The Indian primary market had 39 initial public offering (IPO) launches with a total issue size of Rs.64,670 crore in the calendar year (CY) 2022. These included much-awaited IPOs like LIC of India, Delhivery, Sula Vineyards and many more. Now, close to 100 IPOs with diversified offerings and sectors are getting ready for retail and institutional investors in CY23. Given that, let's look at the performance in 2022 and the way forward
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Top-performing IPOs in 2022
Of the 39 new listings in CY22, 25 companies ended day 1 with listing gains ranging from 1.1 percent to 49.2 percent. The highest listing gain of CY22 was from DCX Systems, which was issued at Rs.207 and closed on day 1 at Rs.308.80, said Tejas Khoday, co-founder and CEO of FYERS in an exclusive interaction with CNBC-TV18.com.
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"Based on the current prices of these 39 IPOs, seven companies have delivered excellent returns, with Adani Wilmar leading the pack at 168.5 percent, followed by Hariom Pipe Industries (135.4 percent) and Venus Pipes (118.8 percent). Ruchi Soya Industries, Veranda Learning Solutions, Prudent Corporate Advisory Services and Vedant Fashions are the other companies with gains higher than 50 percent (based on 30 December closing prices)," Khoday said.
| Performance of IPOs in 2022 | |||||||
| No | Company | Close Date | Issue Price Rs. | ListingDay Close Rs. | Current Price Rs. | Listing Day Gain/Loss | CurrentGain/Loss |
| 1 | AGS Transact Technologies | Jan 21, 2022 | 175.00 | 161.30 | 63.65 | -7.8% | -63.6% |
| 2 | Adani Wilmar | Jan 31, 2022 | 230.00 | 265.20 | 617.65 | 15.3% | 168.5% |
| 3 | Vedant Fashions | Feb 08, 2022 | 866.00 | 934.85 | 1,330.55 | 8.0% | 53.6% |
| 4 | Uma Exports | Mar 30, 2022 | 68.00 | 84.00 | 47.60 | 23.5% | -30.0% |
| 5 | Ruchi Soya Industries | Mar 28, 2022 | 650.00 | 924.85 | 1,193.40 | 42.3% | 83.6% |
| 6 | Veranda Learning Solutions | Mar 31, 2022 | 137.00 | 160.40 | 246.05 | 17.1% | 79.6% |
| 7 | Hariom Pipe Industries | Apr 05, 2022 | 153.00 | 224.70 | 360.10 | 46.9% | 135.4% |
| 8 | Campus Activewear | Apr 28, 2022 | 292.00 | 378.60 | 413.35 | 29.7% | 41.6% |
| 9 | Rainbow Children's Medicare | Apr 29, 2022 | 542.00 | 450.10 | 739.20 | -17.0% | 36.4% |
| 10 | Life Insurance Corporation of India | May 09, 2022 | 949.00 | 875.45 | 684.00 | -7.8% | -27.9% |
| 11 | Prudent Corporate Advisory Services | May 12, 2022 | 630.00 | 562.70 | 991.45 | -10.7% | 57.4% |
| 12 | Delhivery | May 13, 2022 | 487.00 | 537.25 | 331.45 | 10.3% | -31.9% |
| 13 | Venus Pipes & Tubes | May 13, 2022 | 326.00 | 351.75 | 713.40 | 7.9% | 118.8% |
| 14 | Paradeep Phosphates | May 19, 2022 | 42.00 | 43.95 | 59.00 | 4.6% | 40.5% |
| 15 | Ethos | May 20, 2022 | 878.00 | 802.60 | 1,018.25 | -8.6% | 16.0% |
