The Indian primary market is expected to gain momentum this month after taking a breather in January, as big-ticket initial public offerings (IPOs) of Hexaware Technologies, JSW Cement, Ather Energy, Vikram Solar, Ajax Engineering, and several others are set to hit Dalal Street. Additionally, eight companies, including SMPP and Brigade Hotel, have received approval from SEBI to collectively raise around ₹6,500 crore via the IPO route. The list includes Solarworld Energy Solutions, Indogulf Cropsciences, Globe Civil Projects, Aditya Infotech, and Prostarm Info Systems.
While the IPOs of Hexaware Technologies and Ajax Engineering are set to open next week, JSW Cement, Ather Energy, and Vikram Solar are expected to launch their public offerings later this month.
The ₹1,269-crore IPO of Ajax Engineering is set to open on February 10, with a price band of ₹599 to ₹629 per share. The issue, which is entirely an offer for sale of 2.02 crore shares, will close on February 12, and shares are expected to list on the BSE and NSE on February 17, 2025.
Hexaware Technologies is set to announce the price band for its ₹9,950-crore IPO tomorrow. Meanwhile, JSW Cement, a part of the JSW Group, is preparing to launch its ₹4,000-crore issue soon, while electric two-wheeler firm Ather Energy aims to raise ₹3,100 crore via the IPO route.
IPO fundraising surged to ₹1.54 lakh crore in 9M FY25
According to the Economic Survey 2024-25, IPO fundraising nearly tripled to ₹1,53,987 crore during the first nine months of the current fiscal (9M FY25), up from ₹53,023 crore in the same period last year. In terms of volume, the number of IPOs rose by 32.1% to 259 in 9M FY25, compared to 196 in the same period the previous year. The number of investors has also increased from 4.9 crore in FY20 to 13.2 crore as of December 31, 2024.
The total capital raised from primary markets (equity and debt) stood at ₹11.1 lakh crore during the April-December period of FY25, which was 5% higher than the entire amount raised via the IPO route in FY24. This accounted for 25.6% of the gross fixed capital formation of private and public corporations during FY24.
The IPO market saw some fatigue last month, with only six companies hitting the Street to raise a total of ₹4,845 crore, compared to a record 15 firms garnering ₹25,439 crore in December 2024.
According to industry experts, after a brief lull, the primary market is set to regain momentum as secondary markets recover from recent lows. “The Indian stock market has emerged strong and stable among its global peers despite uncertainty. With strong growth, increased retail and foreign participation, heightened IPO activity, and regulatory stability, it is well poised for further expansion,” says Mahavir Lunawat, Group Founder & Managing Director of Pantomath Financial Services Group.
(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)
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Coforge, Fortis, and Paytm are expected to see passive fund inflows of $293 mn, $176 mn, and $169 mn, respectively.
The paint industry continued to be impacted by subdued demand conditions during the quarter, especially in the urban centres, says Amit Syngle, Managing Director & CEO of Asian Paints.
Tata group companies Titan and Tata Power released their earnings report post market hours yesterday.
The hotel arm of ITC, which made its debut on Jan 29, 2025, was temporarily included in BSE indices to allow passive funds to rebalance their portfolios.
Hexaware, Ather Energy, JSW Cement: Big-ticket IPOs to hit D-Street in Feb ’ – Fortune India
