India's modern tech IPO surge of 2024.

Last month was eventful for new-age tech startups aiming for listings on Indian stock exchanges. Go Digit, Awfis, and TBO Tek made headlines with their market debuts, while ixigo received SEBI’s approval for its IPO. Trends indicate this is the start of significant momentum in the tech startup IPO space in the coming months.

Late last year that at least 10 startups are expected to go public in 2024, with most waiting until after the election results to proceed. IPO activity was subdued in April and May due to market volatility, with only two mainboard IPOs in April and five in May, including the tech startups mentioned earlier.

Despite market caution, B2B travel portal Travel Boutique Online (TBO Tek) made an impressive debut, listing at a 50-55% premium to its issue price and its public issue being subscribed 86.7 times. Peak XV-backed coworking startup Awfis also performed well, listing at a 12.8% premium with its issue being subscribed 108 times. However, the IPO of Fairfax-backed insurtech startup Go Digit was less impressive, debuting at a modest 3-5% premium with its issue subscribed only 9.6 times, showing less interest compared to its peers.