India’s initial public offering (IPO) market reached new heights in 2024, with domestic firms raising an unprecedented ₹1.64 lakh crore through 90 IPOs. While major companies like Hyundai Motor India Ltd., Swiggy Ltd., and NTPC Green Energy Ltd. attracted significant attention, it was the smaller firms that often stole the spotlight. Here’s a closer look at the year’s IPO landscape, from top gainers and surprising winners to underwhelming performers.
Credits: NDTV Profit
IPO Subscriptions: Smaller Firms Dominate
Record-Breaking Subscriptions
Leading the subscription frenzy was Vibhor Steel Tubes Ltd., whose ₹72.2 crore IPO was subscribed nearly 300 times—making it the most bid IPO of the year. Hot on its heels was Manba Finance Ltd., which raised ₹151 crore and achieved an impressive 224 times subscription. Other smaller firms such as KRN Heat Exchanger Ltd., Gala Precision Engineering Ltd., Mamata Machinery Ltd., and Unicommerce eSolutions Ltd. also saw robust demand, underscoring the strong appetite for niche, high-growth businesses.
Underwhelming Demand for Larger IPOs
Not all IPOs were met with such enthusiasm. Larger firms like Popular Vehicles and Services Ltd., Suraksha Diagnostic Ltd., Entero Healthcare Ltd., and Niva Bupa Health Insurance Co. were subscribed less than two times their offerings. These lukewarm responses highlight the challenges that established players face in standing out in a competitive market.
Top Gainers: Outstanding Returns for Investors
1. Jyoti CNC Automation
Topping the charts for investor returns was Jyoti CNC Automation, which delivered an astonishing 309% return since its listing in January. The company’s shares debuted with a 31% premium and have continued to soar. With a robust order book of ₹4,289 crore—43% of which comes from the aerospace sector—the company is now focused on expanding into the U.S. market, including plans for new technology centers in 2025.
2. KRN Heat Exchangers
This October debutant delighted investors with a 117.5% listing-day gain and an overall return of 224%. The ₹342 crore IPO was subscribed 215 times. With plans to increase production capacity sixfold starting April 2025, the company is well-positioned for sustained growth.
3. Premier Energies
Ranking third among the top performers, Premier Energies has risen 192% since its September listing. Its shares debuted at an 86.6% premium, raising ₹2,830.4 crore. A robust order book valued at ₹6,233 crore and a pipeline of 3,860 MW solar projects provide a solid foundation for future growth, especially with the anticipated rise in solar module prices.
Top Losers: A Mixed Bag of Missed Opportunities
1. Popular Vehicles and Services
Despite its established presence, Popular Vehicles and Services has struggled since its debut in March, with its stock price plummeting 44.6%. Listing at a 6.4% discount, the company has faced muted growth expectations for the fiscal year. However, it maintains a long-term growth target of 15–20% and is exploring acquisitions to regain momentum.
2. Capital Small Finance Bank
The ₹523 crore IPO of Capital Small Finance Bank failed to meet expectations, listing at a 7.2% discount in February and declining 42% since. Despite this, the bank remains optimistic, aiming for a 22% loan book growth in FY25 and maintaining tight control over credit costs.
3. Western Carriers (India)
With an initial listing discount of 7.3%, Western Carriers (India) has seen its stock price fall 35% since September. Despite its struggles, the company’s strong long-term customer relationships and focus on network expansion offer hope for recovery.
Why 2024 Was a Landmark Year
Unprecedented Fundraising
The ₹1.64 lakh crore raised through 90 IPOs represents a new record for India, showcasing the vibrancy of its equity markets. While heavyweight IPOs from companies like Swiggy and NTPC Green Energy dominated headlines, smaller companies proved to be the real stars of the year.
Investor Trends
Investors’ preference for smaller, high-growth firms was evident throughout the year. Companies with strong order books, niche products, and clear expansion strategies attracted the most interest, reflecting a shift toward value-driven investments.
Outlook for 2025
As 2025 approaches, the IPO pipeline remains robust, with several high-profile and mid-sized companies preparing to go public. With lessons learned from this year, market participants are likely to focus on innovation, scalability, and financial discipline to ensure sustained success. Investors will keep a close eye on upcoming listings to identify the next big opportunities.
