Upcoming IPOs This Week: 4 Mainboard & 1 SME Public Issue To Go Live; Afcons Infra Listing Awaited

With the arrival of November, Dalal Street is set to witness a flurry of activity as several high-profile initial public offerings (IPOs) hit the primary market. Despite the Indian stock market grappling with significant volatility last month, marked by heavy foreign institutional investor (FII) outflows, tepid Q2 earnings, and geopolitical tensions, the IPO pipeline remains strong. Beginning November 4, four mainboard IPOs, including the much-anticipated Swiggy IPO, along with one SME IPO, will be launched.

In October, the Indian stock market experienced a major sell-off, primarily driven by the exit of FIIs, as the Nifty 50 index slid 7.5% from its all-time high. The sudden withdrawal of foreign funds was fueled by a range of global concerns, including rising Middle Eastern tensions and disappointing corporate earnings. Yet, despite this turbulence, the primary market thrived, with six mainboard IPOs in October. Among them was the Hyundai Motor India IPO, which raised Rs 27,870.16 crore, making it India's largest IPO to date.

Looking forward, the list of upcoming IPOs for the first week of Samvat 2081 includes four mainboard offerings and one SME IPO, with these companies collectively aiming to capitalize on a market still buzzing from October's IPO action. Additionally, Afcons Infrastructure Ltd., an engineering giant backed by the Shapoorji Pallonji Group, will make its debut on the stock exchange on November 4. Here's a detailed breakdown of the major IPOs set to launch next week.

Sagility India IPO

The Sagility India IPO, focusing on the healthcare services industry, will be open for subscription from Tuesday, November 5, to Thursday, November 7. Sagility India aims to raise Rs 2,106.60 crore through this book-built issue, priced between Rs 28 and Rs 30 per share. Structured entirely as an offer-for-sale (OFS), this IPO will see the company's Netherlands-based promoter, Sagility BV, divest a total of 70.22 crore equity shares.

Prior to the IPO, Sagility's promoter raised Rs 366 crore through the sale of a 2.61% stake to nine institutional investors on October 30-31. With its established foothold in the healthcare sector, Sagility India is well-positioned to attract investor attention.

Swiggy IPO

Swiggy, one of India's largest food delivery platforms, will launch its highly anticipated Rs 11,327.43-crore IPO on Wednesday, November 6, with subscriptions closing on Friday, November 8. Priced at a band of Rs 371 to Rs 390 per share, this IPO will consist of a fresh issue worth Rs 4,499 crore and an OFS component totalling Rs 6,828.43 crore.

The fresh issue aims to fuel Swiggy's growth and expansion plans, while the OFS will see participation from multiple high-profile investors, including Accel India IV (Mauritius) Ltd, Alpha Wave Ventures, LP, DST EuroAsia V B.V, and Tencent Cloud Europe BV. Swiggy's IPO will mark a milestone in India's tech IPO scene, with the company expected to attract significant retail and institutional interest due to its strong brand, rapid growth, and position within India's thriving food-tech sector.

ACME Solar Holdings IPO

Opening on the same day as Swiggy, the ACME Solar Holdings IPO will run from November 6 to November 8. The solar energy firm, which has carved out a notable presence in India's renewable energy space, is seeking to raise Rs 2,900 crore. This includes a fresh issue of Rs 2,395 crore and an OFS of Rs 505 crore. With a price band set between Rs 275 and Rs 289 per share, ACME Solar aims to leverage this IPO to support its ambitious expansion plans in the renewable energy sector.

India's solar energy market is burgeoning, and with the government's push toward cleaner energy, ACME Solar Holdings is likely to see strong interest from investors. The IPO proceeds are expected to be used for capacity expansion and furthering the company's growth.

Niva Bupa Health Insurance IPO

Another prominent IPO launching next week is Niva Bupa Health Insurance. The health insurer's IPO will be open from November 7 to November 11, with the company looking to raise a total of Rs 2,200 crore. This includes a fresh issue of Rs 800 crore and an OFS worth Rs 1,400 crore. Although the price band for this IPO has yet to be disclosed, the health insurance sector's steady growth and rising demand for healthcare coverage are likely to draw significant interest from investors.

Neelam Linens and Garments IPO (SME)

In addition to the four mainboard IPOs, the SME segment will see the Neelam Linens and Garments IPO launch on Friday, November 8, with the subscription window closing on November 12. Positioned within the SME space, this IPO will have a price band of Rs 20 to Rs 24 per share, with the company aiming to raise Rs 13 crore through a fresh issue of 54.18 lakh equity shares.

Neelam Linens and Garments plans to list on the NSE SME exchange on November 18, offering investors an opportunity to tap into India's growing textile sector. The funds raised from the IPO will likely be allocated towards capacity expansion and scaling operational efficiency.

Afcons Infrastructure Ltd IPO Listing

Afcons Infrastructure Ltd., an engineering and construction powerhouse under the Shapoorji Pallonji Group umbrella, is set to make its stock market debut on November 4. Having completed its IPO recently, Afcons will list on both the BSE and NSE. Despite initial indications from the grey market premium (GMP) signalling a muted response, the company's market position and expertise in engineering projects may foster interest among investors.

Afcons' IPO listing marks the entry of another major construction player in the public market, and analysts are closely watching the stock's performance given the recent market volatility and sell-off by FIIs.

The primary market's activity this November reflects investor confidence and interest, despite the broader stock market facing headwinds. The variety of sectors represented-from tech and healthcare to energy and construction-reflects the diverse investment opportunities emerging in India.