Top Retail IPOs of 2024

From a value fashion chain to an e-commerce company, the year saw a variety of retail companies making their stock market debut this year

In the past two years, public listing has become a preferred route for companies of all shapes and sizes to raise funds with the number of Initial Public Offerings (IPOs) increasing every year.

Businesses from the retail ecosystem in particular are making a beeline for the bourses to fund their ambitious expansion plan to make the most of the consumption and retail boom in the country.

In 2024, the BSE saw the opening of 149 IPOs till 24 December, out of which 81 were mainboard and the rest SME. This is a significant increase from last year, which saw 102 IPOs hitting the markets.

Here we list the top IPOs to make their debuts on the stock market this year in reverse chronological order (latest to oldest).

Gopal Snacks
Listing Date: 14 March
Issue size: Rs 650 crore
BSE Listing Price: Rs 350

This was one of the subdued IPOs and was entirely an Offer for Sale (OFS) of equity shares by promoters and other selling shareholders.

Founded in 1999, Gopal Snacks is an FMCG company in India, offering Namkeen, western snacks, and other products both domestically and internationally.

As of September 2023, its products were available in 10 states and 2 union territories, supported by a network of 3 depots and 617 distributors. The company operates manufacturing facilities in Rajkot, Modasa (Gujarat), and Nagpur (Maharashtra), along with three ancillary units producing ingredients like besan, raw snack pellets, and spices for internal use in finished products.

Stanley Lifestyles
Listing Date: 28 June
Issue size: Rs 537.02 crore
BSE Listing Price: Rs 499 per share

The IPO had a fresh issue component of Rs 200 crore and an offer for sale of up to 91,33,454 equity shares.

The net proceeds of Rs 90.13 crore from the fresh issue will be used for opening new stores (Rs 39.99 crore), establishing anchor stores (Rs 10.04 crore), and renovating existing stores. Additionally, Rs 8.18 crore will fund capital expenditure for new machinery and equipment for the company and its subsidiary, Stanley OEM Sofas Ltd (SOSL), along with general corporate purposes.

Founded by Shubha Sunil and Sunil Suresh, Bengaluru-based Stanley Lifestyles operates across multiple price categories, including super-premium, luxury, and ultra-luxury, through various brands.

As of September 2024, the company had 64 stores, with 39 Company Owned and Company Operated (COCO) and 25 Franchise Owned and Operated (FOFO). COCO stores contributed 58% of revenue in H1 FY25. Stanley also operates two manufacturing facilities in Bengaluru.

Unicommerce
Listing Date: 13 August
Issue size: Rs 276.57 crore
BSE Listing Price: Rs 230

The IPO, entirely an offer for sale (OFS) of 2.56 crore shares, received an overwhelming response, with an overall subscription of over 160 times at close.

Unicommerce eSolutions is a Software-as-a-Service (SaaS) platform that enables end-to-end management of e-commerce operations for brands, retailers, marketplaces, and logistics providers.

It serves a large client base in India, including Lenskart, Fabindia, Zivame, Mamaearth, BoAt, and others. It also has clients across six countries, mainly in Southeast Asia and the Middle East.

FirstCry
Listing Date: 13 August
Issue size: Rs 4,193.73 crore
BSE Listing Price: Rs 625

Pune-based Brainbees Solutions the parent of FirstCry’s listing com was a much-anticipated one. The public issue included a fresh issue of equity shares worth Rs 1,666 crore and an Offer for Sale (OFS) of up to 5.44 crore shares, valued at Rs 2,528 crore by existing shareholders.

The company planned to use the net proceeds from the fresh issue for setting up ‘BabyHug’ stores, investing in subsidiaries, expanding overseas, and funding sales and marketing initiatives, with a portion allocated for general corporate purposes.

Launched in 2010, FirstCry is India’s largest retail platform for mothers’, babies’, and kids’ products, offering a one-stop solution for parenting needs. It expanded into the UAE and Saudi Arabia in 2019 and 2022, respectively.

