Upcoming IPOs In October 2024: The IPO market has been active for the majority of the year, peaking with a flurry of activity in September. However, October appears to be shaping up to be a quieter month for initial public offerings. In September alone, the market regulator received IPO offer documents from 41 businesses. Later in October, we may witness a high-profile debut as food delivery firm Swiggy prepares to launch what could be its largest IPO yet.
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Garuda Construction and Engineering
Garuda Construction and Engineering will launch its IPO on October 8th with a target of raising Rs 264.10 crore. The issue will close on October 10th, from Rs 92 to Rs 95 per share. A substantial portion of the money will be raised via a new issue of shares, which will be supplemented by an Offer for Sale (OFS). Investors can anticipate the allocation to be finalized by October 11, with the listing expected on October 15. Corpwis Advisors is the sole lead manager, while Link Intime India will handle registrar duties.
Hyundai Motor India
Hyundai Motor India is all set to launch its biggest IPO in history to raise Rs 25,000 crore when it opens on October 14. It is a significant moment for the automotive industry, as Maruti Suzuki was the last automaker to go public in 2003. Hyundai's IPO, based on its draft red herring prospectus (DRHP) from June, will be an offer for sale in its entirety, with 142.19 million shares in the block.
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Swiggy
Food delivery heavyweight Swiggy is seeking to raise Rs 11,664 crore (about $1.4 billion) in its upcoming IPO. On October 3, Swiggy shareholders approved an increase in the fresh issue component, which will now raise Rs 5,000 crore, up from Rs 3,500 crore, while the offer-for-sale portion remains unchanged at Rs 6,664 crore. Swiggy is expected to enter the IPO market by the end of October and could mark a significant milestone in India's tech IPO space.