BackDiwali 2023: 58 mainboard IPOs, 172 SME IPOs hit the Street since last Deepavali
IPO review: Kaynes Technology India, Global Health, Cyient DLM, Plaza Wires, and Senco Gold are among the top 10 mainboard IPOs since last Diwali. PNGS Gargi Fashion Jewellery, RBM Infracon and Bondada Engineering are among the top 10 SME IPOs.
PremiumIPO Watch: Since the last Diwali season, between November 11, 2022, and this year, 58 mainboard initial public offers (IPOs) and 172 small and medium-sized enterprises (SME) IPOs have made it to the primary market, according data on trendlyne. Moreover, this year the primary market witnessed flurry of activity as multiple IPOs struck the D-Street, keeping investors alert through ongoing subscriptions and listings.
Factors contributing to the IPO buzz, according to Kris Arun Kejriwal, Founder, Kejriwal Research and Investment Services an advisory firm, are buoyancy in stock markets, fund raising. And this time around the fund raising was driven by P/E investors, and fresh issue has been much lower than the offer for sale whether by P/E investors or by promoters.
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There appear to be two reasons why the IPO market will be busy after Diwali too. For first of all, state elections are approaching. Voting has started in five states, and results will be counted on December 3. As much as possible, companiesaim to finish their issuesbefore then. Second, general elections are scheduled for April and May of 2024. Although this is still a few months away, companies want to clear their IPOs, receive Securities and Exchange Board of India (SEBI) clearances, and launch their issues by February or March at the latest. So uncertainty if any post election results is not there.
"Investors have become more cautious about valuations, and anywhere they find the valuations being a little tough or stiff or expensive the subscription levels drop sharply. The fact that allotment now happens on the second day after the issue closes means that the risk that an investor takes has reduced significantly, and second the money is able to rotate that much faster. So, the money supply has more than doubled with the shorter time frame , which makes application easier and larger in quantity provided the prices are adequate. I believe, its a time when investors can be choosy which issue to apply and when to apply," explained Kejriwal.
Also Read: Diwali 2023: Seven mainboard IPOs expected this year post festive season
Mainboard IPO's
Out of the 58 mainboard IPOs, Kaynes Technology India Ltd, Global Health Ltd, Cyient DLM Ltd, Plaza Wires Ltd, Senco Gold Ltd, Utkarsh Small Finance Bank Ltd, Vishnu Prakash R Punglia Ltd, Divgi Torqtransfer Systems Ltd, Signatureglobal (India) Ltd, and Concord Biotech Ltd are the top 10 IPOs for the year.
Since listing on November 22, 2022, Kaynes Technology India has increased its value by 317.1% over its issue price of ₹587. The company is a comprehensive player in integrated electronics manufacturing, facilitated by Internet of Things technologies, offering a wide range of Electronics System Design and Manufacturing (ESDM) services, according to trendlyne. The market capitalisation is ₹14,234.4 crore.
Global Health is ranked second on the list, having had a value gain of 168.70% since listing on November 16, 2022. With key specialties in cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, kidney and urology, the company is among the largest private multi-speciality tertiary care providers operating in the North and East regions of India in terms of bed capacity. It operates a network of five hospitals under the "Medanta" name, which are presently located in Gurugram, Indore, Ranchi, Lucknow, and Patna, as well as one hospital that is currently being built in Noida. The market capitalisation is ₹24,233.6 crore, as per trendlyne data.
From its debut on July 10, 2023, Cyient DLM has returned 139.20% in value to its investors. The company is a top provider of industry-focused, consulting-led technology solutions. In addition to providing complete electronic manufacturing solutions, the company also specialises in component machining for the aerospace, automotive, defence, industrial, and medical sectors. It gives clients the freedom to creatively deploy technology throughout their value chain to tackle important issues. The market capitalisation is ₹5,026 crore, as per trendlyne data.
Also Read: Protean eGov Technologies IPO: Listing date announced. What GMP signals?
After listing on October 12, 2023, Plaza Wires rewarded investors with a significant 110.6% return on their investment. The company produces and markets electrical wires as well as LT aluminium cables and fast-moving electrical goods (FMEG). The market capitalisation is ₹497.5 crore, as per trendlyne data.
