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Business News/ Markets / Ipo/  13 IPOs listed in FY24 deliver multibagger returns in the range of 104%-325%; did you invest?
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13 IPOs listed in FY24 deliver multibagger returns in the range of 104%-325%; did you invest?

The fiscal year 2024 witnessed a surge in IPOs, with 13 stocks out of 78 providing multibagger returns. IREDA and Signatureglobal were among the top performers, with significant gains from their IPO prices.

Investors received multibagger returns from 13 stocks out of 78 IPOs listed in FY24, Photo: iStock (iStock)Premium
Investors received multibagger returns from 13 stocks out of 78 IPOs listed in FY24, Photo: iStock (iStock)

The financial year 2024 witnessed significant increase in the number of IPOs in the primary market compared to FY23. The strong demand for shares was fuelled by the rise in domestic investors in an overall bullish market. Most of the IPOs in the fiscal year 2024 had substantial subscriptions and positive market movements during their listing days. The S&P BSE IPO index in FY24 surged 69%. 

In the fiscal year 2024, investors received multibagger returns from 13 stocks out of 78 IPOs listed in FY24, which include Indian Renewable Energy Development Agency Ltd (IREDA), Signatureglobal (India) Ltd, Netweb Technologies India Ltd, Motisons Jewellers Ltd, Cyient DLM Ltd, Azad Engineering Ltd, Senco Gold Ltd, Mankind Pharma Ltd, JSW Infrastructure Ltd, Concord Biotech Ltd, Tata Technologies Ltd, Jyoti CNC Automation Ltd, and BLS E-Services Ltd.

Also Read: Bharti Hexacom, Swiggy, Ola Electric — over 56 firms ready to raise 70,000 cr via IPO in FY25. What expert says

Following Life Insurance Corporation (LIC), IREDA is the second public sector undertaking (PSU) to enter the primary market. From its IPO price of 32 in FY24, the share price of IREDA soared by 324.7%.

The 2,150.21 crore IREDA IPO consisted of a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares. The stock has been soaring since its listing, and it is off to a great start for the next fiscal year 2025.

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On Tuesday, IREDA said that, for the fiscal year 2023–2024, it had registered the highest-ever annual loan sanctions and disbursements. During the fiscal year 2023–24, the business approved loans totalling 37,354 crore and issued loans totaling 25,089 crore. Following this, the IREDA share price was locked in a 5% upper circuit.

Signatureglobal (India), which has gained 253% from its IPO price of 385, is ranked second on the list. The company has been focusing on selling luxurious apartments and acquiring property. Despite a price increase in March, real estate company Signature Global sold 1,008 luxury apartments for more over 3,600 crore in its brand-new Gurugram development. This indicates robust customer demand. It purchased 20 acres of property in Gurugram with the intention of building a home complex with a 4,500 crore revenue potential.

Also Read: Microsoft-Backed Rubrik Files for IPO: Revenue grows to $628 million, losses widen to $354 million

With a 221.5% return from its IPO price of 500, Netweb Technologies is ranked third on the list. Motisons Jewellers, which soared by 191.0% from its IPO price of 55, is ranked fourth on the list. The demand for gold investments through different gold investments has increased in India as a result of the current rally in gold prices, which have reached all-time highs. According to Bloomberg, gold prices increased by around 8.70% calendar year to date (CYTD) just before the summer wedding season and the auspicious Akshaya Tritiya, when demand for coins and jewellery is often stronger.

Cyient DLM, which jumped 171.8% from its IPO price of 265 to rank fifth on the list. In the October–December quarter of the fiscal year 2023–2024, Cyient DLM reported a 25.8% sequential increase in its net profit, reaching 18.44 crore. The company's revenue increased by 10% QoQ to 321 crore in Q3 FY24 against 292 crore reported in the previous quarter.

Also Read: Naman In-Store share price makes a bumper debut, stock opens with 40% premium at 125 apiece on NSE SME

Scrip Name Listing DateIssue PriceTotal Subscription Listing Gain (%)Close price as on March 28, 2024Gains in FY24
IREDA29 Nov '23 3238.8x87.5 135.9324.7%
Signatureglobal (India) 27 Sep '23 38511.9x19.1 1,359.2253.0%
Netweb Technologies India27 Jul '23 50090.4x82.1 1,607.7221.5%
Motisons Jewellers26 Dec '23 55159.6x88.3 160.1191.0%
Cyient DLM10 Jul '23 26567.3x58.7 720.4171.8%
Azad Engineering 28 Dec '23 52480.7x29.3 1,367.8161.0%
Senco Gold14 Jul '23  31736.5x27.9 771.6143.4%
Mankind Pharma9 May '23 1,08015.3x31.7 2,300.8113.0%
JSW Infrastructure03 Oct '23  11937.4x32.2 245.3106.2%
Concord Biotech18 Aug '23 74124.9x27.2 1,520.8105.2%
Tata Technologies30 Nov '23  50069.4x162.6 1,020.6104.1%
Jyoti CNC Automation16 Jan '24 33138.5x31.2% 821.5148.2%
BLS E-Services06 Feb '24 135162.5x171.1% 310129.6%
Source: trendlyne      

Vinit Bolinjkar, Head of Research, Ventura Securities highlighted that there were 76 companies raising capital through IPOs in FY24, representing a 19% rise from FY23. Total funds raised through IPOs also went up by 19% to 61,915 crore compared to FY23. However, the average deal size for IPOs decreased in FY24 compared to the previous two years, this suggests a trend towards smaller companies going public. FY24 was a positive year for IPOs with most companies giving positive returns on listing day.

Also Read: SRM Contractors IPO listing tomorrow: Here's what GMP, subscription status hint ahead of listing

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

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Published: 02 Apr 2024, 12:39 PM IST
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