The upcoming week promises to be highly eventful for the primary market, with four major initial public offerings (IPOs) set to launch on Dalal Street starting from November 4. After a brief lull, this surge in public offerings reflects renewed enthusiasm among investors, even as the stock market grapples with a bearish trend. This group of IPOs includes the highly anticipated Swiggy IPO from the mainboard segment, along with a single offering from the small and medium enterprises (SME) sector.
This wave of IPOs is notable given the recent downturn in Dalal Street, which has been under pressure since October. The benchmark Nifty 50 index has declined by approximately 7.5% from its record high on September 27. Factors behind this drop include weaker-than-expected earnings results for the September quarter, a shift in foreign institutional investment (FII) flows away from India due to relatively high valuations, and increased appeal in markets such as China.
Additionally, geopolitical tensions in the Middle East have added uncertainty. Despite these challenges, the primary market demonstrated resilience in October, with six mainboard IPOs, including a mega offering from Hyundai Motor India, successfully closing and collectively raising Rs 38,700 crore.
Swiggy’s IPO, the second-largest public offering of the year, is anticipated to launch in November, thus the trajectory is likely to be similar. Market experts are optimistic about Swiggy’s IPO, suggesting it could kick off the new Hindu financial year (Samvat 2081) on a positive note. Last year, a total of 85 companies in the mainboard segment collectively raised Rs 1.21 lakh crore via IPOs in Samvat 2080. Now, in the first week of Samvat 2081, four companies are projected to raise a total of Rs 18,534 crore, accounting for roughly 15% of the funds raised in the previous Samvat year.
Sagility India IPO
Leading the IPO wave next week is Sagility India, a healthcare-focused service provider, which will be the first of the four companies to open its Rs 2,107-crore public offering on November 5. The price range for this IPO is set at Rs 28-30 per share, with the subscription window closing on November 7. This IPO comprises a full offer-for-sale (OFS) of 70.2 crore equity shares by the company’s promoter, Sagility BV, a Netherlands-based affiliate of EQT Private Capital Asia. Notably, in the lead-up to this IPO, the promoter recently raised Rs 366 crore by selling a 2.61% stake in Sagility India to nine institutional investors on October 30-31.
Swiggy IPO
The Swiggy IPO, which has generated significant interest in the market, will open for subscription on November 6. As the second-largest food delivery platform in India, Swiggy’s IPO is valued at Rs 11,327 crore, with the price band for shares set between Rs 371-390. This IPO includes a fresh issue of equity shares worth Rs 4,499 crore, alongside an offer-for-sale of 17.5 crore shares, totaling Rs 6,828.4 crore at the upper end of the price band. The subscription period for this offering will close on November 8. Post-listing, Swiggy will become the second publicly traded food delivery company in India, following Zomato.
ACME Solar Holdings IPO
ACME Solar Holdings, a Gurugram-based energy producer specializing in solar and wind power, will also be entering the market with an IPO on November 6. This Rs 2,900-crore public issue is priced within a band of Rs 275-289 per share, with the offer subscription closing on November 8. The ACME Solar IPO will include a fresh issuance of shares worth Rs 2,395 crore and an offer-for-sale by the promoter, ACME Cleantech Solutions, amounting to Rs 505 crore.
Niva Bupa Health Insurance IPO
Next week, Niva Bupa Health Insurance Company will be the fourth and last initial public offering (IPO) from the mainboard sector. This public issue, valued at Rs 2,200 crore, will be available for subscription from November 7 to November 11. The offering comprises a fresh issue worth Rs 800 crore and an offer-for-sale by promoters Bupa Singapore Holdings Pte and Fettle Tone LLP, a private equity firm owned by True North.
The price band for the IPO is expected to be announced on Monday, November 6. Upon completion, Niva Bupa will be the fourth health insurance company to be publicly listed in India, following Star Health and Allied Insurance Company, ICICI Lombard General Insurance Company, and The New India Assurance Company.