Here are the top 10 IPOs that stole the show since last Diwali:
| Name of the company | Listing Date | Total Subscription | Issue Price | Listing gains/losses | Last Trading Price as on November 10, 2023 | Current Gain (%) |
| Kaynes Technology India Ltd. | 22 Nov `22 | 34.1x | ₹ 587 | 17.5% | ₹ 2,448.2 | 317.1% |
| Global Health Ltd. | 16 Nov `22 | 9.6x | ₹ 336 | 23.6% | ₹ 902.8 | 168.7% |
| Cyient DLM Ltd. | 10 Jul `23 | 67.3x | ₹ 265 | 58.7% | ₹ 633.8 | 139.2% |
| Plaza Wires Ltd. | 12 Oct `23 | 161.0x | ₹ 54 | 48.5% | ₹ 113.7 | 110.6% |
| Senco Gold Ltd. | 14 Jul `23 | 36.5x | ₹ 317 | 27.9% | ₹ 657.4 | 107.4% |
| Utkarsh Small Finance Bank Ltd. | 21 Jul `23 | 101.9x | ₹ 25 | 92% | ₹ 50.4 | 101.4% |
| Vishnu Prakash R Punglia Ltd. | 05 Sep `23 | 87.8x | ₹ 99 | 47.2% | ₹ 191.1 | 93% |
| Divgi Torqtransfer Systems Ltd. | 14 Mar `23 | 5.4x | ₹ 590 | 2.6% | ₹ 1,057.1 | 79.2% |
| Signatureglobal (India) Ltd. | 27 Sep `23 | 11.9x | ₹ 385 | 19.1% | ₹ 680.4 | 76.7% |
| Concord Biotech Ltd. | 18 Aug `23 | 24.9x | ₹ 741 | 27.2% | ₹ 1,302.6 | 75.8% |
| Source: trendlyne.com |
SME IPOs
Out of the 172 SME IPOs, PNGS Gargi Fashion Jewellery Ltd, RBM Infracon Ltd, Bondada Engineering Ltd, Gayatri Rubbers and Chemicals Ltd, Exhicon Events Media Solutions Ltd, Vasa Denticity Ltd, Macfos Ltd, Goyal Salt Ltd, Krishca Strapping Solutions Ltd, and Baheti Recycling Industries Ltd, are the top 10 SME IPOs for the year. Let's take a look at the details below.
| Name of the company | Date of listing | Total Subscription | Issue Price | Listing gains/losses | Last Trading Price as on November 10,2023 | Current Gains |
| PNGS Gargi Fashion Jewellery Ltd. | 20 Dec `22 | 230.7x | ₹ 30 | 99.5% | ₹ 409.4 | 1264.7% |
| RBM Infracon Ltd. | 04 Jan `23 | 40.3x | ₹ 36 | 53.1% | ₹ 233.9 | 549.9% |
| Bondada Engineering Ltd. | 30 Aug `23 | 106.6x | ₹ 75 | 99.5% | ₹ 384.5 | 412.7% |
| Gayatri Rubbers and Chemicals Ltd. | 07 Feb `23 | - | ₹ 30 | 22.5% | ₹ 149.7 | 399% |
| Exhicon Events Media Solutions Ltd. | 17 Apr `23 | 1.9x | ₹ 64 | 5% | ₹ 299.5 | 368% |
| Vasa Denticity Ltd. | 02 Jun `23 | 68.0x | ₹ 128 | 73.1% | ₹ 591.5 | 362.1% |
| Macfos Ltd. | 01 Mar `23 | 193.8x | ₹ 102 | 71.4% | ₹ 461.6 | 352.5% |
| Goyal Salt Ltd. | 11 Oct `23 | 267.1x | ₹ 38 | 258.2% | ₹ 169.1 | 344.9% |
| Krishca Strapping Solutions Ltd. | 26 May `23 | 336.6x | ₹ 54 | 109.1% | ₹ 234.6 | 334.4% |
| Baheti Recycling Industries Ltd. | 08 Dec `22 | 347.5x | ₹ 45 | 153.3% | ₹ 194.0 | 331.1% |
| Source: Trendlyne |
Also Read: Multibagger IPO: SME stock doubles allottees' money in one year. Do you own?
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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