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An IPO, or Initial Public Offering, is the process through which a company raises money from the public by offering its shares for the first time on the stock market. Today, we will analyse the IPOs that occurred during the September quarter of the financial year 2023-24. There were twenty IPOs listed during the second quarter of the financial year 2023-24 on the main board, compared to only four IPOs during the first quarter of the same fiscal year. This represents an almost fivefold increase in the number of IPOs.
The total amount raised through these 20 IPOs during the September quarter was Rs 15,362 crore, whereas in the June quarter, only Rs 9,083 crore was raised. This is 1.7 times more than the amount raised in the June quarter.
Today, we will be presenting awards to these IPOs from the September quarter in various categories. We have categorized the IPO analysis based on IPO Size, Listing Gains, Best Performers to date, and IPOs with the highest subscription. Let’s explore each category one by one.
In the category of the highest IPO issue size, RR Kabel emerged as the winner, raising a total of Rs 1,964 crore. This sum includes a fresh issue of Rs 180 crore and Rs 1,784 crore related to the Offer for Sale. The stock made its debut on September 20, 2023, at a price of Rs 1,179 per share, representing a 14% premium over its listing price of Rs 1,035 per share. As of the current writing, its share price is trading at Rs 1,409, delivering an impressive return of 36% within just one month. Interestingly, despite being the largest IPO in terms of size, it was subscribed only 18.69 times, whereas smaller-sized IPOs attracted a much larger number of investors.
In the category of stocks that made record-breaking premium listings on their debut, regardless of their size, subscription, or financials, the winner is Ideaforge Technologies Limited. This company’s stock debuted with a remarkable premium of 94%, opening at Rs 1,300 per share, compared to its issue price of Rs 672 per share. However, it experienced a significant decline from its all-time high price of Rs 1,344 per share. Currently, it is trading at Rs 807 per share, still reflecting a 20% increase over its initial issue price. The IPO was overwhelmingly subscribed, with a subscription rate of 106.7 times during the issue.
In this category, Cyient DLM Limited has emerged as the winner. The stock made its market debut in July of this year with a 51% premium, opening at Rs 401 per share. As of the time of writing this article, it is trading at Rs 687 per share, representing a significant return of 159% over its issue price of Rs 265 per share. The IPO received a robust response with a subscription rate of 71.35 times. The total issue size was Rs 592 crore, consisting of a fresh issue without any offer for sale.
In this category, Utkarsh Small Finance Bank stands out as the winner among all the other IPOs during the September quarter, achieving the highest subscription rate. The Utkarsh Small Finance Bank IPO garnered significant demand, with a subscription rate of 110.77 times on the closing day of the IPO. Whereas, the public issue generated strong interest, with a subscription rate of 78.38 times in the retail category, 135.71 times in the QIB category, and 88.74 times in the NII category.
When we look at the listing gains and current performance, the stock made its debut with a 60% premium, opening at Rs 39.95 per share, compared to its final issue price of Rs 25 per share. As of the time of writing this article, the stock is trading at Rs 54.9 per share, which is double the listing price.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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