IPO report card FY2022: 24 firms raised over Rs 47,000 crore so far

New Delhi: The domestic primary market has been quite busy in the first half of this financial year as two dozen mainboard issues have raised record amount via their initial public offerings thus far.

According to a report by Axis Capital, a many as 24 issues have hit the market in the FY2021-22 and raised more than Rs 47,010 crore between April and September 2021, with scores of issues in the pipeline.

The average listing gains in the first half of FY2022 has been about 31.6 per cent thus far, with only half a dozen issues being listed at a discount, and the remaining 18 issues listed at a premium. Six issues delivered more than 50 per cent listing pop.

Two issues, Paras Defence & Space Technologies and GR Infraprojects, soared 175 per cent and 103 per cent, respectively, more than doubling the investors' wealth.

Clean Science and Technology and Tatva Chintan Pharma Chem soared 95-98 per cent at the listing. Devyani International (57 per cent) and Zomato (51 per cent) were the other key issues that have rewarded investors handsomely.

The IPO listing was not a one-time wonder for these issues, as 18 stocks are still trading over their issue prices, whereas six are holding below it.

Five companies -- Paras Defence, Ami Organics, Clean Science and Tech, GR Infra and Macrotech Developers -- have turned multibaggers in less than six months, surging 105-185 per cent till October 1, 2021. Tatva Chintan Pharma Chem, Sona BLW Precision Forgings and Zomato have jumped up to 99 per cent.

Shares of Macrotech Developers, erstwhile Lodha Developers, were listed at a discount of 10 per cent over the issue price of Rs 486. Now the scrip is trading at Rs 1,058.75, delivering 118 per cent return to investors.

So far this financial year, 14 of the 24 companies have raised more than Rs 1,000 crore from the primary market, with Zomato being the largest issue with Rs 9,375 crore fund raise.

It was followed by the Rs 5,500 crore issue of Sona BLW Precision Forgings and Nuvoco Vistas Corporation's Rs 5,000 crore IPO. Chemplast Sanmar (Rs 3,850 crore), CarTrade Tech (Rs 2,998.51 Crore), Aptus Value Housing Finance (Rs 2,790 crore), Macrotech Developers (Rs 2,500 crore) and Krishna Institute Of Medical Sciences (2,144 crore) were the other big issues.

In the entire financial year 2020-21, 30 companies raised more than Rs 31,256 crore, with an average listing gain of 34.7 per cent. As many as 21 out of 30 companies got listed at a premium while the remaining nine were listed at a discount.

Three companies delivered over 100 per cent return on the day of listing, whereas the same number of companies traded below issue prices till October 1, 2021.

As many as 15 companies, listed in FY2021, have turned multibaggers so far, with Happiest Minds (739 per cent), Route Mobile (483 per cent) Angel Broking (up 375 per cent) Laxmi Organics (up 317 per cent) and Nureca (309 per cent) being the best performers.