The business landscape in Kerala is undergoing a radical transformation. Moving away from its historical roots in traditional trade, the state is now birthing a new generation of high-tech, innovation-led global enterprises. Analysts are calling it a “generational shift,” as seven major homegrown brands prepare to tap the public markets with IPOs totaling roughly ₹12,000 crore over the next five years.
The Big Players: Who’s Going Public?
The upcoming wave spans a diverse range of sectors, from aviation software and dental technology to gold loans and global spice exports.
1. IBS Software: The SaaS Heavyweight
Leading the charge is IBS Software, a Thiruvananthapuram-born powerhouse in travel and aviation technology.
- The Issue: Pegged at approximately ₹4,500 crore ($500 million).
- The Valuation: Currently valued at $1.5 billion following a significant investment from Apax Funds.
- The Strategy: While the company previously considered a New York listing, the strong performance and high valuations in the Indian domestic market have made a local IPO the likely choice.
2. Indel Money: The Gold Loan Challenger
Seeking to become the first pure-play gold-loan listing from the state since 1995, Indel Money is planning a ₹3,000 crore issue.
- The Timeline: Target window between FY29 and FY30.
- The Goal: Scaling Assets Under Management (AUM) to ₹15,000 crore before the debut.
3. Synthite Industries: Spicing Up the Markets
As the world’s largest producer of spice extracts, Synthite Industries is eyeing a fundraise of ₹1,500–₹2,000 crore.
- Growth: With annual revenues already exceeding ₹4,200 crore, the company plans to double its global scale across China, Europe, and India.
4. DentCare: Dental Tech at Scale
Muvattupuzha-based DentCare, Asia’s largest dental lab, is taking a long-term view.
- The Plan: File for an IPO in 2028 with a listing target of 2030.
- Backing: Recently raised ₹150 crore from ICICI Venture, valuing the firm at ₹1,500 crore.
5. Veegaland Developers: Real Estate Momentum
Part of the well-known V-Guard promoter group, Veegaland Developers has already taken the first step.
- Status: Filed a Draft Red Herring Prospectus (DRHP) with SEBI.
- The Issue: A fresh issue of ₹250 crore to fund land acquisition and project development.
Key Takeaways for Investors
- Diversification: The list includes Agappe Diagnostics (aiming for a listing in 12–14 months) and SFO Technologies (the NeST Group flagship), broadening the options beyond Kerala’s traditional finance sector.
- Global Footprint: Most of these firms are not just local players; they have significant operations in Europe, the US, and Asia.
- PE Confidence: Strong backing from global and domestic private equity players like Apax and ICICI Venture signals high confidence in these business models.
