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Notable IPOs included Swiggy, Ola Electric, and FirstCry. Swiggy’s IPO was the largest, raising Rs 11,327.43 crore.
Swiggy’s IPO emerges as the largest, raising Rs 11,327.43 crore.
The year 2024 proved to be a milestone for startups as they capitalised on the booming stock market to raise a staggering Rs 29,247 crore through 13 initial public offerings (IPOs). This marks a significant surge in the number of IPOs compared to previous years, signaling a growing confidence in the Indian startup ecosystem.
In 2024, the number of startup IPOs jumped dramatically, with 13 companies going public. This figure far outstrips the IPO activity seen in the past few years – just 10 startups launched IPOs in 2021, while 2022 and 2023 saw 6 IPOs each.
This year’s IPOs included some of the biggest names in the startup landscape, spanning sectors from e-commerce and fintech to logistics and tech. The total funds raised were split between a fresh issue of Rs 14,672.9 crore and an offer for sale (OFS) of Rs 14,574.5 crore. The funds raised through a fresh issue directly benefit the companies, fuelling their expansion and growth, while the OFS proceeds go to the existing investors and promoters.
Out of the 13 IPOs, 10 were listed on the mainboard of the stock exchange, and 3 were SME (Small and Medium Enterprises) IPOs. Among the notable names that made their debut on the stock market this year were Swiggy, Ola Electric, FirstCry, Mobikwik, Digit Insurance, TBO Tech, and TAC Security, among others.
The largest IPO in 2024 was from Swiggy, a leading food delivery giant, which raised a whopping Rs 11,327.43 crore. This was followed by Ola Electric, which raised Rs 6,145.56 crore. The third-largest IPO was from FirstCry, the online baby care retailer, which garnered Rs 4,193.73 crore. Other notable IPOs include Digit Insurance (Rs 2,614.65 crore), and TBO Tech (Rs 1,550.81 crore).
The IPOs saw overwhelming investor demand, with some companies experiencing massive subscription oversubscription. Among the mainboard startup IPOs, Unicommerce, an e-commerce enablement platform, received the highest subscription at an astounding 168.39 times. Other companies such as Mobikwik, Office, ixigo, and TBO Tech also saw huge oversubscriptions, with Mobikwik at 119.38 times, Office at 108.56 times, ixigo at 98.34 times, and TBO Tech at 86.7 times.
As the year came to a close, the performance of startup IPOs on the stock exchanges also provided exciting returns for investors. The TAC Security IPO, in particular, stood out by delivering the highest listing gain of the year – 173.58%. Following closely were Unicommerce and Mobikwik, which saw listing gains of 117% and 57.71%, respectively. Other companies like ixigo, Trust Fintech, FirstCry, and Manhood also posted impressive listing gains ranging from 28% to 50%, further bolstering the strong sentiment around startup stocks.
The remarkable IPO activity of 2024 signals a robust year for startups, which continue to attract significant attention from both domestic and international investors. The growing investor confidence in the startup ecosystem, coupled with the continued success of these IPOs, suggests that 2025 could bring even more opportunities for startups to tap the capital markets for growth.
As the country’s startup scene matures, the focus will likely shift to sustaining long-term growth while maintaining a high level of investor interest. With many startups still in the early stages of scaling, the coming year could witness more companies listing on the stock market, further cementing the role of startups in shaping the economic future.