Top 10 Most Subscribed IPOs of 2024

2024 has been a remarkable year for the Indian stock market, with several Initial Public Offerings (IPOs) capturing the attention of investors. The most subscribed IPOs of 2024 reflect strong investor confidence and a booming market, with oversubscription rates far exceeding expectations. 

These IPOs have been particularly appealing due to their solid fundamentals, capable management, and strong backing from investors. Here’s a look at the top 10 oversubscribed IPOs of the year, along with their essential metrics.

Top 10 Successful IPOs of 2024 (Based on Subscription)

• Vibhor Steel Tubes Limited

Founded in 2003, Vibhor Steel Tubes Limited is a leading player in the manufacturing, export, and supply of steel pipes and tubes. The company’s product offerings include ERW pipes used for water transportation, oil and gas distribution, and non-toxic fluid applications, as well as hot-dipped galvanised pipes, primarily used in agriculture and infrastructure projects. 

Vibhor operates two manufacturing units in Raigad, Maharashtra, and Mahabubnagar, Telangana, and maintains a distribution facility in Hisar, Haryana, ensuring nationwide reach and efficient logistics. The stock was listed on February 20, 2024.

• Manba Finance Limited

Established in 1998, Manba Finance Limited is a well-established non-banking financial company (NBFC) that offers financing solutions for new and used two-wheelers, three-wheelers, electric vehicles (EVs), personal loans, and small business loans. 

The company has built a vast network of over 1,100 dealer partners, including more than 190 EV dealers across India. For FY24, Manba Finance reported a revenue of ₹191.63 crore, with a profit after tax (PAT) of ₹31.42 crore. The stock was listed on September 30, 2024

• KRN Heat Exchanger and Refrigeration Limited

KRN Heat Exchanger and Refrigeration Limited manufactures a variety of heat exchanger products, including copper and aluminium fins, copper tube heat exchangers, and evaporator and condenser coils. These products are crucial in the HVAC&R (Heating, Ventilation, Air Conditioning, and Refrigeration) industry, catering to both domestic and industrial needs. 

The company also exports its products to numerous international markets, including the UAE, USA, Italy, and the UK. For FY24, KRN Heat Exchanger reported a revenue of ₹30,828.31 lakh and a PAT of ₹3,906.86 lakh. The stock was listed on October 3, 2024.

• Gala Precision Engineering Limited

Gala Precision Engineering Limited, founded in 2009, specialises in manufacturing high-quality precision components such as disc and strip springs, coil and spiral springs, and customised fastening solutions. 

The company’s products cater to a diverse range of industries, including automotive, off-highway equipment, and electrical. Gala Precision achieved a revenue of ₹204.38 crore and a PAT of ₹22.33 crore for FY24. The stock was listed on September 09, 2024.

• Unicommerce eSolutions Limited

Unicommerce eSolutions, founded in 2012, is a leading SaaS platform that helps e-commerce businesses optimise their post-purchase operations. The company offers a comprehensive suite of solutions, enhancing logistics and inventory management. 

Unicommerce integrates with over 100 logistics partners and 11 ERP systems, streamlining operations for brands and sellers. In FY24, the company achieved a revenue of ₹109.43 crore, with a PAT of ₹13.08 crore. The stock was listed on August 13, 2024.

• BLS E-Services Limited

BLS E-Services Limited provides digital services including business correspondence for banks, assisted e-services, and e-governance solutions to underserved areas. As a subsidiary of BLS International Services Limited, it extends visa, passport, and consular services globally. 

By March 2023, BLS E-Services expanded its network to over 92,000 merchants. Revenue from operations for FY21, FY22, and FY23 were ₹6,448.72 lakh, ₹9,669.82 lakh, and ₹24,306.07 lakh, respectively. The stock was listed on February 06, 2024.

• Orient Technologies Limited

Orient Technologies Limited, headquartered in Mumbai, specialises in IT solutions, with a focus on cloud migration services. The company provides a wide range of services and products, catering to diverse business needs. 

For the fiscal year 2024, Orient Technologies reported a revenue of ₹606.86 crore and a Profit After Tax (PAT) of ₹41.45 crore. The stock was listed on August 28, 2024.

• Mukka Proteins Limited

Mukka Proteins Limited manufactures various fish-based protein products, including fish meal, fish oil, and fish soluble paste, which are essential for aqua feed, poultry feed, and pet food production. 

The company exports its products to over 10 countries, including Bahrain, Chile, and Saudi Arabia. Mukka Proteins experienced a 52.52% increase in revenue and an 84.07% rise in PAT from FY22 to FY23. The stock was listed on March 07, 2024.

• Exicom Tele-Systems Limited

Exicom Tele-Systems Limited specialises in providing power systems and electric vehicle (EV) charging infrastructure. The company has installed over 61,000 charging stations across India and Southeast Asia, supporting residential and commercial EV needs. Exicom’s revenue decreased by 14.79%, but PAT increased by 24.07% from FY22 to FY23. The stock was listed on March 05, 2024.

• Vraj Iron and Steel Limited

Vraj Iron and Steel Limited manufactures sponge iron, M.S. billets, and TMT bars under the Vraj brand. With manufacturing plants in Raipur and Bilaspur, Chhattisgarh, the company has an annual capacity of 231,600 tons. Vraj’s product range also includes by-products such as Dolochar, Pellets, and Pig Iron. From FY22 to FY23, the company recorded a 24.87% increase in revenue and an 88.12% rise in PAT. The stock was listed on July 03, 2024.

Conclusion

The most subscribed IPOs of 2024 demonstrate high investor enthusiasm, with many oversubscribed issues. These top IPOs of 2024 show how strong demand, driven by solid fundamentals and effective management, can lead to impressive listing gains. 

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.