IPO Calendar: Swiggy among 5 IPOs to be served hot for investors next week

The primary market is set to be abuzz next week with the much-anticipated IPO of Swiggy, accompanied by four other offerings opening for subscription. In total, four IPOs are slated to launch on the mainboard, while Neelam Linens will make its debut in the SME segment.

Apart from Swiggy, the mainboard segment will see issues of Acme Solar Holdings, Sagility India and Niva Bupa Healthcare.

Meanwhile, Afcons Infrastructure, whose IPO opened in the week gone by and received a subscription of just over 2 times, will make its debut on the Street next week.

The IPO pipeline in the near term looks promising with 26 companies proposing to raise Rs 72,000 crore are sitting on Sebi approval.

Another 55 companies looking to raise about Rs 89,000 crore are awaiting the regulator's nod. So far this fiscal year, the fundraising neared Rs 1 lakh crore and the same is expected to reach a new record by the end of March 2025.

Here's what's on the IPO table next week

Swiggy IPO

The much awaited IPO of Swiggy is set to be launched on November 6 and investors can bid for the shares till November 8. The company priced the IPO in the range of Rs 371-390 per share.

The company has increased its fresh equity sale in the IPO to Rs 4,499 crore, while reducing its offer for sale (OFS) component to 17.5 crore shares.

Swiggy is serving the IPO at a lower valuation of $11.3 billion as against its earlier target of around $15 billion. The valuations were reduced due to prevailing market volatility and the lacklustre debut of Hyundai India.

The food delivery company proposes to use the IPO proceeds for investment in its material subsidiary Scootsy, investment in technology and cloud infrastructure and also brand marketing and business promotion. This will be done over a four to five year period.

Marquee funds BlackRock and Canada Pension Plan Investment Board (CPPIB) will likely invest in the IPO, which will be the country's second-biggest stock offering this year.

Acme Solar Holdings IPO

Acme Solar Holding announced a price band of Rs 275-389 for its IPO, which will open to the public for subscription on November 5 and be available for bidding until November 8.

The issue will be a combination of the issue of fresh equity shares worth Rs 2,395 crore as well as an offer for sale (OFS) by the selling shareholders worth Rs 505 crore, making the total value of the IPO equivalent to Rs 2,900 crore.

The company proposes to utilize the net proceeds from the issue towards funding the repayment/prepayment of certain outstanding borrowings and other general corporate purposes. The proceeds from the OFS component will be received by the promoter selling shareholder.

Acme Solar Holdings is an Indian electricity producer established in June 2015, focusing on renewable energy sources. The company aims to advance clean energy solutions in India, contributing to the goal of achieving net zero emissions. It specializes in innovative green technologies, including the production of green ammonia.

Sagility India IPO

Sagility India, the healthcare-focused services provider, will launch its Rs 2,107-crore initial share sale on November 5, with a price band at Rs 28-30 per share.

The IPO will consist entirely of an offer-for-sale of 70.22 crore shares by the promoter, Sagility B.V., with no fresh issue component. All proceeds, excluding expenses, will go to the selling shareholder, and Sagility India will not receive funds from the issue.

The original IPO size was reduced from 98.44 crore shares as initially proposed in the preliminary filings. Sagility B.V., an affiliate of EQT Private Capital Asia, is the sole promoter of the Bengaluru-based company and will reduce its shareholding by 15%, retaining 85% after the IPO.

Niva Bupa Healthcare IPO

The IPO of Niva Bupa Healthcare is set to open for subscription on November 7 and will be available for bidding till November 11. The price band for the IPO, which includes a fresh equity sale of Rs 800 crore and an OFS of Rs 1400 crore, will be announced soon.

Under the OFS, Bupa Singapore Holdings and Fettle Tone will offload their part stakes.

The company proposes to utilise the net proceeds from the fresh issue towards augmentation of its capital base to strengthen solvency levels and for general corporate purposes.

Niva Bupa is the second standalone health insurer (SAHI) to eye at the Indian bourses through IPO, after Star Health & Allied Insurance Company.