IPO Review: 25 companies hit Dalal Street in March with two more set to list
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The IPO frenzy shows no signs of abating, as companies continue to line up to raise funds. In March alone, 25 companies have debuted on Dalal Street, with an additional two slated for listing by the end of the month, bringing the total new listings to 27.
Out of the 25 companies that debuted in March 16 are SMEs, indicating a notable influx of smaller enterprises into the market. The remaining nine belong to the mainline category.
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Among the top performers in the SME category entered in March, Owais Metal and Mineral Processing leads the pack, currently trading at ₹407 per share, marking a remarkable 368% increase from its IPO price of ₹87.
Following closely are Purv Flexipack, Signoria Creation, and Royal Sense, all recording gains ranging from 65% to 125% from their respective issue prices. Conversely, MVK Agro Food Product emerged as the top underperformer, trading 52% below its IPO price of ₹79 per share.
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In the mainline category, Exicom Tele-Systems tops the list of March’s best-performing companies, trading at ₹214 apiece, 51.1% above its IPO price of ₹142 per share. Mukka Proteins follows closely, with a gain of 45.9% at ₹40.09 per share over its IPO price of ₹28.
Furthermore, one mainboard and twelve SME public issues are scheduled to open for subscription during the last week of March. Additionally, two IPOs, namely Naman In-Store (India) and Vishwas Agri Seeds, are currently open for subscription.
Also Read: IPOs this week: One mainboard, 12 SME public issues to open for subscription; check full list here
This implies that all fifteen companies are poised to make their stock market debuts within the first two weeks of April.
Overall, a total of 76 companies have made their debut on Dalal Street in CY24 thus far, with 22 falling under the mainline category and 54 categorised as SMEs. In January, 22 companies were listed, followed by an additional 29 companies entering the secondary market the following month.
“The IPO momentum is anticipated to persist in the coming financial year, with larger deals on the horizon. Investors are keen to capitalise on the stock market ahead of the general elections, and there’s a positive sentiment towards fundamentally good businesses along with robust business models,” said Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Pvt. Ltd.
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“A plethora of innovative and exciting IPOs are in the pipeline, supported by India’s robust economic growth. The factors expected to sustain the buoyancy of the IPO market in FY2025 include increased domestic capital, improved governance, thriving Indian entrepreneurship, favourable government policies with FDI support, and diligent institutional investors,” Mahavir Lunawat added.
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 making any investment decisions.
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Published: 25 Mar 2024, 05:58 PM IST
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