(Bloomberg) -- India’s red-hot market for initial public offerings is set to face is biggest supply of mega share sales after the market regulator approved proposals from Hyundai Motor India Pvt., Swiggy Ltd. and Vishal Mega Mart Pvt.
The three companies combined may sell about $5 billion of shares, with Hyundai Motor said to plan an offering of at least $3 billion, Bloomberg reported.
The string of large IPOs underscores a rush among global and domestic companies to cash in on the strong demand from institutions and retail investors. Companies have raised over $8 billion in 2024, more than in each of the two preceding years, data compiled by Bloomberg show.
Read: SoftBank-Backed Swiggy Files for Initial Share Sale in India (1)
Vishal Mega Mart, a supermarket chain owner backed by Partners Group Holding AG and Kedaara Capital, is also planning to raise between $850 million to $1 billion. Softbank Group Corp.-backed Swiggy on Friday filed draft IPO papers to raise $448 million through new shares, with insiders selling an additional 185.28 million shares.
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