11 of 18 stocks trade above QIP issue price; Rs 25,600 crore raised via QIPs in 2025

A total of 18 companies have raised Rs 25,600 crore through qualified institutional placements (QIPs) so far in calendar 2025, according to data compiled by Ace Equities. Of these, shares of 11 companies are currently trading above their respective QIP issue prices.

Biocon Ltd, Hitachi Energy India Ltd, Indian Renewable Energy Development Agency Ltd (IREDA), Capri Global Capital Ltd, and UCO Bank were among the biggest fundraisers this year, with QIP sizes going up to Rs 4,500 crore. Interestingly, only UCO Bank among these is trading below its issue price.

Biocon raised Rs 4,500 crore in January — marking its first equity fundraise since its IPO in 2004. The stock last closed at Rs 350.55, up 6.23 per cent over its issue price of Rs 330. The QIP saw participation from major institutional investors such as ICICI Prudential Mutual Fund, SBI Mutual Fund, HDFC Life Insurance, Aditya Birla Mutual Fund, Nippon India Mutual Fund, and Mirae Asset Mutual Fund.

Hitachi Energy India, which closed a Rs 2,520.82 crore QIP on March 13, is one of the top performers. Its stock is trading at Rs 19,407.60, up 68.66 per cent from its issue price of Rs 11,507. The company plans to use the funds mainly for capital expenditure worth Rs 2,000 crore to expand capacity and its product portfolio. Ratings agency CRISIL believes the fundraise will further strengthen the company’s already solid financial risk profile.

IREDA completed its Rs 2,005.90 crore QIP this month. Priced at Rs 165.14, a 5 per cent discount to the floor price of Rs 173.83, the stock is now up 3.46 per cent. Chairman and Managing Director Pradip Kumar Das said the capital infusion will help the company scale up financing activities for renewable energy projects and fast-track India’s green energy goals.

Capri Global Capital, which closed its QIP on June 12, is trading 16 per cent above its issue price of Rs 146.60.

Centum Electronics has been another standout, with its share price doubling over its QIP issue price of Rs 1,160. The company raised Rs 210 crore in March.

Other companies that are trading significantly higher than their QIP issue prices include Home First Finance Company India Ltd, Restaurant Brands Asia Ltd, and Azad Engineering Ltd — up between 24 and 43 per cent. RACL Geartech Ltd, Sudarshan Chemical Industries Ltd, and Kaynes Technology India Ltd are also trading 4 to 15 per cent higher.

Meanwhile, Aditya Birla Fashion and Retail Ltd raised Rs 1,860.66 crore via a QIP in January, but a valid comparison with the issue price is not possible due to a subsequent demerger.

On the other hand, PSU banks including Indian Overseas Bank, UCO Bank, Central Bank of India, and Punjab & Sind Bank have seen their stocks decline 4 to 21 per cent post their QIP issues ranging from Rs 1,300 crore to Rs 2,100 crore, completed in March.