Tata Technologies, Swiggy and three more India IPOs to watch

With India’s IPO market booming in the second half of 2023, we highlight six of the most anticipated listings – including Tata’s first IPO for 19 years

While the start of 2023 proved slow for Indian IPOs, the market has since picked up the pace.

August saw up to 20 company listings on the Indian stock market, including industrial packaging company Pyramid Technoplast, logistics provider TVS Supply Chain Solutions, high-end computing solutions provider Netweb Technologies, and India’s third-largest hotel chain SAMHI Hotels all delivered impressive debuts.

The pipeline for the rest of the year and into 2024 is also looking strong, with some 13 companies filing their DRHPs with market regulator SEBI in April-June 2023, according to EY.

While, in the first two quarters of 2024, more than 70 companies are looking to make their stock market debut, raising as much as US$10.7 billion, according to Delhi-based primary market tacker Prime Database.

At least 40 of these companies have already secured a green light from the Securities and Exchange Board of India (SEBI), while a further 30 are awaiting approval.

"India's current IPO market trend showcases its immense potential and has witnessed a remarkable surge in recent years. In the forthcoming months, there is anticipated to be significant momentum in the Indian IPO market, encompassing both the main and SME market segments," said Adarsh Ranka, partner, financial accounting advisory services leader, network firm of EY Global.

Among the most widely anticipated mega domestic IPOs, the listing of Tata Technologies will mark the first Tata company to go public in 19 years – since the debut of TCS.

Tata Technologies

CEO: Warren Harris

It has been nearly two decades since India’s largest conglomerate Tata Group delivered an IPO – having listed its last company, India’s largest software operator – Tech Mahindra – in 2004.

Now, Tata Tech – the engineering unit of Tata Motors – will list at the end of September or early October, with the listing expected to raise up to Rs 5,000 crore.

The group will sell 95.71 million, or 23.6% of its capital in the IPO, a banker close to the transaction told Business Standard. Of this, Tata Motors will sell up to 81.1 million shares while the rest provides an exit to existing private equity firm Singapore-based Alpha TC Holdings.

Pune-based Tata Technologies was established in 1996 by the Group‘s former chairman Ratan Tata to tap into the product engineering and manufacturing IT space and has been led by CEO Warren Harris for nearly a decade.

Delivering sustainable turnkey product engineering and digital transformation solutions, Tata Tech counts Tata Motors and Jaguar Land Rover (both of which Tata owns) as clients – along with Airbus SE, McLaren, Honda Motor Co. and Ford Motor Co among others. 

Warren Harris has been Tata Tech's CEO for nearly a decade


CEO and Co-founder: Sriharsha Majety

After halting the IPO process for some months due to weak market, food delivery company Swiggy is back in the game, and is now eyeing a 2024 stock market listing.

Previously valued at US$10.7 billion, during its last fundraise in 2022, the Softbank-backed business has kicked off talks with bankers to assess its current valuation, according to Reuters.

Founded in 2014, the nearly decade-old food delivery major further launched a groceries delivery platform called InstaMart in 2020, and last year acquired DineOut.

One of two major players in the food delivery market in India (the other is Zomato), Bangalore-based Swiggy now operates in more than 600 Indian towns and cities, Swiggy’s food delivery business turned profitable in March 2023.

The startup is betting big on AI, already using the technology in restaurant recommendations to users and in customer touchpoints, and has curated a dedicated team to drive its strategy.

Swiggy CEO and Co-founder Sriharsha Majety

Jupiter Life Line Hospitals

CEO: Ankit Thakker

Following an already healthy response to the IPO, the shares of Jupiter Life Line Hospitals are set to debut on the exchanges today (Monday 18 September).

The US$105 million IPO of Jupiter was subscribed 63.72 times.

The company, which began as a single hospital in 2007 and has been operating for more than 15 years as a corporate healthcare service provider in Thane, Pune, and Indore, is constructing a new multi-specialty hospital in Maharashtrra.

The hospital group previously raised US$31 million from main investors, including Abu Dhabi Investment Authority, Goldman Sachs, Nomura, Nippon India MF and Fidelity Funds, and is aiming to be debt-free post the IPO.

"We are going to pay down all the debt from the proceeds. So, the entire interest portion and the outflow for the principal repayment will be free cash in our hands," Ankit Thakker, CEO, Jupiter Hospitals said earlier.

Dr. Ankit Thakker (left) is the CEO of Jupiter / Credit: Jupiter Hospitals


CEO and Founder: Ritesh Agarwal

Following an announcement of cashflow profitability in July this year, Oyo’s proposed and previously delayed IPO is expected to take place in November.

The hospitality unicorn had earlier planned its IPO offering at US$1.1 billion, but this has since been reduced to between US$400 and US$600.

In the run-up to its IPO, the Softbank-backed firm has strengthened its offer – launching a new brand, Palette, focused on upscale resorts and hotels, with plans for 50 Palette resorts by Q2 FY 2024.

OYO CEO and Founder Ritesh Agarwal / Credit: Future Investment Initiative


CEO: Robin Raina

Payment services company EbixCash plans to go public this month, after receiving a regulatory nod in April for its long-awaited IPO.

According to reports, the public offer is expected to raise between US$720 million and US$960 million, making it one of the largest IPOs in the financial services sector in India.

The firm, which is the fintech arm of Nasdaq-listed insurance software company Ebix inc., was launched 23 years ago and has been profitable since inception with a CAGR of 53% between FY 2021 and FY 2023.

The travel exchange company operates in a number of segments, including payment solutions, travel, financial technologies, business processing outsourcing services and startup initiatives, receiving 80% of its revenue from payment services. Under this business, the company offers domestic remittance, forex, international remittance and prepaid cards and has forex operations in some 20 international airports including across India.

With its cost base in India and revenues overseas, Ebix is able to deliver better margins and no debt in India.


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