Best Upcoming IPOs in 2023-24

Initial Public Offering, abbreviated as IPO, is a privately owned company's first sale of shares to the public. These companies wish to raise funds for multiple reasons like debt repayment, capital future projects, acquisitions, or operations. Apart from achieving its planned objective, the company also gains additional benefits from listing on a stock exchange.

The IPO market is heating up again, with a number of highly anticipated offerings expected to hit the market in 2023-24. From unicorns to new businesses, there is something for everyone in this year's IPO pipeline.

In this article, we will take a look at the most awaited IPOs of 2023-24 and what makes them so special.

To make this list even more interesting, I have offered a title to these IPOs based on the tentative demand and performance. It will be like attending an award show, only in place of your favourite actors/actresses, upcoming IPOs would be crowned. 

So, grab your popcorn tub and settle down for a gripping ride. Let's begin our award show for IPOs with a bang. 💥

1. Tata Technologies IPO: “The Most Awaited IPO” Award 🕦

The Tata Group has been India's constant brand in various sectors for centuries. Whether one is planning on buying cars or essentials like salt, Tata is the brand we all trust. Tata Group has announced the arrival of a new IPO of one of its firms, Tata Technologies, in 2023.

Although the opening date has not been set yet, this is one of the most awaited IPOs in 2023. After all, the Tata Group plans to raise funds via an Initial Public Offering after July 2004. Let's discuss what we know about this upcoming IPO in a Q&A:

Tata Technologies’ IPO Plans

What do Tata Technologies Do?

Tata Technologies, a subsidiary of Tata Motors, specialises in providing Engineering Research and Development (ER&D) services. In simple language, Tata Technologies assists car, machinery, and space-related companies with turnkey solutions, engineering and design, product lifecycle management, manufacturing, and product development. You can even say that it is the “caretaker” of the clients.

When is the IPO Commencement & Amount to be Raised?

Tata Technologies IPO was a main-board IPO, meaning the shares were listed on the main stock exchanges in India. Here are the details of the IPO:

The IPO was oversubscribed 69.43 times. It was an entirely OFS IPO and is considered a major success. 

What is the Objective of the IPO?

Tata Technologies has kept around 10% of its shares aside for its shareholders. By this IPO, the company wishes to carry out the Offer for Sale of up to 95,708,984 Equity Shares by the Selling Shareholders. Other plans for the IPO have not been revealed yet.

To get an in-depth understanding of the company’s financial position and IPO prospects, check out the article on Tata Technologies IPO.

2. NSE IPO: “Bound to be Good ” Award 👍

National Stock Exchange of India Limited, recognised as NSE, is the nation's largest stock exchange platform. NSE is like that one "ideal student" on whom everyone relies. Enjoying a market share pretty close 🤏 to 100%, NSE gives off the vibe of that student by whom all the prizes will be won and problems will be solved. Just look at this representation of NSE's presence in different categories, and you will have all the answers. ⬇️

Seeing the way NSE lords over the sector, you know this IPO has the potential to perform well.

NSE IPO Prospects

NSE announced the prospects of publicly listing sometime in 2022, but further development has been delayed so far. Other relatable information, like the listing date and price band, has not been allotted yet. So, you may have to wait a bit for this IPO. But, experts believe that the wait would be worth it.

Don’t believe me? I come with solid proof. Scan through this extensive article on NSE IPO: What Entails the Future of India's Largest Stock Exchange? for all the deets. 

3. NSDL IPO: “Strongest Financials in the Area” Award 📊

National Securities Depository Limited (NSDL) is crowned as the first electronics security depository in India. NSDL is very much like your personal "bodyguard" protecting data without risking your privacy. 💪🏾

NSDL is the undisputed leader in the depository market, with the highest market share, number of active instruments, and Demat settlement volume. Its positive financials, with strong revenue and profit growth year-over-year, are a testament to its success.

