Report 2024 : Startups Listed on IPO

Startups listed on an IPO (Initial Public Offering) are companies that sell their shares to the public for the first time on the stock market. This helps them raise money to grow. These startups are usually in the early stages and often work in areas like technology, healthcare or finance. Being listed on an IPO gives them more attention and trust, but they also have to follow rules and share their financial details with the public.

Let Explore the List of Startups Listed on IPO: 2024

Awfis

Awfis Space Solutions Limited, established in 2015 by Amit Ramani, has transformed from a coworking network into India's largest flexible workspace solutions provider. As of December 31, 2023, the company operated 169 centers across 16 cities, offering over 105,000 seats and a chargeable area exceeding 5 million square feet. 

In December 2023, Awfis filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), receiving approval in April 2024. The Initial Public Offering (IPO) opened on May 22, 2024, and closed on May 27, 2024, with a price band set between ₹364 and ₹383 per share. The IPO comprised a fresh issue of approximately ₹128 crore and an offer for sale of around ₹470.93 crore, totaling ₹598.93 crore. 

Investor response was robust, with the IPO being oversubscribed 108.17 times. The Qualified Institutional Buyers (QIB) category saw a subscription of 116.95 times, Non-Institutional Investors (NII) at 129.27 times, and Retail Individual Investors (RII) at 53.23 times. 

Awfis made its stock market debut on May 30, 2024. Shares listed on the BSE at ₹432.25, a 12.8% premium over the issue price, and on the NSE at ₹435, reflecting a 13.5% premium. 

Financially, Awfis reported a profit of ₹2.7 crore in the first quarter of FY25, a significant turnaround from a net loss of ₹8.3 crore in the same period the previous year. Operating revenue also increased by 37.2% year-on-year, reaching ₹257.7 crore for the quarter ending June 2024.

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Awfis's successful IPO and positive financial performance underscore its leadership in the flexible workspace sector and its commitment to innovation and growth.

BlackBuck

BlackBuck, established in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, has emerged as India's leading digital platform for inter-city full truckload (FTL) transportation, connecting shippers with truck operators. The company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in July 2024, proposing a public issue comprising a fresh issuance of shares worth ₹550 crore and an offer for sale of up to 2.16 crore shares. SEBI approved the IPO in October 2024.

Prior to the IPO, BlackBuck secured ₹501 crore from anchor investors at ₹273 per share, setting the company's valuation at ₹4,800 crore—a 32% reduction from its peak valuation of ₹7,100 crore in 2021. The IPO, conducted between November 13 and November 18, 2024, was oversubscribed 1.8 times, receiving bids for 4.19 crore shares against the 2.25 crore shares available. 

On November 22, 2024, BlackBuck's shares debuted on the BSE at ₹279.05, reflecting a modest 2.2% premium over the issue price. However, the stock closed its first trading day at ₹260.20, down 4.7% from the IPO price, resulting in a market capitalization of approximately ₹4,591.98 crore (around $543.8 million). 

Financially, BlackBuck reported a net profit of ₹28.67 crore in Q1 FY25, a significant turnaround from a net loss of ₹35.93 crore in the same quarter the previous year. Revenue from operations surged nearly 55% year-on-year, reaching ₹92.16 crore in the quarter under review. 

Supported by investors such as Tiger Global, Accel, Peak XV Partners, and Goldman Sachs, BlackBuck had raised over $360 million in funding prior to its IPO. The company's successful public offering and improved financial performance underscore its pivotal role in digitizing India's trucking industry and its commitment to sustainable growth.

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FirstCry

FirstCry, established in 2010, has grown into India's leading omnichannel marketplace for mother and child products, offering a diverse range from diapers and toys to apparel and cribs. The company also provides daycare services and operates a network of play schools and preschools across the country.

In December 2023, FirstCry filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Following SEBI's directive to include additional key metrics, the company refiled its draft in April 2024 and received approval for a public listing in July.

The Initial Public Offering (IPO) comprised a fresh issue of shares worth ₹1,666 crore and an Offer for Sale (OFS) of 5.4 crore equity shares. Prior to the IPO, FirstCry raised ₹1,885.82 crore from 71 anchor investors at ₹465 per share. The IPO was conducted from August 6 to August 8, 2024, with a price band set between ₹440 and ₹465 per share. 

FirstCry made a strong market debut on August 13, 2024, with shares opening at ₹651 on the NSE, a 40% premium over the issue price, and at ₹625 on the BSE, reflecting a 34.4% premium. 

