2023 was full of IPOs, after long time primary market was in boom: Some 50 IPOs raised over Rs 65000 crore. Even though the market is expected to experience significant volatility in the upcoming year, experts believe that the primary market will continue to gain momentum, say experts.
There were quite a few bumper listings this year. However, there were a few that had negative listings as they failed to impress the D-Street. Here’s a list of IPOs that had the worst listing this year.
Udayshivakumar Infra Ltd.
Despite strong listing expectations, shares of Udayshivakumar Infra made a tepid debut at Dalal Street on Monday as the company was listed at a discount of more than 14 per cent over at Rs 30 on the National Stock Exchange (NSE), compared to the issue price of Rs 35. However, on BSE, the stock made its debut at Rs 35, itself.
Currently, the scrip is trading at a gain of 10.6 per cent.
Avalon Technologies Ltd.
Avalon Technologies (Avalon) made a subdued debut with its shares listed at Rs 431 on the BSE, at 1 per cent discount when compared with its issue price of Rs 436 on Tuesday. The listed at par on the NSE. However, at day’s lowest it went into the red of -8.7 per cent. Currently, the scrip is trading at a gain of 27.8 per cent
Muthoot Microfin Ltd.
Shares of microfinance institution Muthoot Microfin Ltd (MML) got listed at a discount of over 5 per cent to the issue price on Tuesday, December 26. The stock debuted at Rs 275.30 on the NSE as against an offer price of Rs 291, translating into a discount of 5.40%. Meanwhile, on BSE, it was listed at Rs 278, down 4.46 per cent. However, at the day’s lowest it went into the red of -8.5 per cent. Currently, the scrip is trading at a negative territory of 11.5 per cent.
Suraj Estate Developers
Shares of Suraj Estate Developers made a weak debut at Dalal Street on Tuesday, as the real estate player debuted at Rs 340 on NSE, a 6 per cent discount to its issue price of Rs 360 apiece. The scrip got listed at Rs 343.80 on BSE, down about 5 per cent. However, at the day’s lowest it went into the red of -7.1 per cent. Currently, the scrip is trading at a negative territory of 7.6 per cent.
IRM Energy
Shares of IRM Energy made a muted debut on Dalal Street on Thursday as the stock was listed at a discount of 6 per cent at Rs 477.25 on the National Stock Exchange (NSE), against the issue price of Rs 505 apiece. Similarly, the stock was listed at Rs 479, a discount of 5 per cent over the given issue price on BSE. Currently, the scrip is trading at a gain of 8.8 per cent.
Reflecting the buoyancy of the Indian stock markets. Despite expectations of significant volatility in the upcoming year, experts believe that the primary market will continue to gain momentum.
“The year 2023 has been a landmark year for the Indian IPO market, with as many as 50 companies going public and collectively raising over Rs 65,000 crore. This IPO frenzy not only reflects the buoyancy of the Indian stock markets but also the growing appetite among companies to tap into public markets for capital,” said Sonam Srivastava, Founder and Fund Manager at Wright Research.
Looking ahead, around 24 companies, already cleared by the markets regulator Sebi, are set to raise over Rs 26,000 crore. Additionally, 32 more companies have filed their draft papers with Sebi and are awaiting clearances to mobilize more than Rs 35,000 crore, as per data provided by Prime Database.
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