- As reported by Bloomberg, India’s IPO market had a fantastic run in 2024, minting seven new dollar billionaires.
- Guess what? Most of them came from the renewable energy sector, riding the clean energy wave.
- With this momentum, does 2025 look exciting for IPOs across various sectors?
Chiranjeev Singh Saluja – Premier Energies
Premier Energies, initially established as Premier Solar in 1995, has become India’s second-largest integrated solar module and cell manufacturer behind the Adani Group.
IPO impact: Chiranjeev Singh Saluja’s company saw its stock surge nearly threefold following its IPO in September 2024.
The company’s strong ties to government investments in solar energy helped boost investor confidence, pushing Premier Energies’ valuation to approximately $7 billion.
The journey: Saluja’s journey began with his father’s vision of addressing rural electricity shortages, which led to the founding of Premier Solar.
Now, Premier Energies is riding the wave of India’s expanding solar market, which aims to add another 100 GW of capacity by 2028.
Hitesh Chimanlal Doshi – Waaree Group
Waaree Group is another major player in:
- Solar energy, manufacturing solar modules, and contributing significantly to India’s renewable energy growth.
IPO impact: Waaree Group’s IPO in 2024 raised substantial capital, benefiting from the country’s renewable energy boom and government incentives.
The journey: Under the leadership of Hitesh C Doshi, Waaree has grown into one of India’s top solar companies, poised to capture more market share as the country scales up solar capacity.
Bhavish Aggarwal – Ola Electric Mobility
Bhavish Aggarwal’s Ola Electric is a pioneer in the electric vehicle (EV) sector, offering smart, affordable electric scooters and vehicles.
IPO impact: Ola Electric’s IPO was highly anticipated, making Bhavish Aggarwal one of the most prominent figures in the EV industry. The company’s debut on the stock market helped Aggarwal join the ranks of Indian billionaires.
The journey: Founded by Aggarwal in 2017, Ola Electric has rapidly expanded its footprint in India’s EV market, capitalizing on the government’s push for cleaner transportation options.
Also read: India IPO Surge: 332 Listings Raise $11.2Bn, Leading Asia
Manoj K Upadhyaya – Acme Solar Holdings Ltd.
Acme Solar is one of India’s largest solar energy companies, involved in the generation and distribution of solar power.
IPO impact: Manoj K Upadhyaya’s company made a successful entry into the stock market, bolstered by the growing demand for clean energy in India and the government’s commitment to green energy initiatives.
The journey: Upadhyaya’s leadership has driven Acme Solar to the forefront of the solar power generation sector, positioning the company for sustained growth.
Satish Ramanlal Mehta – Emcure Pharma
In 2021, Emcure demerged its US-based business, including subsidiary Heritage Pharmaceuticals, into a new company called Avet Lifesciences.
Established in 1981, EPL is ranked the 11th largest company in the Indian Pharmaceutical Market, according to AWACS MAT Feb’24 data.
IPO impact: In July 2024, Emcure launched its initial public offering and listed on NSE and BSE.
The journey: Satish Mehta started Emcure in 1981 with the purpose of providing affordable and high-quality healthcare to patients. Under Mehta’s leadership, Emcure has become a well-respected name in the global pharma market with its presence in more than 70 countries through its subsidiaries in the UK, Canada, Singapore, Brazil, and other countries.
Also read: CFO hiring boom in India: Surge in demand amid IPO rush
Parakramsinh G Jadeja – Jyoti CNC
Jyoti CNC Automation Limited specializes in the production of metal-cutting computer numerical control (CNC) machines.
As of FY2023, the company holds the third-largest market share in India, accounting for approximately 10%. On a global scale, Jyoti CNC holds a 0.4% market share and was ranked 12th in 2022.
IPO impact: The CNC machine manufacturer aimed to raise ₹1,000 crore through a fresh issue of 3.02 crore shares.
Bidding for the Jyoti CNC Automation IPO opened on January 9, 2024, and closed on January 11, 2024. The allotment was finalized on Friday, January 12, 2024, and the shares were listed on the BSE and NSE on January 16, 2024.
The journey: Founded in 1989, by P.G. Jadeja and S.L. Jadeja, Jyoti has grown into one of the largest multinational companies in its sector. In 1991, they expanded their operations with the formation of Jyoti.
Since 2002, they have continued to advance this business, including the manufacturing of CNC machines, under the Jyoti brand.
Kishore R. Chhabria – Allied Blenders & Distillers
Allied Blenders & Distillers (ABD) is a leading Indian company in the spirits industry, recognized as the third-largest Indian-made foreign liquor (IMFL) company in India.
IPO impact: Allied Blenders & Distillers’ IPO aimed to raise ₹1,500 crore, comprising a fresh issue of 3.56 crore shares worth ₹1,000 crore and an offer for sale (OFS) of 1.78 crore shares totalling ₹500 crore. The shares were listed on the BSE and NSE on July 2, 2024.
Journey: Allied Blenders & Distillers was established in 1988 by Kishore Rajaram Chhabria in Kolkata.
Recognizing that leading brands dominated the market while lesser-known ones were overlooked, he took the initiative to create a new division in Delhi.
IPO market overview
According to Bloomberg, India’s IPO market has been dominated by micro, small, and medium-sized companies, with 90% raising under $100 million over the past three years.
2024
- Despite global challenges, India’s IPO market remained strong in 2024, raising a record ₹1.66 trillion ($11.2 billion), up from ₹650 billion in 2023.
- This growth was driven by domestic investors, with private equity firms and family offices supporting startups and pre-IPO companies.
2025
Economic Times reports that 85 companies are set to go public in 2025, targeting ₹1.53 trillion ($18 billion) in IPOs.
In 2024, renewable energy was a dominant theme in the global market. Now, 2025 is expected to witness a surge in IPOs, especially in industries like,
- Financial services
- Electronics manufacturing
- Software
Exciting IPOs to watch:
- Zepto
- Flipkart
- PayU
- Pine Labs
- Reliance Jio. This IPO could be India’s biggest yet, potentially raising ₹35,000-40,000 crore, valuing the company at $120 billion!