To learn more about NSDL's financial journey, check out our article on the NSDL IPO. Also, go through the following Q&A for IPO data. ⬇️

NSDL IPO Plans  

What kind of services does NSDL provide?

In easy-to-understand words, NSDL is the one keeping all your securities and investing data safe and sound in the clouds. No, no, I am not talking about the “☁️” clouds, but the digital cloud storage where financial data like your first investment purchase information is available.

When is the IPO Commencement & Amount to be Raised?

NSDL IPO details:

What is the Objective of the IPO?

NSDL is aiming to allow its investors to sell 57,260,001 equity shares to the public through this IPO. Parties like IDBI Bank Ltd., National Stock Exchange, and Union Bank of India are part of the list of existing investors selling ownership stakes worth crores via this IPO. Any other motive for generating funds through it hasn’t been revealed at this point.

4. EbixCash IPO: “Most Distinctive Potential” Award 🧐

The “all-rounder” of the fintech sector, EbixCash does it all. It is in the airline sector, financial services, remittance, and many more, becoming a part of India’s largest end-to-end financial exchanges.

What does EbixCash Do?

EbixCash claims to be the “airport of the financial transactions in India”. It provides Ticketing, Finance, Cabs, Finance Technology, Travel Technology, Forex, Remittance, and many more services. Its integrated business model caters to B2C, B2B, and financial technology segments.

EbixCash IPO Details

Equity shares worth ₹6,000 crore are estimated to be issued in the upcoming IPO. As per sources, EbixCash is considering releasing a rights issue of ₹1,200 crore, which will diminish the original IPO size.  

The objective of the IPO is subdivided into two major sections. Funds worth ₹1,035 crore would be utilised as working capital. The leftover ₹2,748 crore will contribute to purchasing outstanding convertible debentures from its subsidiaries.

5. Paymate IPO: “Underdog of the Year" Award 🫣

One of the leading B2B payments and service providers, Paymate, plans to bring an IPO in the next six to nine months. It is like the "Superman" of the digital payments world, making paying for stuff easy and safe.

Paymate IPO Details

The IPO would consist of a Fresh Issue worth ₹1.12 crore and an Offer For Sale amounting to ₹37.5 lakh. The company would use the raised funds for expansion into new geographies, continuing inorganic initiatives, placing cash as collateral, and other corporate purposes.

The listing date of the IPO and other data has yet to be announced.

6. GPT Healthcare IPO: "Healthiest IPO in the Year" Award 🏥

Keeping people's health a top priority, GPT Healthcare Ltd. brought forth an IPO in February 2024. It is a healthcare player in Eastern India operating a chain of mid-sized, multi-speciality, full-service hospitals under the brand name ILS Hospitals. It was founded in 1989 and is headquartered in Kolkata, West Bengal.

GPT Healthcare IPO Details

GPT Healthcare Ltd. IPO IPO was opened on 22 February 2024 and had an issue size of ₹525.14 crore. The IPO received a decent response, with the overall subscription being 8.52 times. The qualified institutional buyers (QIBs) and non-institutional investors (NIIs) quota saw subscriptions of 17.30 times and 11.02 times, respectively. The retail investor quota was subscribed 2.44 times.

IPO Date	22 February to 26 February 2024
Issue Type	Book-Built
Price Band	₹177 to ₹186 per share
Total Issue Size	₹525.14 crore
Fresh Issue	₹40 crore
Offer For Sale (OFS)	₹485.14 crore

The Bottom Line

The IPOs included in this list were selected based on financial information, position in the respective sectors, and growth prospects. If you plan to invest in one of them, do so after rigorous research.

With this, I would like to conclude the IPO Award Show. We will see each other soon with a new listicle of the best IPO options to invest in for the following year. Ciao!

*Disclaimer: The stocks and companies discussed above aren't a recommendation from Insider by Finology and shall not be construed as a replacement for professional advice. Consult a professional or conduct the necessary research before making investment decisions.