IPO 2023: Over half a dozen companies to go public around Diwali

Upcoming IPO 2023: As Diwali is just around the corner, more than half a dozen companies are aiming to raise as much as Rs 6,000 crore via Intial Public Offering (IPO). Some of the IPOs are also expected to come in the weeks following Diwali.

Upcoming IPO 2023: Companies Going Public around Diwali

As per Mint, Mamaearth, Cello World, Flair Writing Industries, ESAF Small Finance Bank, Blue Jet Healthcare, Protean eGov Technologies, and ASK Automotive are all gearing up for public listings ahead of Diwali.

Also Read: Mamaearth's parent Honasa plans Rs 1,700 crore IPO at Rs 10,500 crore valuation on October 31: Report

Blue Jet Healthcare's IPO is expected to open on 25 October which will be followed by Honasa Consumers the parent company of Mamaearth later that week. Meanwhile, Flair Writing Industries is likely to enter the market either in the last week of October or the first week of November.

IPOs of Protean e-Gov Technologies and automotive components manufacturer Ask Automotive are expected to open between 6 November and 10 November.

One of the most anticipated IPOs Tata Technologies is likely to go public after Diwali in the last week of November. The firm is looking to raise as much as Rs 4,000 crore via the IPO.

Pinak Bhattacharya of IIFL Capital told Mint that Dalal street is witnessing a slew of companies making pre-filings ahead of a launch and that 6-8 IPOs are likely to be launched over the next four weeks across sectors, immediately pre- and post-Diwali.

“The market environment for capital raising via IPOs continues to be extremely robust. We expect this to continue for the remaining part of the year. The street is witnessing a slew of companies making pre-filings ahead of a launch. We expect 6-8 IPOs over the next four weeks across sectors, immediately pre- and post-Diwali," Pinak Bhattacharyya, senior vice president and head of corporate finance at IIFL Capital told Mint.

Market Bull Run

Bankers and Promoters as quoted by Mint has said that the recent bull run has given them confidence to tap into Public markets to raise funds. They are also eyeing the festive season as the upcoming general election in 2024 might create volatility and the companies are quickening fund raising efforts.

“IPO (primary) market follows and is a reflection of the secondary market. Since the secondary market has been fairly stable, there is an opportunity for companies that have received Sebi (Securities and Exchange Board of India) approval to tap the market," Pranav Haldea, managing director of Prime Database Group told Mint.

The National Stock Exchange's Nifty50 index has gained 7.9% year to date which reassures investors, promoters and bankers.