Upcoming IPOs in India 2024 with GMP, Risk Factors: JG Chemicals, Gopal Snacks & more

While the last year of 2023 was a year of market debutants & IPOs, this year too may not be anything less. We are talking about some upcoming IPOs in India such as RK Swamy, V R Infraspace, Gopal Snacks and some highly expected ones such as Swiggy IPO & Mobikwik IPO. In this article, we are going to be sharing all that we know so far about the upcoming IPOs in India in March 2024.

Recent stats show that Indian stock exchanges rank 1st in the world in terms of the number of IPOs in 2023. Let’s what the year 2024 has on cards for the India’s IPO market. 

Disclaimer:

Before we move on to our list of the upcoming IPOs in India, there are a few things that we should get clear:

• None of the IPOs listed below are recommendations. You are required to conduct your own research before investing.

• The GMP (Grey Market Premium) is not SEBI-regulated and hence is subject to change. So take the number with a pinch of salt

• Views are personal of the author

• IPO GMP: Grey Market Premium (GMP) is a premium that investors are willing to pay on top of the issue price in hopes that the listing price will be greater to cover up the premium. This generally indicates the interest of investors in the IPO. However, since it's not SEBI-regulated, the GMP is decided anonymously (& is mostly circulated via news reports, etc) Hence, it must be considered with risk attached.

• IPO Lot Size: Unlike buying and selling individual shares of listed companies, in an IPO, investors have to buy a Lot. A Lot consists certain number of shares (also referred to as Lot Size).

• IPO RHP (Red Herring Prospectus): Includes all the data about the company from its finances to the market category it deals in.

• IPO Type: An IPO can have either a fresh issue of shares or an Offer for Sale (OFS) wherein existing promoters & shareholders also have their shares to sell or both at the same time.

• EBITDA: “Earning Before Interest, Taxes, Depreciation & Amortisation” (EBITDA) is simply the money that the company is generating without deducting any taxes, depreciation, or loan interest, etc. It lets you know how much the company is selling.

• Debt to Equity Ratio: The Debt to Equity Ratio tells you how much the company is relying on borrowed money to grow. If the company has say 1.5 as DE, it means that for every ₹1 of the equity, the company has ₹1.5 of debt which is considered to be moderate (may vary depending on the industry). A DE of less than 1 is considered safe.

• PAT (Profit After Tax): The name says it all. Before investing in any of the upcoming IPOs in India, you must research well about the company’s PAT. It gives you an idea of what the company’s current financial position looks like.

Now that we are done with the basics, let’s get to the talk. Here are the latest IPO launching in India in 2024 March, that you need to be aware of.

The list includes names like RK Swamy IPO, V R Infraspace IPO, JG Chemicals IPO, Gopal Snacks IPO and some expected ones like Swiggy IPO, bOAt IPO, and Mobikwik IPO.

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R K Swamy is an ongoing IPO in India, in March 2024. The company R K Swamy Hansa Group claims itself to be the “largest Indian majority-owned integrated marketing services provider.” As per the company’s official website, RK Swamy was founded in 1973 and has premium clients like Himalaya, Orient Cement, NTPC, ONGC, SBI and even the Government of India. The RK Swamy IPO opened on 4th March for application and will be closing on 6th March. Speaking about the current GMP of RK Swamy, it is said to be ₹50 to ₹90 per share. The company reported a growing EBITDA & PAT (Profit After Tax) as well as a significant YOY Growth. However, a potential risk is that a major portion of the revenue comes from the company’s key clients which if they fail to retain, can affect the finances of the business. Moreover, the business is highly dependent on the sector's growth and performance. If the marketing industry faces a decline, it is likely to affect the company too. It would be interesting to see how the RK Swamy IPO performs in the Indian stock market on its listing date of 12th March 2024. Definitely, one of the latest IPOs in India in 2024 to look forward to.

Find below the complete details of the RK Swamy IPO GMP, Listing Date, Per Share Price, Lot Size & more:

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Moving on to our list of ongoing and upcoming IPO listings in India, we have got the V R Infraspace IPO. V R Infraspace Limited is an integrated construction and real estate development company, focused primarily on the construction and development of residential and commercial projects, in and around Vadodara, Gujarat. The company went live with its IPO on March 4th and the applications will be closing on March 6th. However, before you jump on the bandwagon to apply, there are a few things you need to know about this ongoing IPO in March, in India. The company is raising 73.53% of the total IPO issue size to primarily invest in its subsidiary Daxon Realty (Formerly known as Narnarayan Enterprise). The current V R Infraspace GMP is said to be ₹15 per share as per several news reports. The IPO is a completely fresh issue of shares and the company has reported a significant jump in its Return on Equity Ratio (ROE) of 24.29% in FY2023 as compared to 8.77% in FY2022. Speaking about the risk factors in V R Infraspace IPO, one of them is that “parts of Issue proceeds will be utilised for funding project ‘V R Vivanta’ by Daxon Reality (Formerly known as Narnarayan Enterprises) which is not wholly owned subsidiary of the Company.” This may seem like a potential risk to some investors. Nevertheless, we are not here to suggest if you should invest in V R Infraspace IPO or not. It sure is one of the latest ongoing IPOs in India in March 2024 listing on both NSE & BSE.

