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

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.

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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.

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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.

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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.

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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.