Neelam Linens and Garments IPO
Next week, Neelam Linens and Garments, a soft home furnishings company, will be the first initial public offering (IPO) from the SME sector. This Rs 13-crore public issue will open on November 8 and close on November 12. The price band for this book-built issue has been set at Rs 20-24 per share, catering to SME investors looking for smaller-cap investment opportunities.
Market Debut: Afcons Infrastructure
Adding to the excitement, Afcons Infrastructure, a prominent engineering and construction company owned by the Shapoorji Pallonji Group, will make its stock market debut on November 4. Despite the anticipation, analysts predict a potentially subdued opening, given that the IPO was subscribed 2.63 times, which fell short of market expectations. The issue price for Afcons Infrastructure has been set at Rs 463 per share, and the stock is expected to trade around this level or slightly lower.
In conclusion, the upcoming week on Dalal Street will be bustling with IPO activity as companies from diverse sectors, such as healthcare, food delivery, renewable energy, and insurance, seek to capitalize on the market. Although Dalal Street has faced some corrections and volatility, investor sentiment remains optimistic, fueled by the robust performance of recent IPOs. These upcoming IPOs are expected to infuse fresh capital into the market and draw investor interest, setting the stage for an exciting start to Samvat 2081.
Niva Bupa Health Insurance Company, a private health insurer, is set to open its Rs 2,200-crore Initial Public Offering (IPO) for public subscription on November 7. The company recently filed its red herring prospectus with the Registrar of Companies, detailing plans for the upcoming public issue.
The IPO will consist of two components: a fresh issue of equity shares valued at Rs 800 crore and an offer-for-sale (OFS) by existing promoters, amounting to Rs 1,400 crore. The key promoters, Bupa Singapore Holdings Pte and Fettle Tone LLP, a private equity firm owned by True North, will divest shares worth Rs 350 crore and Rs 1,050 crore, respectively, in this offer-for-sale. Initially, Bupa Singapore’s offering size was pegged at Rs 320 crore, while Fettle Tone’s was planned at Rs 1,880 crore; however, these figures were modified following the draft prospectus filed in June.
Currently, promoters hold 89.07% of Niva Bupa Health Insurance’s equity, with Bupa Singapore possessing a 62.19% stake and Fettle Tone LLP holding 26.80%. Among the public shareholders, the India Business Excellence Fund IV holds a 2.81% stake, V-Sciences Investments Pte has 2.60%, SBI Life Insurance Company holds 1.3%, and A91 Emerging Fund II LLP possesses 1.03%.
The price band for the IPO will be announced on November 6, with the anchor book opening the same day for institutional investors. The public subscription period will close on November 11.
Niva Bupa Health Insurance stands as one of India’s leading standalone health insurers, based on its gross direct premium income (GDPI) of Rs 5,494.43 crore recorded in fiscal year 2024. The company has demonstrated robust growth, with its gross written premium (GWP) expanding at a compounded annual growth rate (CAGR) of 41.27%, and GWP from retail health growing at a CAGR of 33.41% between FY22 and FY24. In the first quarter of fiscal 2025 (ending June 2024), the company reported a 30.84% year-on-year increase in GWP.
Niva Bupa Health Insurance’s market share within India’s standalone health insurance (SAHI) segment rose to 17.29% in the current fiscal year (2025), up from 16.24% in fiscal 2024, based on retail health GDPI. The company, headquartered in Gurugram, aims to deploy Rs 800 crore from the net proceeds of the fresh issue to strengthen its capital base and improve solvency levels through strategic investments.
