India’s IPO market has seen an extraordinary year, raising record amounts of capital, buoyed by strong investor demand and impressive post-listing performance.
The surge in activity has been marked by a mix of large players like Swiggy, Hyundai, Bajaj Housing Finance, and NTPC Green entering the fray.
Over 80 companies were listed on the mainboard during the year with most listing in the green.
New listings through initial public offerings (IPOs) in 2024 added nearly 3% ₹14 lakh crore (£130 billion) to India’s market capitalisation, exceeding last year’s contribution of 1.4% ₹5 lakh crore.
According to a report by Motilal Oswal, the absolute contribution this year marks the highest ever, though 2017 and 2019 recorded higher percentage contributions of 3.7% and 3.4%, respectively.
IPO fundraising in 2024 totalled ₹1.8 lakh crore, 2.6 times the ₹57,600 crore raised in 2023.
In this article, we rank the best-performing IPOs of the year in terms of listing gain and returns since IPO.
| Company Name | IPO Issue Price | Listing Closing | Listing Gain (%) |
|---|---|---|---|
| Vibhor Steel Tubes Ltd. | ₹151 | ₹446.3 | 195.5% |
| BLS E-Services Ltd. | ₹135 | ₹366.0 | 171.1% |
| Bajaj Housing Finance Ltd. | ₹70 | ₹165.0 | 135.7% |
| KRN Heat Exchanger and Refrigeration Ltd. | ₹220 | ₹478.8 | 117.6% |
| Unicommerce eSolutions Ltd. | ₹108 | ₹210.1 | 94.5% |
| One MobiKwik Systems Ltd. | ₹279 | ₹528.0 | 89.3% |
| Premier Energies Ltd. | ₹450 | ₹839.9 | 86.6% |
| LE Travenues Technology Ltd. | ₹93 | ₹165.7 | 78.2% |
| JNK India Ltd. | ₹415 | ₹694.5 | 67.4% |
| P N Gadgil Jewellers Ltd. | ₹480 | ₹793.3 | 65.3% |
Vibhor Steel Tubes made the biggest blockbuster debut at the bourses this year.
However, since the stock has been on a downward trajectory.
The stock has slumped around 50% from its listing day price.
The following IPOs of BLS E-Services and Bajaj Housing Finance have done a slightly better job of holding on to the listing day gains.
BLS E-Services have gone down around 44% since listing, while Bajaj Housing shares have dropped a little over 23%.
In terms of performance since its debut, Jyoti CNC Automation is by far the best among all the IPOs this year with a return of 302% from the IPO price.
| Company Name | IPO Issue Price (₹) | Listing Closing (₹) | Current Gain (%) |
|---|---|---|---|
| Jyoti CNC Automation Ltd. | ₹331 | ₹434.2 | 307.7% |
| KRN Heat Exchanger and Refrigeration Ltd. | ₹220 | ₹478.8 | 226.4% |
| Premier Energies Ltd. | ₹450 | ₹839.9 | 193.6% |
| Bharti Hexacom Ltd. | ₹570 | ₹813.3 | 159.9% |
| Platinum Industries Ltd. | ₹171 | ₹221.2 | 154.7% |
| Orient Technologies Ltd. | ₹206 | ₹302.4 | 119.7% |
| Gala Precision Engineering Ltd. | ₹529 | ₹757.1 | 114.2% |
| Enviro Infra Engineers Ltd. | ₹148 | ₹207.1 | 113.7% |
| One MobiKwik Systems Ltd. | ₹279 | ₹528.0 | 111.9% |
| EPack Durables Ltd. | ₹230 | ₹207.6 | 107.7% |
Out of the 10 multibagger IPOs featured in the list, seven have a market capitalisation of less than ₹10,000 crore.
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