Best and Worst IPOs of 2024 By Listing Gains

Worst 5 Mainline IPOs of 2024

1. R K Swamy Ltd

• Issue Price: ₹288
• Listing Price: ₹250
• Listing Discount: 13.19%

Market Performance: R K Swamy Ltd., a well-known name in the advertising and marketing industry, had a disappointing IPO debut in March. In fact, among all the mainboard IPOs of the year, it recorded the highest listing discount of 13.19%.

Current Position: However, the stock has recovered 0.18%, and it’s currently trading at ₹268. 

2. ACME Solar Holdings Ltd

• Issue Price: ₹289
• Listing Price: ₹251
• Listing Discount: 13.15%

Market Performance: ACME Solar Holdings, one of India's top 10 renewable energy companies (in terms of operational capacity), experienced a tough market debut. The IPO was issued at ₹289, but the stock opened at ₹251, marking a listing discount of -13.15%.

Current Position: Since its listing in November, the stock has struggled to recover, dropping further to ₹235.65.

3. Godavari Biorefineries Ltd

• Issue Price: ₹352
• Listing Price: ₹308
• Listing Discount: 12.5%

Market Performance: Godavari Biorefineries, one of India’s largest ethanol and ethanol-based chemicals producers and manufacturers, launched its ₹554.8 crore IPO in October with great expectations. However, the stock opened at ₹308, below the issue price of ₹352, resulting in a listing discount of 12.5%.

Current Position: After almost two months since listing, Godavari Biorefineries has shown little movement and is trading at around ₹314.

4. Capital Small Finance Bank Ltd

• Issue Price: ₹468
• Listing Price: ₹430.25
• Listing Discount: 8.11%

Market Performance: Capital Small Finance Bank, which started its operations as India’s first small finance bank in 2016, launched its ₹523.1 crore IPO in February. While the bank has a strong customer base in rural and semi-urban areas, it experienced a disappointing start with its IPO.

The issue price was ₹468, but the stock opened at ₹430, a listing discount of 8.11%. 

Current Position: After an initial listing discount of 8.11%, the stock has further declined to ₹293.80. 

5. Carraro India Ltd

• Issue Price: ₹704
• Listing Price: ₹651
• Listing Discount: 7.53%

Market Performance: Carraro India Ltd.'s IPO performance in 2024 was one of the weakest. The stock opened at ₹651, below the issue price of ₹704, marking a listing discount of 7.53%. 

Top 5 SME IPOs of 2024

More than mainboard IPOs, their SME counterparts stole the limelight in 2024, both in terms of listing gains and a higher number of launches.

1. Winsol Engineers Ltd.

• Issue Price: ₹75
• Listing Price: ₹365
• Listing Gain: 386.67%

Market Performance: Winsol Engineers surpassed all the other SME IPOs in 2024 with an astounding listing gain of ₹386.67%.

Yes, you read that right!

The company, known for its sustainable energy solutions, saw its stock price skyrocket from an issue price of ₹75 to a listing price of ₹365. 

Current Position: Despite making such huge listing gains, Winsol Engineers failed to maintain its position and is currently down 25%. 

2. Kay Cee Energy & Infra Ltd.

• Issue Price: ₹54
• Listing Price: ₹252
• Listing Gain: 366.67%

Market Performance: In 2024, SME IPOs Kay Cee Energy & Infra Ltd. had the second-highest listing gain of 366.67%. The issue price was ₹54, and the stock opened at ₹252. 

Current Position: Even after witnessing such huge listing gains, the stock continued to perform well and is currently trading at ₹346, i.e., up 35%. 

3. Maxposure Ltd.

• Issue Price: ₹33
• Listing Price: ₹145
• Listing Gain: 339.39%

Market Performance: Maxposure, a 360-degree media and marketing firm, made a strong market debut in January. The company's shares, issued at ₹33, opened at ₹145, with a listing gain of 339.39%. 

Current Position: Since its listing in January and despite the initial surge, the stock has fallen flat to ₹87.95, i.e., 39% down. 

4. Medicamen Organics Ltd.

Issue Price: ₹34

Listing Price: ₹137.85

Listing Gain: 305.59%

Market Performance: Established in 1995, Medicamen Organics, a pharmaceutical manufacturing company, saw its IPO perform exceptionally well. With an issue price of ₹34 and a listing price of ₹137.85, the stock achieved a listing gain of 305.59%.

Current Position: Since its initial success, the stock has declined significantly. Currently, it is trading 60% below its listing price, at ₹53.90.

5. GP Eco Solutions India Ltd.

Issue Price: ₹94

Listing Price: ₹375

Listing Gain: 298.94%

Market Performance: GP Eco Solutions’ ₹30.8 crore IPO delivered an impressive listing gain of 298.94%. The company's stock, issued at ₹94, opened at ₹375.

Current Position:  Since the listing, the stock has experienced a pullback and is currently trading at ₹267. 

5 Worst SME IPOs of 2024

1. MVK Agro Food Product Ltd.

• Issue Price: ₹120
• Listing Price: ₹79
• Listing Discount: 34.17%

Market Performance: MVK Agro Food Product Ltd. experienced the steepest decline among SME IPOs in 2024. Issued at ₹120, the stock opened at ₹79, resulting in a listing discount of 34.17%. 

Current Position: The stock has continued to decline, and it is currently trading at ₹40.70, i.e., 50% down from its opening price.

2. Kalana Ispat Ltd.

• Issue Price: ₹66
• Listing Price: ₹45.15
• Listing Discount: 31.59%

Market Performance: Kalana Ispat, a billet manufacturing company listed in September, faced a 31.59% listing discount. The issue price was ₹66, but the stock was listed at ₹45.15. 

Current Position: The stock price has remained relatively stable, hovering around the initial listing price ₹45. 

3. Bikewo Green Tech Ltd.

• Issue Price: ₹62
• Listing Price: ₹45
• Listing Discount: 27.42%

Market Performance: Bikewo Green Tech, an electric two-wheeler retailer, listed on the NSE at a 27.42% discount. The issue price, set at ₹62, plummeted to ₹45 upon listing. 

Current Position: Bikewo’s steep fall continued and is currently down by 35.44%. 

4. Lamosaic India Ltd.

• Issue Price: ₹200
• Listing Price: ₹164
• Listing Discount: 18%

Market Performance: Lamosaic India went public in November with an issue size of 61.2 cr. It listed at a discount of 18% and opened at ₹164. 

Current Position: The stock continued to face downward pressure and is currently trading 37.59% below its listing price.

5. Sona Machinery Ltd.

• Issue Price: ₹143
• Listing Price: ₹125
• Listing Discount: 12.59%

Market Performance: Sona Machinery Ltd., known for its agricultural machinery products, had a rough start in the market. Issued at ₹143, the stock listed at ₹125, resulting in a listing discount of 12.59%.  

Current Position: Ten months since listing, the stock has shown limited movement. Currently, it’s trading at ₹122, which is slightly below its listing price of ₹125. 

Conclusion

Nevertheless, it’s safe to say that 2024 was the year of IPOs. Many IPOs debuted with impressive listing gains but struggled to maintain that momentum. On the other hand, some initially posted losses but managed to recover over time.

It will be interesting to see what unfolds in 2025. The start is pretty good, as some of the big names, like PhysicsWallah (Edtech Unicorn), A-One Steels India,  Ather Energy, and Anthem Biosciences, have already filed their IPOs and are planning to go public soon.