| 16 | eMudhra | May 24, 2022 | 256.00 | 258.85 | 315.05 | 1.1% | 23.1% |
| 17 | Aether Industries | May 26, 2022 | 642.00 | 776.75 | 836.30 | 21.0% | 30.3% |
| 18 | Syrma SGS Technology | Aug 18, 2022 | 220.00 | 313.05 | 283.00 | 42.3% | 28.6% |
| 19 | Dreamfolks Services | Aug 26, 2022 | 326.00 | 462.65 | 364.40 | 41.9% | 11.8% |
| 20 | Tamilnad Mercantile Bank | Sep 07, 2022 | 510.00 | 508.45 | 478.60 | -0.3% | -6.2% |
| 21 | Harsha Engineers International | Sep 16, 2022 | 330.00 | 485.90 | 382.40 | 47.2% | 15.9% |
| 22 | Electronics Mart India | Oct 07, 2022 | 59.00 | 84.85 | 86.40 | 43.8% | 46.4% |
| 23 | Tracxn Technologies | Oct 12, 2022 | 80.00 | 93.35 | 79.85 | 16.7% | -0.2% |
| 24 | DCX Systems | Nov 02, 2022 | 207.00 | 308.80 | 224.65 | 49.2% | 8.5% |
| 25 | Fusion Micro Finance | Nov 04, 2022 | 368.00 | 324.90 | 364.20 | -11.7% | -1.0% |
| 26 | Bikaji Foods International | Nov 07, 2022 | 300.00 | 317.45 | 436.20 | 5.8% | 45.4% |
| 27 | Global Health | Nov 07, 2022 | 336.00 | 415.65 | 468.80 | 23.7% | 39.5% |
| 28 | Five Star Business Finance | Nov 11, 2022 | 474.00 | 489.50 | 617.50 | 3.3% | 30.3% |
| 29 | Archean Chemical Industries | Nov 11, 2022 | 407.00 | 457.95 | 524.55 | 12.5% | 28.9% |
| 30 | Kaynes Technology India | Nov 14, 2022 | 587.00 | 690.10 | 748.05 | 17.6% | 27.4% |
| 31 | Inox Green Energy Services | Nov 15, 2022 | 65.00 | 59.10 | 47.90 | -9.1% | -26.3% |
| 32 | Keystone Realtors | Nov 16, 2022 | 541.00 | 557.80 | 494.60 | 3.1% | -8.6% |
| 33 | Dharmaj Crop Guard | Nov 30, 2022 | 237.00 | 266.40 | 199.55 | 12.4% | -15.8% |
| 34 | Uniparts India | Dec 02, 2022 | 577.00 | 539.55 | 575.10 | -6.5% | -0.3% |
| 35 | Sula Vineyards | Dec 14, 2022 | 357.00 | 331.15 | 332.90 | -7.2% | -6.8% |
| 36 | Abans Holdings | Dec 15, 2022 | 270.00 | 216.05 | 189.40 | -20.0% | -29.9% |
| 37 | Landmark Cars | Dec 15, 2022 | 506.00 | 460.05 | 460.90 | -9.1% | -8.9% |
| 38 | KFin Technologies | Dec 21, 2022 | 366.00 | 363.85 | 344.50 | -0.6% | -5.9% |
| 39 | Elin Electronics (Listed on 30 Dec) | Dec 22, 2022 | 247.00 | 227.65 | 227.65 | -7.8% | -7.8% |
(Source: FYERS, Data as of December 30, 2022)
Will 2023 see a boom in IPOs?
As mentioned above, close to 100 IPOs may come for retail and institutional investors in CY23. Based on the information from primary market filings, around 60 companies have already received Sebi approval and are in the final stages of launching the IPO.
Another 37 companies are awaiting SEBI observations and comments on their draft documents. If stock market conditions remain buoyant, most IPOs can hit the market in CY23, Khoday believes.
What are the IPOs lined up?
Navi Technologies, Yatra Online, TVS Supply Chain Solutions, Biba Fashions, Vikram Solar, and Droom Technology are some of the well-known firms in the queue, Khoday said.
