Notable IPOs include Swiggy, Ola Electric, and FirstCry. Swiggy’s IPO was the largest, raising Rs 11,327.43 crore.
Swiggy’s IPO emerged as the largest, raising Rs 11,327.43 crore.
The year 2024 turned out to be a milestone for startups as they capitalized on the booming stock market to raise a staggering Rs 29,247 crore through 13 initial public offerings (IPOs). This marks a significant increase in the number of IPOs over previous years, an indication of growing confidence in the Indian startup ecosystem.
In 2024, the number of startup IPOs increased dramatically, with 13 companies going public. This figure is much higher than the IPO activity seen in the last few years – only 10 startups launched IPOs in 2021, while 2022 and 2023 saw 6 IPOs each.
This year’s IPOs include 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. Funds raised through a fresh issue directly benefit companies, fueling their expansion and growth, while OFS proceeds go to existing investors and promoters.
Of the 13 IPOs, 10 were listed on the main board of the stock exchange, and 3 were SME (Small and Medium Enterprises) IPOs. Notable names that made their debut in the stock market this year include Swiggy, Ola Electric, FirstCry, Mobikwik, Digit Insurance, TBO Tech, and TAC Security.
The largest IPO in 2024 was that of Swiggy, a leading food delivery company, which raised a total of Rs 11,327.43 crore. After that, Ola Electric raised Rs 6,145.56 crore. The third largest IPO was that of FirstCry, an online baby care retailer, which raised Rs 4,193.73 crore. Other notable IPOs include Digital Insurance (Rs 2,614.65 crore), and TBO Tech (Rs 1,550.81 crore).
IPOs saw strong investor demand, with some companies experiencing massive oversubscription. Among the main board startup IPOs, Unicommerce, an e-commerce enablement platform, received the highest subscription at a staggering 168.39 times. Other companies like Mobikwik, Office, ixigo, and TBO Tech also saw huge oversubscription, with Mobikwik 119.38 times, Office 108.56 times, ixigo 98.34 times, and TBO Tech 86.7 times.
At the end of the year, the performance of startup IPOs on the stock exchanges also provided interesting returns for investors. The TAC Security IPO, in particular, stood out by delivering the highest listing gain of the year – 173.58%. It was followed by Unicommerce and Mobikwik, which saw a 117% and 57.71% increase in listings respectively. Other companies such as ixigo, Trust Fintech, FirstCry, and Manhood also gained impressive listings ranging from 28% to 50%, further reinforcing the strong sentiment around startup stocks.
2024’s remarkable IPO activity signals a strong year for startups, attracting significant attention from both domestic and international investors. The continued success of these IPOs and growing investor confidence in the startup ecosystem suggests that 2025 could provide 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 strengthening the role of startups in shaping the economic future.