Top five most gained IPOs on listing day in 2023 - Moneycontrol
In 2023, some 57 Indian companies raised around Rs 49,000 crore through mainboard IPOs. And, 27 companies have already obtained the green light from the market regulator to float their public issues to raise around Rs 29,000 crore.
India's benchmark Sensex and Nifty gained around 19 percent each in 2023. In 2023, some 57 Indian companies raised around Rs 49,000 crore through mainboard IPOs. And, 27 companies have already obtained the green light from the market regulator to float their public issues to raise around Rs 29,000 crore.
Tata Technologies Ltd saw a remarkable 162.85% surge on its listing day, amassing Rs 3,043 crore. The oversubscribed IPO, open from November 22 to 24, offered shares at Rs 500 each, oversubscribed by 69.43 times. Listed on November 30, the stock currently trades 136% from its issue price. As a subsidiary of Tata Motors, Tata Technologies is a global engineering services company catering to original equipment manufacturers (OEMs) and their tier 1 suppliers, focusing primarily on the automotive industry. The company also operates in education, providing manufacturing skills through its 'phygital' education solutions. For the fiscal year ending March 2023, Tata Tech reported a 42.8% year-on-year growth in consolidated net profit to Rs 624 crore and a 25% rise in revenue to Rs 4,414.2 crore. In the six months ending September FY24, profit surged 36% to Rs 351.9 crore, while revenue increased by 34% to Rs 2,526.7 crore compared to the previous year.
ideaForge Technology Ltd surged over 93% to Rs 1296/share on listing day from its Rs 672 issue price. The IPO opened on June 26, closed on June 30 at Rs 638-672/share, subscribed over 106 times. It raised around Rs 567 crore via IPO. Listed on July 7, the stock currently trades 23% higher at Rs 862/share but faced a recent correction due to lower-than-expected earnings in the September quarter. Revenue dropped to Rs 23.73 crore from Rs 97.07 crore last quarter and Rs 40.03 crore last year. Net profit declined to Rs 89 lakh from Rs 18.86 crore last quarter and Rs 3.4 crore last year.
Utkarsh Small Finance Bank surged over 105% from its issue price on listing day. The IPO opened on July 12, closed on July 14, raising approximately Rs 500 crore. Priced at Rs 23-25/share, it listed on July 21, oversubscribed over 111 times. The bank's net profit grew by 20.1% YoY to Rs 107.5 crore due to reduced provisions. Net interest income rose by 21% YoY, while provisions decreased to Rs 77 crore from Rs 91 crore. Advances and deposits grew by 31.4% and 36% YoY, respectively. Gross non-performing assets ratio improved to 3.13% from 3.23% three months earlier.
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Indian Renewable Energy Development Agency (IREDA) emerged as the fourth most gained IPO in 2023, skyrocketing by over 60% on its listing day from the issue price. The IPO, open from November 21 to 23, raised around Rs 2150 crore, priced at Rs 30.32 per share, oversubscribed by more than 38.8 times. Post-listing, the stock surged by over 240% from its issue price, driven by interest in PSU stocks. As of now, it's yet to report earnings. IREDA's asset book is primarily solar energy-focused (30%), followed by wind power (20.9%), state utilities (19.2%), and hydropower (11.5%). Analysts advocate long-term investment given government initiatives that support the growth of the renewable energy sector.
Motisons Jewellers Ltd surged nearly 84 percent from its issue price on the listing day from its issue price of Rs 55 a share. The firm opened its IPO for subscription on 18 December and closed on December 20. The firm raised around Rs 151 crore. The proceeds from the issue will be used to repay debt and fund working capital requirements. The firm reported a revenue of Rs 366.81 crore in FY23 against Rs 314.5 crore in FY22. Net profit for the year stood at Rs 22.20 crore versus Rs 14.75 crore last year. Established in 1997, Motisons Jewellers sells diverse jewelry like gold, diamonds, and kundan alongside pearls, silver, and platinum. They offer 300,000+ designs in various materials and prices, catering to all ages and genders. Their main store, Motisons Tower in Jaipur, Rajasthan, features silver, gold, and diamond jewelry across three floors. A newer branch in Vaishali Nagar, Jaipur, opened in 2021.
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