Find below the complete details of the V R Infraspace GMP, Listing Date, Per Share Price, Lot Size & more:

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Pune E-Stock Broking (PESB) is a corporate broking house based out of Pune, India. The company is one of the upcoming IPOs in India in March 2024. The IPO is all set to open on March 7th and close on 12th March. It’s a complete fresh issue of shares worth up to ₹38.23 Crore approx. The current Pune E-Stock Broking GMP is said to be ₹83 per share and the company has reported some positive EBITDA (₹998.25 Lakhs) and PAT numbers (₹964.52 Lakhs) for FY2023. The debt-equity ratio (DE) is also pretty less with only 0.17% as of FY23. However, on the other hand, the Pune E-Stock Broking (PESB) IPO risk factors involve a negative cash generated in FY23. The company is also involved in certain litigations which are currently pending. One of the litigation against the company is for violating the “Disciplinary actions by the SEBI or Stock Exchanges” These were some of the key details about the upcoming IPO listing in India in March 2024, the PESB (Pune E-Stock Broking) IPO.

Find below the complete details of the Pune E-Stock Broking IPO GMP, Listing Date, Per Share Price, Lot Size & more:

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JG Chemicals is yet another upcoming IPO listing in India. The company as the name suggests deals with chemicals mainly Zinc Oxide (used in tyre, rubber, ceramics, paint, etc industries). As per its official website, JG Chemicals is a part of the BDJ Group which is promoted by the “Jhunjhunwala” family and is known for producing Zinc Oxide since 1975. Notably, the company claims to be “the only Indian Zinc Oxide producer which has IATF certification & also follows ISO Standards.” The JG Chemicals IPO is soon debuting on the Indian stock market and will be open for applications on March 5th and will be closing on 7th March. The lot size is 67 shares and the total investment per lot is going to be ₹14,070 approx for retail investors. Speaking about the GMP of JG Chemicals IPO ranges anywhere between ₹50 to ₹60 per share. As of March 2023, the company has generated a PAT (Profit After Tax) of ₹56.8 Crores and has a low DE (debt-equity ratio) of 0.11% as of FY2023. However, one of the potential negatives of the JG Chemicals IPO is that the business relies heavily on the sale of one principal product which is Zinc Oxide and the company also relies on its subsidiary (from where they source materials) BDJ Oxides Pvt Ltd. Notably, as per the Red Herring Prospectus, the logo of JG Chemicals is also not a registered trademark so there’s a risk of the company being unable to protect its intellectual property.

Find below the complete details of the Pune E-Stock Broking IPO GMP, Listing Date, Per Share Price, Lot Size, Company Performance & more:

Last up on our list of the ongoing and latest upcoming IPOs in India in March 2024, we have Goapl Snacks IPO. The company has its IPO worth ₹650 Crore listing on 14th March. It’s a complete Offer for Sale IPO so if you are an investor who doesn’t invest in such type of IPO, the Gopal Snacks IPO may not be for you. Speaking about the Gopal Snacks IPO GMP, it is said to be ₹90 to ₹120 per share and the total investment needed per lot would be ₹14,097 approx. Despite being a complete OFS IPO, the Gopal Snacks IPO seems to be gaining momentum. Thanks to the company’s leading position in the Indian snacks industry for ethnic, savoury products, especially in Gujrat and its track record of growing profits and positive financial performance. However, on the negative side, the business drives a majority of its revenue from 3 key products namkeen, gathiya and snack. Also, the sale of products is concentrated in Gujarat and of course, being a snacks business, it is subject to seasonability. Nevertheless, it's an upcoming IPO listing in 2024 India that you should know of.

Find below the complete details of the Gopal Snacks IPO GMP, Listing Date, Per Share Price, Lot Size, Company Performance & more:

Now that we are done with the ongoing and upcoming IPOs in March in India, let’s quickly have a glance at some of the companies expected to debut their IPO this year.

Starting with the first, Swiggy IPO. The company recently changed its legal registered name from Bundl Technologies to Swiggy Private Limited. It is said that the change has come to establish greater proximity (familiarity) of the corporate name to the core brand Swiggy. The move has come ahead of the Swiggy (expectedly) filing its Red Herring Prospectus between March to April. The Swiggy IPO size is expected to be $1 Billion (₹8,300 Crore). If we compare, the Zomato IPO Size was ₹9375 Crore. While nothing is official as of now, Swiggy is highly expected to go live with its IPO listing date in India in 2024 especially now that the company has turned profitable & has left Zomato behind.

Mobikwik IPO in India is not fresh news. Those who keep up with the latest Indian stock market buzz may know that Mobikwik submitted its Red Herring Prospectus to SEBI back in July 2021 for an IPO valuation of ₹1,900 Crore. Now once again, the fintech payments company is gearing up for its debut IPO on the Indian stock market. The Mobikwik IPO date is expected to be sometime towards the end of the year. Unlike its previous filing, this time it is expected that Mobikwik IPO will only have a fresh issue of shares with no OFS component.

bOAt IPO was also a buzzing name in the upcoming IPO list. However, as per a recent report, the co-founder of the company, Aman Gupta confirmed that the bOAt IPO is likely to arrive in FY25 or FY26 and not this year. The upcoming IPO in India is expected to have both a fresh issue of shares worth ₹900 and an OFS component of ₹1,100 Crores adding to an IPO size of ₹2,000 Crore.

Oyo IPO is also expected to debut this year. Though none of the details are confirmed as of now. Other companies like FabIndia, Biba, and Deltatech Gaming IPO are also rumoured to list soon.

We hope you find our list of the upcoming IPOs in India 2024 useful. Do share with us in the comments below which of the IPOs are you planning to subscribe. And if you have any views on the recent IPO listings in India.

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