Flood of tech IPOs to hit Street after elections

Investors are keenly awaiting five initial public offerings (IPOs) this week, including the much anticipated one of Tata Technologies Ltd. That, and those of the Indian Renewable Energy Development Agency, Fedbank Financial Services (Fedfina), Flair Writing Industries and Gandhar Oil Refinery are expected to raise over ₹7,300 crore collectively.

- Sneha Shah & Ranjani Raghavan

But a more interesting bunch of at least nine new-age tech startups is polishing its offerings, preparing to tap the markets after next year’s general election.

FirstCry, Oyo, Lenskart, Swiggy, PayU, MobiKwik, Infra.Market, OfBusiness and PhonePe are among the new-age tech startups looking to raise over $2 billion in 2024 (around ₹16,600 crore at the current exchange rate), bankers and company executives said. The last time India saw a similar rush of tech-led startups to the market was in 2021, when Nazara Technologies, Zomato, Policybazaar and Nykaa sold shares in IPOs.