Other IPOs like B9 Beverages (Bira), Snap Deal, and Lava International are in the process. The issue size of the firms ranges from Rs 250 crore to as high as Rs.8,000 crore, with issue types ranging from entirely OFS to a mix of fresh equity and OFS.
| SEBI Approved IPOs - Awaiting Launch | ||||
| Company Name | Issue Type | Filing Date | SEBI Approval | Estimated Issue Size(Rs. Cr. / No. of Shares) |
| Protean eGov Technologies | OFS | 27-12-2021 | 17-11-2022 | OFS: 12,080,140 Shares |
| Macleods Pharmaceuticals | OFS | 15-02-2022 | 20-05-2022 | OFS: 60,482,040 Shares |
| JK Files & Engineering | OFS | 09-12-2021 | 23-02-2022 | OFS: Rs.800 Cr |
| Signatureglobal (India) | Fresh + OFS | 14-07-2022 | 24-11-2022 | Fresh: Rs.750 Cr + OFS: 250 Cr |
| Yatra Online | Fresh + OFS | 25-03-2022 | 17-11-2022 | Fresh: Rs.750 Cr + OFS: 9,328,358 Shares |
| Balaji Speciality Chemicals | Fresh + OFS | 12-08-2022 | 15-11-2022 | Fresh: Rs.250 Cr + OFS: 26,000,000 Shares |
| Sai Silk (Kalamandir) Ltd | Fresh + OFS | 22-07-2022 | 07-11-2022 | Fresh: Rs.175 Cr + OFS: 3,569,180 Shares |
| Hemani Industries | Fresh + OFS | 29-03-2022 | 13-10-2022 | Fresh: Rs.500 Cr + OFS: Rs.1,500 Cr |
| Droom Technology | Fresh + OFS | 12-11-2021 | 12-10-2022 | Fresh: Rs.2,000 Cr + OFS: Rs.1,000 Cr |
| Biba Fashions | Fresh + OFS | 12-04-2022 | 11-10-2022 | Fresh: Rs.90 Cr + OFS: 27,762,010 Shares |
| Deltatech Gaming | Fresh + OFS | 17-06-2022 | 30-09-2022 | Fresh: Rs.300 Cr + OFS: 250 Cr |
| Vikram Solar | Fresh + OFS | 24-03-2022 | 10-08-2022 | Fresh: Rs.1,500 Cr + OFS: 5,000,000 Shares |
| Gujarat Polysol Chemicals | Fresh + OFS | 29-03-2022 | 18-07-2022 | Fresh: Rs.87 Cr + OFS: Rs.327 Cr |
| India Exposition Mart | Fresh + OFS | 08-03-2022 | 16-06-2022 | Fresh: Rs.450 Cr + OFS: 11,210,659 Shares |
| Bharat FIH | Fresh + OFS | 24-12-2021 | 10-06-2022 | Fresh: Rs.2,501.90 Cr + OFS: Rs.2,501.90 Cr |
| TBO Tek | Fresh + OFS | 27-12-2021 | 19-05-2022 | Fresh: Rs.900 Cr + OFS: Rs.1,200 Cr |
| Aadhar Housing Finance | Fresh + OFS | 24-01-2021 | 05-05-2022 | Fresh: Rs.1,500 Cr + OFS: Rs.5,800 Cr |
| TVS Supply Chain Solutions | Fresh + OFS | 12-02-2022 | 04-05-2022 | Fresh: Rs.2,000 Cr + OFS: 59,477,497 Shares |
| Navi Technologies | Fresh | 14-03-2022 | 05-09-2022 | Fresh: Rs.3,350 Cr |
| Source: Axis Capital | ||||
Should investors consider IPOs in 2023?
In 2022, investors opted for IPOs with good business outlooks and where the offer price provided the comfort of valuations and listing gains.
While the onus of a better issue price rests on the promoter and merchant bankers, Khoday believes that investors should be cautious enough to read the RHP and understand the fund raising objectives and the proposed valuations before applying for any IPO rather than applying based on the grey market pricing.
Read this to understand how IPOs performed in 2022 and what are the top IPOs lined up for 2023
Note To Readers
Read this to understand how IPOs performed in 2022 and what are the top IPOs lined up for 2023`
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