As 2024 comes to a close, India's IPO market wrapped up the year on a high note, with December witnessing a flurry of public offerings across sectors as diverse as diagnostics, fintech, hospitality, and aerospace manufacturing.
Most of the companies that made their Dalal Street debut in the final month of this calendar year logged significant listing day returns, with gains as high as 159%.
Here are the 15 mainboard IPOs that were launched in December:
The month of December 2024 witnessed the highest number of IPOs being launched in the last 17 years. The last time when the count of public issues exceeded dates back to February 2007.
Thirteen of the 15 companies listed in this month went on to see gains against their issue price.
Here are the top five companies which scored massive listing day gains:
Mamata Machinery
Subscription Rate: 194.95x.
The most oversubscribed IPO of the month was of Mamata Machinery Ltd. The issue launched by the packaging machines provider resonated strongly with non-institutional investors, who led bids at 274.38 times, followed by qualified institutional buyers at 235.88 times, employees at 153.27 times and retail investors at 138.08 times.
The company saw the highest listing day gains in the month at 159%.
Serving marquee FMCG clients like Hershey India and Balaji Wafers, Mamata Machinery is poised for growth as packaging demand rises.
The company recorded the third highest gains on listing day this year. The retail portion which received over 48 lakh applications saw only 42,156 applicants successfully get allotted shares of the company, indicating that only one in every 114 applicants managed to bag a lot (or more).
One MobiKwik Systems
Subscription Rate: 119.38x.
Dominating the IPO frenzy, fintech player One MobiKwik Ltd. logged one of the month's highest overall subscriptions. Retail investors led the demand, oversubscribing their portion by 134.67 times, with QIBs a close second at 119.50 times and NIIs at 108.95 times.
MobiKwik recorded a massive 90% gain while listing on Dec. 18.
With ambitions of capturing 10% of India's UPI market and a growing portfolio of digital financial products, MobiKwik is part of the fintech revolution sweeping the country. Strong brand recall and a diverse digital ecosystem makes MobiKwik a frontrunner in the evolving financial services sector.
DAM Capital Advisors
Subscription Rate: 82.08x.
DAM Capital Advisors Ltd.'s IPO logged an overall subscription of 82.08 times, with QIBs oversubscribing by 166.33 times. NIIs followed suit at 98.62 times, while employees and retail investors subscribed to the issue 40.55 and 27.13 times, respectively.
The IPO-facilitator saw its very own listing rake in 47% listing day gains, thus placing it in the one of the most successful IPOs of the month.
Known for its role in high-profile IPOs and QIPs, the firm's deep industry ties and global client base cement its reputation as a market leader. The retail portion, which received bids from over 46.5 lakh applications saw 44.5 lakh applications turned down after scrutiny by the registrar and transfer agent. Only 4.2% of total retail applicants managed to bag shares.
Inventurus Knowledge Solutions
Subscription Rate: 52.68x.
Inventurus Knowledge Solutions Ltd., which manages IKS Health, saw a stellar response to its IPO, particularly among QIBs at 80.64 times. It was subscribed by NIIs 23.25 times, and by retail investors 14.55 times.
Inventurus also saw a 47% gain over issue price on the day of its listing.
The company's focus is on technology-driven healthcare solutions for global markets, and it has a presence in the US healthcare market. However, scaling outside North America remains a challenge.
Vishal Mega Mart
Subscription Rate: 27.28x.
Vishal Mega Mart Ltd.'s IPO received an overwhelming response from the market, with QIBs oversubscribing their quota by 80.75 times and non-institutional investors following suit at 14.24 times. Retail investors pitched in to book 2.31 times their allotted portion.
The Rs 8,000-crore IPO garnered gains worth 44% over its issue price upon listing on the bourses.
Vishal Mega Mart's positioning as a value-driven hypermarket catering to middle-income and lower-income households seems to have struck a chord with the investors. The company's ability to combine affordable pricing with digital integration through its app and website hold potential to bolster its long-term potential in India's retail landscape.
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