The National Stock Exchange (NSE) saw 29 stock listings this year as of December 9, 2022, according to chittorgargh.com, one of the popular market data portals.
While there were several top performers, there were major losers as well. Of the total initial public offerings (IPOs), 18 stocks are trading in the green, while 11 are in the red.
Among the top performer is Adani Wilmar, up by 181.49 per cent from its listing price. Conversely, AGS Transact Technologies is the top loser, down 58.97 per cent.
IPO Demand
The Indian stock market has been relatively better off this year than most of its global counterparts inflicted by the spiralling high inflation.
In contrast, the Indian market has been resilient. Twelve IPOs were subscribed more than 10 times, meaning the demand was over 10 times what the companies offered.
Harsha Engineering International was the best performer, subscribed over 74 times. FiveStar Business Finance Ltd. was the only one of the 29 IPOs not fully subscribed.
IPO Performance
Of the 29 IPOs, 21 companies were listed with a premium, which is the difference between the issue price, the price paid by investors, and the listing price, the value at which the stock opens on the stock market.
Five companies with the highest premium are now trading at a loss. Dreamfolks Services, listed at a premium of Rs 55.82, is down 26.13 per cent from its listing price.
Similarly, Electronics Mart India Ltd., DCX System, Harsha Engineering International, and Kaynes Technology are trading in the red after opening at over 30 per cent premium.
Capital Raised
The 29 companies raised Rs 58,046.73 crore in the IPOs.
Seventeen companies raised below Rs 1,000 crore each, while the top 12 firms raised Rs 48,138.88 crore, of which 10 are now trading at a higher price.
Interestingly, the Life Insurance Corporation of India (LIC) and Delhivery, which raised Rs 21,008 crore and Rs 5,235 crore, respectively, companies that raised the highest capital individually in the IPOs, are now trading in the red.
LIC is down by 22.95 per cent, and Delhivery plummeted 28.88 per cent from their listing price. In the second quarter of FY2023, LIC’s profit after tax (PAT) was Rs 15,952 crore, but Delhivery saw a net loss of Rs 2,541.09. LIC and Delhivery stocks were subscribed 2.95 times and 1.63 times more, respectively.
Sector Performance
The industrial sector stocks listed this year have been the worst performer, as all seven stocks are trading in red, with AGS Transact being the worst performer. Five of the industrial stocks are down more than 10 per cent.
Also, barring LIC, four financial stocks are trading in the green. Four stocks in the consumer discretionary segment, except EMIL, are trading higher. Vedant Fashions Ltd. climbed 45.45 per cent from its listing price. Based on market capitalisation, two stocks were large-cap, three were mid-cap, and 24 were small-caps.
