With the equity market clocking record highs, it’s not just small companies but the biggest business groups in the country that are making a beeline for the primary market.
In 2023, JSW kicked off the trend, with its logistics and infrastructure company JSW Infrastructure raising Rs 2,800 crore through fresh equity, 14 years after the group's last listing, with JSW Energy.
Then, it was Tata Technologies in November 2023, and now Bharti Hexacom, which launched its IPO on April 3 with an issue size of Rs 4,275 crore.
Tata Technologies, JSW Infrastructure and the Bharti Hexacom offering are only a few examples of Indian conglomerates making the most of the effervescence in the IPO market. The primary market has been buoyant over the past year with 76 mainboard issues raising Rs 61,915 crore.
However, more industry heavyweights are expected to take their companies public in an attempt to unlock value and raise more funds. Reports suggest that the Tata Group is planning to launch several public issues over the next few years.
Tata Capital, Tata Autocomp Systems, Tata Passenger Electric Mobility, BigBasket, Tata Digital, Tata Electronics, Tata Housing, and Tata Batteries are among the companies that are likely to be listed.
On March 29, diversified conglomerate and Shapoorji Pallonji Group-backed construction and engineering player Afcons Infrastructure filed its DRHP with SEBI to float a Rs 7,000 crore issue.
Reliance Industries’ Reliance Retail is also gearing up to launch an IPO. Mukesh Ambani had said back in 2019 that the retail arm of his business empire would seek an IPO in five years. In 2023, Qatar’s sovereign wealth fund invested $1 billion into India’s biggest brick-and-mortar retailer.
