Swiggy, Ola Electric Lead India's ₹29,247 Crore Startup IPOs in 2024

Indian Startups Raise ₹29,247 Crore in 2024

The Indian startup ecosystem achieved a remarkable milestone in 2024, with 13 companies debuting on the stock market through Initial Public Offerings (IPOs). These IPOs collectively raised ₹29,247 crore, setting a new benchmark for the country's entrepreneurial landscape. This surge signifies a sharp recovery and growth compared to the previous years, which saw 10 IPOs in 2021 and just six in 2022 and 2023.

Of the total funds raised, ₹14,672 crore came from fresh issues, providing a direct financial boost to the companies. Meanwhile, ₹14,574 crore was mobilized through Offers for Sale (OFS), allowing early investors and promoters to capitalize on their investments.

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Top Performing Indian Startup IPOs

The year saw a mix of well-established and emerging startups entering the market, with 10 IPOs on the mainboard and three in the SME segment. Major names included TAC Security, Unicommerce, MobiKwik, TBO Tek, Ixigo, Trust Fintech, FirstCry, Menhood, Awfis, Swiggy, Digit Insurance, Blackbuck, and Ola Electric.

The largest IPO came from food delivery giant Swiggy, which raised a staggering ₹11,327.43 crore. Swiggy's shares debuted at ₹420, reflecting a premium of 7.69%, underscoring strong investor demand. Electric vehicle pioneer Ola Electric followed closely, raising ₹6,145.56 crore, while FirstCry, an e-commerce leader in kids' products, secured ₹4,193.73 crore. Other notable IPOs included Digit Insurance (₹2,614.65 crore) and TBO Tek (₹1,550.81 crore).

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Why Startup IPOs Saw Record-High Subscriptions

Investor enthusiasm reached new heights, with several IPOs witnessing record-breaking subscription rates. Leading the pack was Unicommerce, whose IPO was subscribed an astonishing 168.39 times. MobiKwik followed with a subscription rate of 119.38 times, while Awfis, Ixigo, and TBO Tek saw rates of 108.56 times, 98.34 times, and 86.7 times, respectively.

These figures highlight the growing trust in India’s startup ecosystem and the confidence of both retail and institutional investors in the country's innovation-driven businesses.

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Exceptional Listing Gains Reward Startup Investors

The IPO frenzy wasn’t limited to subscriptions alone; several companies delivered exceptional listing gains, rewarding investors handsomely. TAC Security emerged as the top performer, delivering a staggering listing gain of 173.58%. Unicommerce followed with a 117% gain, while MobiKwik delivered a robust 57.71% jump. Other strong performers included Ixigo, Trust Fintech, and FirstCry, which recorded listing gains in the range of 30-50%.

Resilience and Growth: The Bright Future of India's Startup Ecosystem

This stellar performance underscores the resilience and vibrancy of India’s startup ecosystem. It reflects the broader economic recovery and growing investor appetite for tech-driven and consumer-focused businesses. With the momentum gained in 2024, industry analysts predict a robust pipeline of IPOs in the coming years.

The success of these IPOs not only fuels innovation but also positions India as a global hub for entrepreneurship. As startups continue to disrupt traditional industries and create value, the country stands poised for a golden era of economic growth driven by its dynamic entrepreneurial spirit.

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In 2024, the Indian startup ecosystem not only shone brightly but also laid a strong foundation for future growth, making it a landmark year in the history of India’s financial and entrepreneurial landscape.