Baazar Style
Listing Date: 6 September
Issue size: Rs 834.68 crore
BSE Listing Price: Rs 389 per share

Established in June 2013, Bazaar Style Retail Ltd is a Kolkata-based value retailer that operates in stores under the brand name Style Baazar in West Bengal, Odisha, Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh.

The Rekha Jhunjhunwala-backed company’s IPO was a combination of a fresh issue of equity shares worth Rs 148 crore and an offer for sale (OFS) of up to 1.76 crore shares valued at Rs 687 crore (at the upper end of the price band) by promoter group entities and other selling shareholders.

Out of the proceeds from the fresh issue, the company planned to use Rs 146 crore to repay debt. The remaining funds were to be used for general corporate purposes.

As of 6 December, Baazar Style Retail had 201 stores across nine states.

PN Gadgil Jewellers
Listing Date: 17 Sep
Issue size: Rs 1,100 crore
BSE Listing Price: Rs 834 per share

The IPO of the Maharashtra-based company comprised a fresh issue of equity shares valued at up to Rs 850 crore, along with an offer for sale (OFS) of equity shares worth Rs 250 crore by the promoter, SVG Business Trust.

Of the proceeds from the fresh issue, the company plans to use Rs 393 crore to set up 12 new stores in Maharashtra, Rs 300 crore for debt repayment, and some for general corporate purposes.

PN Gadgil Jewellers offers a diverse selection of precious metal and jewellery products, including gold, silver, platinum, and diamond jewellery. As of 31 July, it had 39 stores across Maharashtra. It also retailed through various online marketplaces including its website.

Swiggy
Listing Date: 13 November
Issue size: Rs 11,327 crore
BSE Listing Price: Rs 412 per share

One of the most anticipated IPOs of the year, the Swiggy IPO opened with a subdued bang listing 5.46% above its price on BSE and 7.69% on NSE.

The issue had a fresh issue component worth Rs 4,499 crore, along with an offer for sale (OFS) of Rs 6,828 crore.

The food delivery aggregator was valued at about $11.3 billion (about Rs 95,000 crore) at the upper price band.

The highlight of the IPO was that it made many employees wealthy.

Vishal Mega mart
Listing Date: 18 December
Issue size: Rs 8,000 crore
BSE Listing Price: Rs 110 per share

The IPO was entirely an offer-for-sale (OFS) of shares by promoter Kedaara Capital-led Samayat Services LLP, which held a 96.55% stake in the Gurugram-based supermarket chain.

Vishal Mega Mart‘s product range includes both in-house and third-party brands, covering three key categories — apparel, general merchandise, and fast-moving consumer goods.

As of 30 June 2024, the company operated 626 Vishal Mega Mart stores across India, along with a mobile app and website. 

Mobikwik
Listing Date: 18 December
Issue size: Rs 572 crore
BSE Listing Price: Rs 442.25

The Rs 572 crore IPO was entirely a fresh issue of up to 2.05 crore equity shares. The proceeds were intended to be used for expanding financial and payment services, research and development in AI and machine learning, and the growth of payment device infrastructure.

Founded in 2008, MobiKwik operates a dual-sided payments platform that serves over 161 million registered users and 4.26 million merchants as of June 2024. The company offers a wide range of services, including digital payments, credit, and investment products. 

Zinka Logistics
Listing Date: 22 December
Issue size: Rs 1,115-crore
BSE Listing Price: 279.05 per share (BSE)

Zinka Logistics Solutions operates the BlackBuck app, a digital platform for truck operators in India. The IPO was a combination of a fresh issue of shares worth Rs 550 crore and an offer-of-sale (OFS) of up to 2.06 crore shares. The OFS by promoters and investor-selling shareholders was valued at Rs 565 crore at the upper end of the price band.

The company planned to use about Rs 200 crore from the funds raised for sales and marketing initiatives; Rs 140 crore for investment in Blackbuck Finserve for financing the supporting the capital base to meet future capital requirements; Rs 75 crore for funding of expenditure on product development, and a portion will be used for general corporate purposes.