Analyst's Diary: The IPO rush

The Indian stock market is experiencing a bullish phase, as is evident from the benchmark indices' rally. The Sensex has surged 23 per cent over the past year and nearly tripled from pandemic lows. A hallmark of such bull runs is the increase in IPOs. Since 2019, Dalal Street has seen 235 IPOs, raising a staggering Rs 2,71,106 crore, with 71 companies raising over Rs 1,000 crore. The market witnessed some of the craziest happenings - an IPO that was oversubscribed over 300 times, a 250 per cent listing gain, and mammoth issue sizes. This article explores the hits and misses of IPOs in the past five years. 10 biggest IPOs since 2019 and their returns Paytm's struggles are reflected in its returns Company Listing date Issue size (Rs cr) Returns (%) One97 Communications (Paytm) 18-Nov-21 18,300 -49.7 LIC 17-May-22 15,381 9.7 Zomato 23-July-21 9,375 13.4 SBI Cards 16-Mar-20 7,571 1.8 Star Health 10-Dec-21 6,401 -17.6 PB Fintech 15-Nov-21 5,952 -1.8 Sona BLW 24-Jun-21 5,550 35.3 Nuvoco Vistas 23-Aug-2021 5,000 -14.1 IRFC 29-Jan-21 4,633 75.6 Gland Pharma 20-Nov-20 4,536 1.1 Returns are annualised for IPOs that are older than a year. Data as of March 07, 2024. Top 5 IPOs by listing-day gain Company Date of listing Listing gain (%) Sigachi Industries 15-Nov-21 252.8 Paras Defence 01-Oct-21 171.4 Latent View Analytics 23-Nov-21 169 Tata Tech 30-Nov-23 140 BLS E-Services 06-Feb-24 128.9 Top 5 IPOs by listing-day loss Company Date of listing Listing loss (%) Shriram Properties 20-Dec-21 -20.3 Nuvoco Vistas 23-Aug-21 -17.4 Kalyan Jewellers 26-Mar-21 -15.1 RateGain Travel 17-Dec-21 -14.2 SBI Cards 16-Mar-20 -12.8 Top 5 IPOs by post-listing gain Company Date of listing Post-listing gain (%) Rail Vikas Nigam 11-Apr-19 67.4 Angel One 05-Oct-20 95.6 Mazagon Dock 12-Oct-20 94.6 MSTC 29-Mar-19 53.3 Polycab 16-Apr-19 51.9 Returns are annualised for IPOs that are older than a year. Data as of March 07, 2024. Top 5 IPOs by post-listing loss Company Date of listing Post-listing loss (%) One97 Communications (Paytm) 18-Nov-21 -49.7 Chemcon Speciality 01-Oct-20 -25.1 Heranba Industries 05-Mar-21 -27.5 AGS Transact 31-Jan-22 -32 CarTrade Tech 20-Aug-21 -26.9 Returns are annualised for IPOs that are older than a year. Data as of March 07, 2024. Top 10 IPOs by highest subscription ratio Company Date of listing Subscription ratio Returns (%) Latent View Analytics 23-Nov-21 333.1 -3 Paras Defence