The Indian startup ecosystem reached a remarkable milestone in 2023, with 13 new-age companies launching Initial Public Offerings (IPOs) and collectively raising over ₹29,247 crore from the stock market. This surge represents a significant increase compared to previous years, with 10 IPOs in 2021, six in 2022, and six in 2023.
IPO Breakdown and Fund Allocation
Out of the ₹29,247 crore raised, approximately ₹14,672 crore came through fresh issues, while ₹14,574 crore was raised via Offer for Sale (OFS). While funds from fresh issues directly benefit the companies for growth and expansion, OFS proceeds go to the investors and promoters.
Notable Startup IPOs of 2023
The 13 startups that debuted on the stock exchange include 10 mainboard IPOs and three SME IPOs. Key players in this year’s IPO landscape were:
- Swiggy
- Ola Electric
- FirstCry
- Digit Insurance
- TBO Tek
- Unicommerce
- Ixigo
- MobiKwik
- Trust Fintech
- Awfis
- Menhood
- Blackbuck
- TAC Security
Biggest IPOs of the Year
Swiggy led the pack with the largest IPO of ₹11,327.43 crore. The food delivery giant’s shares debuted at ₹420, reflecting a 7.69% premium. Following Swiggy, the notable IPOs included:
- Ola Electric: ₹6,145.56 crore
- FirstCry: ₹4,193.73 crore
- Digit Insurance: ₹2,614.65 crore
- TBO Tek: ₹1,550.81 crore
Most Subscribed IPOs
The market saw overwhelming interest in several IPOs, with Unicommerce leading the way with a subscription rate of 168.39 times, followed by MobiKwik (119.38 times), Awfis (108.56 times), Ixigo (98.34 times), and TBO Tek (86.7 times).
Highest Listing Gains
TAC Security recorded the highest listing gain of 173.58%, underscoring its strong market demand. Other top performers included:
- Unicommerce: 117% listing gain
- MobiKwik: 57.71% listing gain
- Ixigo, Trust Fintech, and FirstCry: Gains between 30-50%
2023: A Transformative Year for Indian Startups
The year 2023 has been a turning point for the Indian startup ecosystem, with IPOs providing these companies the capital and visibility to scale further. Swiggy’s massive IPO and TAC Security’s record listing gains highlight the growing investor confidence in the sector.
As Indian startups continue to innovate and expand, the success of these IPOs sets the stage for more significant growth and market entries in the years to come.