According to media reports, 40 Indian companies raised ₹59,412 crore through IPOs in CY2022, which is less than half of the ₹1,18,723 crore raised by 63 corporates in 2021. However, the overall performance of the new entrants was largely positive.
Last year, the Indian equity markets experienced extreme volatility as a result of mounting recession fears, high commodity prices, and interest rate hikes. Despite the wild swings in the markets, some new entrants have managed to generate multi-bagger returns.
Notably, three stocks that got listed in December last year have delivered exceptional returns in the range of 175–400 percent to date.
PNGS Gargi Fashion Jewellery stood at the top of the leaderboard. The stock, which went public on December 20, 2022, enjoyed a great debut, opening at an almost 90 percent premium of ₹57 compared to the issue price of ₹30 per share. Later, it ended the first day with a 99.5 percent gain at ₹59.9.
The stock has experienced a one-way spike since its listing, and it is now up by 398.8 percent at ₹149.65 apiece. The IPO received a tremendous response from investors, as it was subscribed 230 times.
The company is engaged in the retail business of costume and fashion jewellery under the brand name "Gargi by P. N. Gadgil & Sons," launched in 2021 under the "artificial jewelry" segment.
It offers a wide range of products from the costume and fashion jewellery segment for special occasions such as weddings and festivals to daily-wear jewellery for all ages, genders and across various price points.
Droneacharya Aerial Innovations is next on the list. The stock made a strong entry on December 23, 2022, on the BSE SME index. On its debut day, the stock soared 98.3 percent, going from its IPO price of ₹54 to ₹107.21.
Since its listing, the stock has reached the upper circuit limit each day to date. Even in Wednesday's trade, the stock remained locked at 5 percent upper circuit at ₹231.80 apiece. At current levels, the stock is trading 329.3 percent above its issue price.
The company provides a high-end ecosystem of drone solutions for multi-sensor drone surveys, data processing of drone data using robust high-configuration workstations, drone pilot training, and specialised GIS training.
Droneacharya Aerial Innovations has been authorised by the Directorate General of Civil Aviation (DGCA) as a Remote Pilot Training Organization (RPTO) to conduct drone training.
Since the authorization, Droneacharya has trained more than 150 individuals in the domain of drones, data processing, and Python coding for GIS, the company said in its DRHP report.
Baheti Recycling Industries is another stock that entered the bourses last month. The stock made a successful market debut on December 8, 2022, at ₹120 apiece, compared to the issue price of ₹45. The stock finished the first day at Rs. 114, more than 153 percent higher than the IPO price.
The IPO of the Gujarat-based company received a healthy response from investors, as it was subscribed 347 times. At the current market price of ₹120.55, the stock is trading 167.9 percent above its issue price.
Baheti Recycling Industries is an aluminium recycling company. The company is primarily engaged in processing aluminium-based metal scrap to manufacture (i) aluminium alloys in the form of ingots and (ii) aluminium de-ox alloys in the form of cubes, ingots, shots, and notch bar.
The company is also engaged in trading of scrap materials such as aluminium scrap, brass scrap, copper scrap, and zinc scrap. The prominent clients of the company include ArcelorMittal, Nippon Steel India, Tata Steel, Minda Corporation, Sigma Electric, and Sunflag Iron & Steel Co. Ltd.
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