Financially, FirstCry reported a 17% year-on-year increase in operating revenue, reaching ₹1,652 crore in Q1 FY25, up from ₹1,407 crore in the same quarter the previous year. The company's net loss narrowed by 31% to ₹75 crore, compared to ₹110 crore in Q1 FY24. 

FirstCry's successful IPO and improved financial performance highlight its significant presence in India's mother and child product market and its commitment to sustained growth.

GoDigit Insurance

Go Digit General Insurance, founded in 2016, offers a diverse range of insurance products, including health, motor vehicle, travel, and property insurance. In March 2024, the company refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) after addressing concerns related to its employee stock appreciation rights scheme.

The Initial Public Offering (IPO) comprised a fresh issue of shares worth ₹1,125 crore and an Offer for Sale (OFS) of 5.47 crore equity shares. The IPO was open for subscription from May 15 to May 17, 2024, with a price band set between ₹258 and ₹272 per share. 

On May 23, 2024, Go Digit's shares debuted on the National Stock Exchange (NSE) at ₹286 per share, reflecting a 5.15% premium over the issue price. On the Bombay Stock Exchange (BSE), the shares listed at ₹272, matching the upper end of the price band. 

Financially, Go Digit reported a Profit After Tax (PAT) of ₹89 crore in the second quarter of FY25, marking a 221% increase from ₹27.69 crore in the same quarter the previous year. The company's Gross Written Premium (GWP) rose by 14.2% to ₹2,368.57 crore in Q2 FY25, up from ₹2,073.84 crore in the corresponding period of FY24. 

These financial results underscore Go Digit's significant growth trajectory and its expanding footprint in India's insurance sector.

Ixigo

Founded in 2006, ixigo began as a travel search platform, enabling users to compare flight deals. Over time, it evolved into a comprehensive online travel aggregator, offering services such as flight, train, and bus bookings, as well as hotel reservations and holiday packages.

In February 2024, Le Travenues Technology Ltd., ixigo's parent company, refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This followed SEBI's request for additional key metrics. The company received approval for its public listing in May 2024.

The Initial Public Offering (IPO) comprised a fresh issue of shares worth ₹120 crore and an Offer for Sale (OFS) of 6.67 crore equity shares, amounting to ₹620 crore. The IPO was open for subscription from June 10 to June 12, 2024, with a price band set between ₹88 and ₹93 per share. 

Investor response was robust, with the IPO being oversubscribed 98 times. The retail segment saw a subscription of 54.85 times, while Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) subscribed 106.73 times and 110.53 times, respectively. 

On June 18, 2024, ixigo made a remarkable debut on the stock exchanges. Shares opened at ₹138.10 on the National Stock Exchange (NSE), a 48.5% premium over the issue price, and at ₹135 on the Bombay Stock Exchange (BSE), reflecting a 45.16% premium. 

Financially, in the second quarter of FY25, ixigo reported a Profit After Tax (PAT) of ₹13.08 crore, a 51% decline from ₹26.70 crore in the same quarter the previous year. However, revenue from operations increased by 26% year-on-year, reaching ₹206.47 crore, up from ₹163.91 crore in Q2 FY24. 

These financial results highlight ixigo's resilience and growth in India's competitive travel industry.

Menhood

Menhood, a direct-to-consumer (D2C) men's grooming brand founded in 2019 by Dushyant Gandotra, Divya Gandotra, and Shivam Bhateja, offers a range of products including trimmers, intimate perfumes, intimate wash, and moisturizers. In January 2024, its parent company, Macobs Technologies Limited, filed a Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) comprising a fresh issue of 25.95 lakh equity shares. 

The IPO, with a price band set between ₹71 and ₹75 per share, opened for subscription on July 16 and closed on July 19, 2024. It received an overwhelming response, being oversubscribed 157.5 times. On July 24, 2024, Menhood's shares debuted on the NSE Emerge platform at ₹96 apiece, marking a 28% premium over the issue price of ₹75. 

Financially, in the first half of FY25, Macobs Technologies reported a profit after tax of ₹1.84 crore, a 190% increase from ₹63.5 lakh in the same period the previous year. Operating revenue also saw significant growth, rising 86% to ₹16.55 crore from ₹8.90 crore in H1 FY24. 

These milestones underscore Menhood's rapid growth and strong market presence in India's men's grooming sector.

Ola Electric

Ola Electric, established in 2017, has rapidly become a prominent player in India's electric two-wheeler market, offering a diverse range of electric scooters. The company is also planning to introduce an electric autorickshaw to its product lineup.