Following the IPO subscription closure, Niva Bupa Health Insurance will finalize the basis of allotment by November 12. Eligible investors can expect their shares to be credited to their demat accounts by November 13. On the same date, Fettle Tone, managed by True North Fund VI LLP, will relinquish its promoter status and transition to a regular investor under the IRDAI Registration and Transfer Regulations. In addition to Star Health and Allied Insurance, ICICI Lombard General Insurance, and The New India Assurance Company, Niva Bupa Health Insurance will become the fourth health insurance company listed on Indian stock exchanges when its shares go on sale on November 14 on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Financially, Niva Bupa Health Insurance reported a net profit of Rs 81.85 crore for fiscal year 2024, a significant increase from the Rs 12.5 crore net profit in the prior year. Its operating profit, however, dropped precipitously from Rs 350.9 crore in the previous fiscal year to Rs 188 crore in the 2024 fiscal year. For the quarter ending in June 2024, the company posted a loss of Rs 18.8 crore, an improvement from the Rs 72.2 crore loss during the same period last year. But Niva Bupa posted an operating profit of Rs 23.2 crore this quarter, which reversed an operating loss of Rs 13.4 crore from the same period last year.
This IPO presents an opportunity for investors to participate in one of India’s rapidly growing health insurance providers, as Niva Bupa Health Insurance continues to expand its market presence and strengthen its financial footing.
Ahead of its upcoming Initial Public Offering (IPO), Sagility BV, the parent company of Sagility India and an affiliate of the global investment firm EQT Private Capital Asia, has raised Rs 366 crore by selling a 2.61% stake in Sagility India. This pre-IPO stake sale was completed through transactions with nine institutional investors, including notable entities such as Adani Properties, Elpro International, and Avendus 360 ONE. This strategic move comes just days before the Sagility India IPO, which is set to open for subscription on November 5, with a share price band fixed between Rs 28-30.
The Rs 2,107-crore Sagility India IPO will consist entirely of an offer-for-sale, wherein the Netherlands-based Sagility BV will offload 70.2 crore equity shares. Through this offering, Sagility BV aims to divest some of its stake in the company while raising funds exclusively for itself, as Sagility India itself will not receive any proceeds from the IPO.
On October 30 and 31, Sagility BV sold 12.2 crore equity shares at the upper price band of Rs 30 per share, bringing in Rs 366 crore from the pre-IPO stake sale. This transaction was formalized through share purchase agreements between Sagility BV and the nine institutional investors.
Among the participating investors, 360 ONE (through Special Opportunities Fund – Series 8 and Monopolistic Market Intermediaries Fund) made the most substantial investment, acquiring a 1.07% stake in Sagility India for Rs 150 crore. Avendus Future Leaders Fund II followed closely, purchasing a 0.9% stake for Rs 126 crore. Additionally, the Gautam Adani family’s Adani Properties acquired a 0.14% stake in the company, investing Rs 20 crore.
Several other prominent investors participated in this stake sale as well. These included Elpro International, Jasub Property Holdings, Jaya Chandrakant Gogri and Rashesh Chandrakant Gogri, PAM Family Trust, Shradha Family Trust, Unmaj Ventures, and individuals Uma Priyadarshini Kollareddy and Kollareddy Ranganayakamma. Collectively, these entities acquired a combined stake of approximately 0.5%, investing a total of Rs 70 crore.
Following this stake sale, Sagility BV’s ownership in Sagility India decreased from 100% to 97.39%, as disclosed in the company’s red herring prospectus, which was filed on October 29. After the IPO and this pre-IPO share sale, Sagility BV’s stake is expected to further reduce to around 82.39%.
Sagility India is a Bengaluru-based provider of business solutions and services primarily to clients within the United States healthcare industry. It offers services to both payers (U.S. health insurance companies that finance and reimburse health services) and providers (hospitals, physicians, diagnostic centers, and medical device companies). With its specialized focus on healthcare, Sagility India has built a reputation for supporting the operational and financial needs of its U.S.-based clients, positioning itself as a trusted partner in the health services sector.
Valued at Rs 14,044 crore based on the upper IPO price band, Sagility India will not retain any portion of the funds raised through this public issue. Instead, all proceeds, excluding expenses related to the offering, will go directly to Sagility BV, the selling shareholder.
