a number of big-ticket firms make their debut in the public market.
These issues witnessed significant listing gains and benefited from robust retail participation. Looking ahead, the market is poised to remain positive, with upcoming issues worth ₹28,440 crore in line to enter the public markets.
Here are the list of IPOs set to make their debuts in February:
Apeejay Surrendra Park Hotels, Raising ₹920 Cr
Apeejay Surrendra Park Hotels, renowned for its upscale THE PARK hotels, spearheads the mainboard IPOs in February.
Managing 27 hotels across luxury boutique, upscale and upper-midscale categories, the company aims to raise ₹920 crore through a combination of fresh shares (₹600 crore) and a sale by existing investors. Primarily focused on debt reduction, this IPO, closely monitored by investors, reserves only 10% of shares for retail investors.
Rashi Peripherals, Targeting ₹600 crore
Among the compelling upcoming IPOs in February 2024, Rashi Peripherals recently filed its DRHP and is set to open for subscription on February 7.
As a national distributor of Information and Communication Technology (ICT) products, the company, with partnerships with major IT brands, has raised ₹150 crore in a pre-IPO round. Notable for robust growth and equity stake by Madhuri Madhusudan Kela, this IPO is anticipated to be a standout.
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GPT Healthcare, Aiming for ₹500 crore
Kolkata-based GPT Healthcare, operating under the ILS Hospitals brand, aims to mobilise ₹450 crore-₹500 crore. With a fresh issue of ₹400 crore, the IPO, filed in October 2023, reflects the company’s second attempt at a stock exchange listing.
Private equity investor BanyanTree Growth Capital plans a full exit as part of the IPO.
Entero Healthcare, Gunning For ₹1,000 crore
Entero Healthcare, a leading healthcare products and medical device distributor is targeting an impressive ₹1,000 crore.
Operating in a fragmented industry, the company boasts a nationwide distribution presence, strong growth, and improved margins.
SEBI approved in January 2024, this IPO is poised to draw significant investor attention.
Platinum Industries
Platinum Industries, specializing in PVC stabilizers, CPVC additives and lubricants, has emerged as a surprise entry.
As the third-largest player in India’s PVC stabilizer segment, the company plans a pure fresh issue for its upcoming IPO. Strong revenue growth and profits despite industry maturity make this IPO noteworthy.
Despite industry maturity, Platinum Industries has posted impressive revenue growth and profits.
As the grey market plays a pivotal role, the positive sentiment leading up to the union budget is expected to support upcoming IPOs in February, including SME IPOs such as Alpex Solar and KP Green Engineering. Note that this list is subject to changes based on secondary market performance.
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Note that these timelines and figures are tentative and are subject to change. Make sure you do your own research and understand the fundamentals of a company before investing in IPOs.
