Top IPOs: IREDA, Signatureglobal among the 8 newly-listed firms that rallied over 100% in 2023

The primary market took centre stage in 2023 thanks to strong subscriptions for initial public offerings (IPOs) and impressive returns upon listing. Data revealed that at least eight newly listed firms on main bourses more than doubled investors’ initial investment. Indian Renewable Energy Development Agency (IREDA) stood out as the top performer, boasting a 240 per cent gain compared to its issue price of Rs 32. The company debuted on stock exchanges on November 29, 2023.

In total, 51 IPOs hit the main bourses in 2023 till December 22, raising over Rs 45,000 crore from the primary markets. Mahavir Lunawat, Managing Director at Pantomath Capital Advisors, attributed this surge in IPO activity to companies’ eagerness to access capital markets before or after the Lok Sabha elections. He highlighted robust economic activity and positive sentiments from both domestic and foreign investors toward India, predicting this momentum to extend well into 2024.

Cyient DLM, listed on July 10, emerged as another significant gainer, witnessing a 149 per cent surge to Rs 660.20 from its issue price of Rs 265. Tata Technologies and Netweb Technologies also jumped 142 per cent and 141 per cent, respectively, against their issue prices.

Senco Gold, Signatureglobal, Utkarsh Small Finance Bank and Vishnu Prakash R also saw notable gains of 129 per cent, 113 per cent, 110 per cent and 105 per cent, respectively, compared to their respective issue prices.

On the other hand, some primary issues like Plaza Wires, Motison Jewellers, Ideaforge Technology and Utkarsh Small Finance Bank were oversubscribed more than 100 times. Plaza Wires saw an 85 per cent increase since listing, while Ideaforge Technology rose by 24 per cent against its issue price of Rs 672. Shares of Motison Jewellers are yet to be listed on stock exchanges.

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