To attract institutional interest, the IPO’s anchor book will open for a day on November 4, a day before the subscription period begins. The public issue will remain open for subscription until November 7, giving potential investors a limited window to participate.
This IPO represents an opportunity for Sagility India’s promoter, Sagility BV, to leverage the company’s strong performance in the U.S. healthcare services market and secure capital through equity sales, while institutional investors gain exposure to the growth potential of a key player in the healthcare solutions space.
CONCLUSION
The upcoming wave of IPOs on Dalal Street signals a pivotal moment for both the Indian stock market and investors, with companies across sectors — from healthcare and food delivery to renewable energy and insurance — stepping into the public domain. This surge reflects a revival of investor confidence despite recent market corrections, underscoring the underlying resilience of the primary market. As these offerings roll out, each presents distinct opportunities and challenges, showcasing the diversity and dynamism of India’s evolving business landscape.
The highly anticipated Swiggy IPO stands as one of the most significant events in this series. As India’s second-largest food delivery platform, Swiggy’s public debut is expected to not only capitalize on its growing market share but also set a benchmark for other tech and digital startups eyeing the stock market. In the backdrop of Swiggy’s success, the listing of Sagility India, a specialized healthcare services provider, exemplifies the growing relevance of India’s healthcare sector in meeting the needs of U.S.-based clients. Sagility’s IPO, entirely structured as an offer-for-sale, illustrates how mature companies are leveraging equity markets to tap investor enthusiasm and broaden their financial bases, particularly in sectors with high overseas demand.
Meanwhile, the IPOs of ACME Solar and Niva Bupa Health Insurance reveal a broader trend in India’s focus on sustainability and financial security. As a leader in renewable energy, ACME Solar represents the growing significance of sustainable infrastructure investments. With climate action increasingly prioritized by governments and investors alike, the company’s foray into the public markets highlights the potential for growth in India’s renewable energy sector. Similarly, Niva Bupa Health Insurance, with its impressive market position in standalone health insurance, reflects India’s expanding emphasis on health security and financial stability for its populace.
Adding further breadth to this lineup, Neelam Linens and Garments, an SME IPO, offers investors a niche opportunity in the home furnishing sector, catering to those seeking diversification beyond the mainstream segments. Additionally, the debut of Afcons Infrastructure on November 4 will add momentum, despite subdued expectations for its immediate performance, reflecting the varied investor sentiment across industries and stock categories.
Each IPO presents unique attributes, and their timing, coinciding with the beginning of the Hindu financial year Samvat 2081, is especially symbolic. For investors, these offerings collectively represent a diverse investment horizon. Whether driven by the technological promise of Swiggy, the healthcare focus of Sagility, the sustainable future with ACME Solar, or the security angle with Niva Bupa, there’s a mix that caters to different investor appetites. The variety within these offerings also reflects the healthy demand for public issues, as well as the strategic pivot of companies toward public financing to fuel growth or diversify holdings.
The enthusiasm surrounding these IPOs is indicative of the market’s resilience and its ability to weather corrections. Despite a bearish trend in recent months, characterized by global economic pressures, market volatility, and geopolitical tensions, the return of significant IPO activity reflects strong investor sentiment and an optimistic outlook on India’s economic trajectory. Furthermore, this wave of offerings could infuse fresh capital into Dalal Street, helping counter the recent downturn and creating a foundation for a stable and sustained market recovery.
In conclusion, the diverse range of companies entering the public market in the coming week encapsulates the vibrancy and promise of India’s economic future. These IPOs are not merely financial events but represent India’s aspirations across various sectors — from digital innovation and healthcare to sustainability and financial inclusion. For investors, the opportunity to partake in these stories aligns with the beginning of Samvat 2081, symbolizing new beginnings and growth potential. As these IPOs pave the way for future listings, they collectively set a precedent for the types of companies and sectors that will shape India’s economic narrative in the coming years, offering both domestic and global investors a chance to contribute to and benefit from India’s growth journey.
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