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19 Nov 2024
Despite raising Rs 26,272 crore, slightly less than the previous two years due to the absence of major issues, the domestic IPO market maintained its momentum with 34 listings in the first half of the year, surpassing the number of debuts seen in the same period last year.
Investor sentiment remained positive, with only one IPO failing.
Out of these 34 listings, four companies have turned into multibaggers, trading at least 100% above their offer prices.
Jyoti CNC Automation saw an oversubscription of 40 times and is currently trading 300% above its offer price.
Exicom Telecom, TBO Tek, and JNK India are trading 220%, 107%, and 100% above their IPO prices, respectively.
Other noteworthy IPOs include Bharti Hexacom, which is trading 96% above its offer price, and BLS E Services and Let Travenues Technologies, both up by at least 60%.
Around 73% of this year's IPOs are still trading above their issue prices, which is consistent despite market volatility.
However, not all companies have fared well; eight have seen their share prices drop below their offer prices.
Capital Small Finance Bank suffered the most, down 26%, followed by Akme Fintrade, RK Swamy, SRM Contractors, Entero Healthcare Solutions, Gopal Snacks, GPT Healthcare, and Popular Vehicles and Services, all trading below their issue prices.
"Overall, a more robust H2 FY24 for the IPO market is anticipated, with increased activity, potentially larger deals, and fresh listings across diverse sectors. As always, thorough analysis of individual company fundamentals and future prospects remains crucial before making any investment decisions," said Atul Parakh, CEO of Bigul.
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