The activity in India's initial-public-offering market remained buzzing in 2024 with domestic firms mopping up a record Rs 1.64 lakh crore via 90 maiden IPOs.
The year saw big issues hitting Dalal Street with the likes of Hyundai Motor India Ltd., Swiggy Ltd., NTPC Green Energy Ltd. among others. However, it was the smaller companies that tasted most success.
IPO Subscription
Vibhor Steel Tubes Ltd. was the highest bid IPO this year. The issue worth Rs 72.2 crore was subscribed nearly 300 times. This was followed by Manba Finance Ltd., which raised Rs 151 crore and whose IPO was subscribed 224 times.
KRN Heat Exchanger Ltd., Gala Precision Engineering Ltd., Mamata Machinery Ltd. and Unicommerce eSolutions Ltd. are some of the other most subscribed IPOs in 2024.
Popular Vehicles and Services Ltd., Suraksha Diagnostic Ltd., Entero Healthcare Ltd. and Niva Bupa Health Insurance Co. were subscribed less than two times the offer.
Top Gainers
Jyoti CNC Automation: It is 2024's most successful IPO. The shares debuted on the exchanges in January and have returned 309% so far to investors. Its listing day gain was 31%. The IPO raised Rs 1,000 crore from the market and was subscribed 28 times. The company has a strong order book totaling Rs 4,289 crore, with the aerospace sector contributing 43% of this value. The company is focusing on expanding its footprint in the US market, with plans to establish technology centers within the next year.
KRN Heat Exchangers: The company had a listing day gain of 117.5% over the IPO price in October. It has given a return of 224%. The Rs 342-crore IPO was subscribed 215 times. It plans to increase its production capacity by six times starting from April 2025, with expectations of reaching full capacity utilisation within three years.
Premier Energies: It is third on the list, having risen 192% since listing in September. Its listing day premium was 86.6% over the IPO price, which raised Rs 2,830.4 crore. The company is well-positioned for growth, with a robust order book valued at Rs 6,233 crore, covering 3,860 MW of solar projects, providing strong visibility for the company’s future performance. It is poised to benefit from a potential rise in solar module prices, which have likely bottomed out.
Top Losers
Popular Vehicles and Services: The share price has declined 44.6% so far since its debut on the exchanges in March. It listed at a discount of 6.4%. The company maintains its long-term growth guidance of 15–20%, despite more muted growth expectations for the current fiscal. Popular Vehicles is exploring inorganic growth opportunities to further expand its market presence.
Capital Small Finance Bank: It listed at a discount of 7.2% in February and has since fallen 42%. The Rs 523-crore IPO was subscribed four times. The management is optimistic about achieving a loan book growth of over 22% during the fiscal 2025. The bank is also confident in maintaining its credit costs within the range of 0.15% to 0.25%.
Western Carriers (India): The share price has fallen 35% since its debut in September, after a 7.3% discount listing over IPO price. The company generates 80% of its revenues from long-term customers, reflecting strong customer loyalty and is focused on expanding its network and acquiring new customers to fuel further growth.
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