In December 2023, Ola Electric filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) valued at over ₹5,500 crore. The IPO included a fresh issue of shares worth up to ₹5,500 crore and an Offer for Sale (OFS) of up to 8.49 crore shares. The company set a price band of ₹72-76 per equity share for the public issue. Prior to the market debut, Ola Electric raised ₹2,763 crore from 84 anchor investors, including SBI, HDFC, Nippon Life, Nomura Asset Management, and the Government Pension Fund of Norway, at ₹76 per equity share.

The public issue opened on August 2, 2024, and was subscribed 4.27 times by the close of bidding on August 6. Despite the strong subscription, the company's market debut was muted, with shares opening at ₹75.99 apiece on the BSE and ₹76 on the NSE, aligning closely with the issue price.

Financially, in the first quarter of FY25, Ola Electric reported a net loss of ₹347 crore, a 30% increase from the ₹267 crore loss in the same period the previous fiscal year. However, revenue from operations rose by 32%, reaching ₹1,644 crore, up from ₹1,243 crore in FY23.

These financial results highlight the company's ongoing efforts to expand its market presence and product offerings in the evolving electric vehicle sector.

Swiggy

Swiggy, established in 2014, began as an online food delivery platform and expanded into grocery delivery with Swiggy Instamart in 2020. The company has since diversified its offerings to include high-value products such as fitness equipment and electronic devices.

In April 2024, Swiggy confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) valued at approximately ₹10,414.1 crore (around $1.2 billion). By September, the company submitted updated IPO documents, detailing a fresh issue of shares worth ₹3,750 crore and an Offer for Sale (OFS) of 18.57 crore equity shares. Later that month, shareholders approved increasing the fresh issue size by 33% to ₹5,000 crore. Consequently, Swiggy filed its Red Herring Prospectus (RHP) on October 28, adjusting the fresh issue to ₹4,499 crore and reducing the OFS to 17.5 crore shares.

Prior to its market debut, Swiggy secured ₹5,085 crore from 75 anchor investors, including Fidelity, HSBC India, Invesco India, and Whiteoak Capital, at ₹390 per share. The IPO opened for subscription on November 6 and closed on November 8, achieving an oversubscription rate of 3.59 times. The public issue received bids for 57.53 crore shares against the 16.01 crore shares on offer. Swiggy's shares debuted on the National Stock Exchange (NSE) at ₹420, an 8% premium over the issue price, and at ₹412 on the Bombay Stock Exchange (BSE), a nearly 6% premium.

Financially, Swiggy reported a net loss of ₹2,350 crore in FY24, a 44% reduction from the ₹4,179 crore loss in FY23. Revenue from operations increased by 36% to ₹11,247 crore in FY24, up from ₹8,265 crore in the previous fiscal year. In the first quarter of FY25, the company's consolidated net loss rose over 8% year-on-year to ₹611 crore, while revenue from operations grew 35% to ₹3,222.2 crore during the same period.

These developments highlight Swiggy's significant growth and its strategic efforts to diversify services and improve financial performance.

TAC Security

TAC Infosec Limited, commonly known as TAC Security, is a SaaS-based cybersecurity firm specializing in risk-based vulnerability management and assessment solutions. Founded in 2016, the company has rapidly expanded its global footprint, serving clients across 55 countries and adding over 330 clients in a single month. 

In January 2024, TAC Infosec filed its Draft Red Herring Prospectus (DRHP) to list on the NSE Emerge platform, targeting small and medium enterprises. The Initial Public Offering (IPO) comprised a fresh issue of 28.29 lakh equity shares, with a price band set between ₹100 and ₹106 per share. The IPO opened for subscription on March 27 and closed on April 2, 2024. It received an overwhelming response, being oversubscribed 422.03 times, including 768.89 times by non-institutional investors and 433.80 times by retail investors. 

On April 11, 2024, TAC Infosec's shares debuted on NSE Emerge at ₹290 per share, marking a substantial 173.6% premium over the issue price of ₹106. 

Financially, TAC Infosec reported robust growth in FY24, with a net profit of ₹6.33 crore, a 23% increase from ₹5.12 crore in FY23. Operating revenue also rose by 16.17%, reaching ₹11.61 crore, up from ₹10 crore in the previous fiscal year. In the first half of FY25, the company continued its upward trajectory, achieving a consolidated total income of ₹13.16 crore and a net profit of ₹6.53 crore. 

These milestones underscore TAC Infosec's commitment to innovation and its strong position in the cybersecurity sector, reflecting both investor confidence and the company's potential for sustained growth.

TBO Tek

TBO Tek Limited, operating as Travel Boutique Online (TBO), is a B2B travel portal offering comprehensive solutions to travel agents and tour operators, including white-label services, hotel and flight booking APIs, and dynamic packages. Established in 2006, the company has expanded its presence to over 100 countries, providing a wide array of travel-related services.

