Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza

Hyundai Motor India Limited (HMIL), the Indian arm of the South Korean automaker Hyundai recentlyreceived approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

The companyplans on raising $3 billion (approx. ₹25,000 crore) at a valuation of $20 billion, which will make it the biggest IPO in India’s history, beating the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion (approx. ₹21,000 crore) listing in 2022.

India is the third biggest market for the company, after the US and South Korea. The company has so far invested $5 billion in the country and announced plans to invest an additional $3.75 billion.

Hyundai is the first car maker to go public in India in over two decades. The last car maker to go public was Maruti Suzuki, which held its IPO in 2003.

Food and grocery delivery platform Swiggy is all set to make itsstock market debut with an IPO in late October or early November. The company has already received approval from SEBI.

Swiggy is expected to raise up to ₹5,000 crore from the IPO, which will include a fresh issue of ₹3,750 crore and an offer for sale (OFS) of 18.53 crore equity shares.

Zomato, Swiggy’s primary competitor made its stock market debut in 2021.

Swiggy’s quick-commerce arm Instamart has helped boost the company’s revenue, with a 100 percent growth recorded in FY24.

As it nears its IPO date, the company is making several moves, introducing features such as an XL fleet to take advantage of the festive season with large orders and introducing Bolt, a new 10-minute food delivery service in selected locations.

It’s not just the startups that are looking to raise money, NTPC Green Energy, a subsidiary of the state-owned National Thermal Power Corporation (NTPC) is also expected to soon announce its IPO.

The company is expected to make its stock market debut with a ₹10,000 crore IPO in November and filed its draft red herring prospectus (DRHP) with SEBI in September.

NTPC Green Energy’s portfolio includes solar and wind power assets spread over six states.

The company has an installed capacity of 3.5 GW of renewable energy, with 28 GW under development. It plans on reaching an installed capacity of 60 GW by 2032.

Tarun Mehta-led electric two-wheeler manufacturerAther Energy recently announced that it is going public and raising ₹3,100 crore through an IPO.

The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors.

Ola Electric, one of the company’s competitors raised over ₹6,150 crore through an IPO in August 2024.

Ather Energy is backed by Hero MotoCorp, which has a 37.2 percent stake in the EV maker.

Ather Energy, despite being one of the first players in the market and the first company to launch a premium electric scooter has been pushed to the fourth position amid improved performance of legacy players such as Bajaj Auto and TVS Motor.