Fresh Faces In The Top-Tier: Swiggy, NTPC Green Energy, And Hyundai Rise To Large-Cap Status

The new entrants in the stock market this year which includes Hyundai Motor, Bajaj Housing Finance, Swiggy, and NTPC Green Energy are set to join India's large-cap category in February 2025, as per the data released by the Association of Mutual Funds in India (AMFI). The upgrades come on the back of strong stock market performances across sectors and growing strength of India's largest publicly traded companies.

Hyundai Motor India

Hyundai Motor India made its debut on the Indian stock exchanges in October 2024. The initial public offering (IPO) was priced between Rs. 1,865 and Rs. 1,960 per share, with a minimum order quantity of seven shares. The IPO opened on October 15 and closed on October 17, 2024. Despite the IPO being oversubscribed, the stock closed at Rs. 1,819.60 on its debut, a 7% decline from the issue price.

Bajaj Housing Finance

Bajaj Housing Finance's IPO took place from September 9 to September 11, 2024, with shares priced between Rs.66 and Rs.70. The issue was oversubscribed nearly 64 times, attracting bids worth approximately $38.60 billion, making it one of the most sought-after IPOs of the year.

Swiggy

Swiggy, the food delivery giant, launched its IPO from November 6 to November 8, 2024, with a price range of Rs.371 to Rs. 390 per share. The IPO was oversubscribed due to strong investor confidence in the quick-commerce sector. On its listing day, Swiggy's shares surged nearly 17%, closing at Rs.420.

NTPC Green Energy

NTPC Green Energy's IPO was open from November 19 to November 22, 2024, with shares priced between ₹102 and ₹108. The company raised approximately ₹10,000 crore through the IPO, aiming to fund its renewable energy projects and repay debt. The listing price was ₹111.50, a 3.24% premium over the issue price.

AMFI's Reclassification

AMFI's reclassification, effective February 1, 2025, includes 11 companies moving to the large-cap category, with a market capitalization cutoff set at Rs.1 lakh crore as Business Today reported. The report further stated that the reclassification also involves several companies moving from large-cap to mid-cap status, including Adani Total Gas, NHPC, IDBI Bank, and Shree Cements. Similarly companies like Ola Electric, Vishal Mega Mart, Waaree Engineering, and Premiere Energies have made their way into the mid-cap category, The new mid-cap cutoff has risen to Rs.33,200 crore, up from Rs.27,500 crore in June 2024 as per ET reports.