In November 2023, TBO Tek filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The market regulator granted approval for the public listing in April 2024. The IPO, which opened for subscription on May 8 and closed on May 10, 2024, comprised a fresh issue of ₹400 crore and an offer for sale of up to 1,25,08,797 equity shares, with a price band set between ₹875 and ₹920 per share. 

The public issue received an overwhelming response, being oversubscribed 86.69 times, with the Qualified Institutional Buyers (QIB) portion subscribed 125.51 times, Non-Institutional Investors (NII) 50.60 times, and Retail Individual Investors (RII) 25.72 times. 

On May 15, 2024, TBO Tek's shares debuted on the National Stock Exchange (NSE) at ₹1,426, a 55% premium over the issue price of ₹920. On the Bombay Stock Exchange (BSE), the stock listed at ₹1,380, reflecting a 50% premium. 

Financially, TBO Tek reported robust growth in the first quarter of FY25. The company's consolidated net profit surged 29% year-on-year to ₹60.91 crore, up from ₹47.3 crore in the same period the previous year. Operating revenue increased by 21%, reaching ₹418.5 crore compared to ₹344.6 crore in Q1 FY24. 

A significant contributor to this growth was the non-airline segment, including hotels and ancillary services, which grew from 46% of the business in Q1 FY24 to 57% in Q1 FY25. This shift was driven by rising demand for hotel bookings both domestically and internationally. 

These milestones underscore TBO Tek's strong market position and its commitment to providing comprehensive travel solutions, reflecting both investor confidence and the company's potential for sustained growth.

Trust Fintech

Trust Fintech Limited, established in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, specializes in enterprise technology solutions, offering SaaS products and fintech services for ERP implementation, alongside offshore IT services tailored for the BFSI sector.

In February 2024, the company filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, aiming to raise approximately ₹63.45 crore through an Initial Public Offering (IPO) comprising a fresh issue of 62.82 lakh equity shares. The IPO, open for subscription from March 26 to March 28, 2024, received an overwhelming response, being oversubscribed 108.63 times, with significant interest from non-institutional investors (244.48 times) and retail investors (75.09 times). 

On April 4, 2024, Trust Fintech's shares debuted on the NSE Emerge platform at ₹143.25 per share, marking a 41.83% premium over the issue price of ₹101. 

Financially, the company reported a substantial growth in FY24, with net profit surging 210% to ₹12.5 crore from ₹4 crore in FY23. Operating revenue also increased by 55.4%, reaching ₹35 crore compared to ₹22.5 crore in the previous fiscal year. 

These achievements underscore Trust Fintech's robust market presence and its commitment to delivering innovative fintech solutions, reflecting strong investor confidence and the company's potential for sustained growth.

Unicommerce

Unicommerce eSolutions, established in 2012 and acquired by Snapdeal in 2015, is a leading e-commerce SaaS company specializing in inventory and order management solutions. The company filed its Draft Red Herring Prospectus (DRHP) in January 2024 and received approval from the Securities and Exchange Board of India (SEBI) in July 2024. 

The initial public offering (IPO) consisted solely of an offer for sale (OFS) of 29.8 million equity shares, priced at ₹108 per share. The issue opened for subscription on August 6, 2024, and closed on August 8, 2024, with an oversubscription rate of 168 times. 

On August 13, 2024, Unicommerce made a strong debut on the National Stock Exchange (NSE), listing at ₹235 per share, a 117.59% premium over the issue price. The stock also debuted at ₹230 on the Bombay Stock Exchange (BSE), reflecting a 112.96% premium. 

In the first quarter of fiscal year 2024-25, Unicommerce reported a net profit of ₹4.47 crore, up from ₹3.69 crore in the same period the previous year. Operating revenue stood at ₹29.30 crore, a 13% increase from ₹25.93 crore in Q2 FY24. 

As of March 2024, Unicommerce processed approximately 772 million items annually, with an annual recurring revenue of ₹103.74 crore. The company operates in 8,159 warehouses and 1,902 stores, serving over 7,000 clients across various sectors, including fashion, electronics, and FMCG. 

The successful IPO and strong market debut underscore Unicommerce's position as a key player in the e-commerce enablement sector.

Conclusion

Startups listing on an IPO in 2024 are using the chance to raise money and grow by offering their shares to the public for the first time. This helps them get more attention and trust, attracting investors for growth. But, it also means they must follow rules and share their financial details. As more startups from industries like technology and healthcare join the IPO market, it will play an important role in the future of new businesses in 2024.