Top 5 Best Performing SME IPOs of FY24

The IPO craze among investors has not yet subsided. Not only has the secondary market impressed investors with its substantial performance in recent times, but the primary market has also garnered attention with massive participation over FY24. These days, investors are not afraid to apply for IPOs in both the SME board and the main segment. Despite the SME board having smaller-sized IPOs with more risk, especially compared to the main board, investors are enjoying applying for IPOs with better participation.

Not only were subscription figures on the upsurge, but SME IPOs have also made investors exceptionally wealthy. Some IPOs made substantial wealth on the listing day itself, while others had a muted listing but eventually grew over time.

In this article, we are going to explore the five best IPOs of FY24 that have delivered multibagger returns either on the listing day itself or over the time period.

Following are the five best-performing stocks listed in FY24:

1. Kay Cee Energy and Infra Limited

   Kay Cee Energy and Infra Limited, which provides services for the construction and commissioning of electricity transmission and distribution systems, shocked investors, especially those who missed applying for the IPO or didn’t get the allotment. The share of the company debuted in January 2024 with a substantial premium of 367% at Rs 252 on the NSE SME compared to the listing price of Rs 54 per share. Furthermore, the shares of Kay Cee Energy are currently trading at Rs 197, representing a gain of over 265%. The Kay Cee Energy & Infra IPO was subscribed 1,052.45 times.

2. Maxposure Limited

   Maxposure Limited provides personalized media and entertainment services across various platforms. The shares of the company were listed on the listing date in January 2024 with a substantial premium of 339%, while they are currently trading at Rs 90.25 per share, representing a 173% return over the final issue price of Rs 33 per share. The Maxposure IPO was subscribed 987.47 times.

3. Purv Flexipack Limited

   Purv Flexipack Limited which distributes plastic products, including BOPP film, Polyester Films, CPP films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acedate, and Titanium Dioxide. The IPO hit the Indian market in March 2023 with a substantial premium of 266% return. However, the stocks are currently trading at Rs 207 per share, representing an impressive gain of over 192% compared to the final issue price of Rs 71 per share. Furthermore, the Purv Flexipack IPO was subscribed 421.78 times.

4. Esconet Technologies Limited

   Esconet Technologies provides high-end supercomputing solutions and data center facilities, including storage servers, network security, virtualization, and data protection. It is the fourth on the list. The Esconet Technologies IPO was subscribed 507.24 times. The IPO hit the Indian market in February 2024 with a substantial premium of 245% return. However, the stocks are currently trading at Rs 181 per share, representing an impressive gain of over 115% compared to the final issue price of Rs 84 per share.

5. Goyal Salt Limited

   Last but not least is Goyal Salt Limited, which is engaged in the business of refining raw salts procured from subsoil brine in the state of Rajasthan for use as industrial salts and edible salts. The IPO debuted on the Indian market in October 2023 with a substantial premium of 242% return. However, the stocks are currently trading at Rs 158.50 per share, representing an impressive rally of around 317% compared to the final issue price of Rs 38 per share. Furthermore, the Goyal Salt IPO was subscribed 294.61 times.

Disclaimer: This post 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.