India’s primary market continues to be red hot, with four mainboard initial public offerings (IPOs) and one small and medium enterprise (SME) platform-related offering set to hit the market this week to mop up about ₹2,700 crore.

While the mainboard offers are Park Hotels, Jana SFB, Capital SFB, and Rashi Peripherals, the lone offering in the SME segment is the public issue of Alex Solar.

The IPO pipeline looks equally strong in the near term, with 25 draft offer documents filed by various companies under process with the market regulator SEBI. Nearly 30 companies have already received a green signal from the capital markets regulator and would look to raise over ₹30,000 crore.

“Anticipation is high for the upcoming week, with four mainboard IPOs scheduled to hit the street,” Mahavir Lunawat, MD, Pantomath Capital Advisors, said.

In 2023, as many as 57 Indian companies raised about ₹ 49,000 crore through mainboard IPOs, data from Prime Database showed.

Some of the notable IPOs to watch out for in 2024 include Swiggy, Ola Electric, Oyo, FirstCry, and Portea Medical.

While Swiggy is looking to raise $500 million, FirstCry is eyeing $500–$600 million.

Ola Electric plans a $400 million initial public offering, and Oyo targets $400 million. Portea Medical is looking to raise ₹1000 crore in January–March 2024.

Meanwhile, Northern Arc Capital Limited, a diversified financial services platform, has filed Draft Red Herring prospectus with market regulator SEBI.

The company plans to raise funds via Initial Public Offerings through issue of equity share of face value ₹ 10 each comprising of fresh issue aggregating upto ₹ 500 crore (Fresh Issue) and an Offer for Sale aggregating up to 21,052,629 equity shares ( “Offer for Sale”).

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