IPO in November: How Newly Added Stocks Have Drifted This Month
The country’s primary market has performed well in 2024 so far. A record 132 IPO filings had occurred by October, which is more than the previous high of 126 in 2021. November saw that trend continue with 12 IPO launches, including big names such as Zinka Logistics Solution and NTPC Green Energy. Here’s an inside look at how these newly listed stocks have performed so far this month.
Novembers IPO Activity: A Quick Overview
It has been a sizzling November for the IPO market, where as many as 12 companies coming forward and entering the equity markets with their initial public offerings. Of these, nine companies have already made their stock market debut, while four more listings are on the cards for the coming week.
From Afcons Infrastructure Limited-in the league of mega public offerings-to Neelam Linens and Garments (India), a niche SME entry, the range of listing points to an incredibly vibrant equity market in India.
Major IPO Performances
1. Afcons Infrastructure Limited
IPO Amount: ₹5,430 crore
Listing Date: 4 Nov
Issue Price: ₹440-₹463 per equity share
Listing Price: ₹426 at NSE on day of listing with an incidence of 8% discount.
Current Price: ₹491.05 (on Nov 22)
Performance: Has gained more than 15% from its listing price.
Afcons Infrastructure has bounced back with a bang from its IPO at a discounted listing, indicating confidence of investors in its infrastructure projects.
2. Sagility India Limited
IPO Size: ₹2,106.6 crore
Listing Date: November 12
Issue Price: ₹28-₹30 per share
Listing Price: ₹31.06 on NSE (3.53% premium)
Current Price: ₹28.02
Performance: Dropped by more than 9% from the issue price.
Though it had a positive opening, the selling pressure in the next trading sessions dampened the shares of Sagility India.
3. Acme Solar Holdings Limited
IPO Size: ₹2,900 crore
Listing Date: November 13
Issue Price: ₹275-₹289 per share
Listing Price: ₹251 on NSE (13.14% discount)
Current Price: ₹245
Performance: Down by more than 2% from the listing price.
Acme Solar’s subdued listing underscores investor restraint amidst renewable energy market volatility.
Tech and Consumer IPO Highlights
Swiggy Limited
IPO Size: ₹11,327.43 crore
Listing Date: November 13
Issue Price: ₹371-₹390 per share
Listing Price: ₹420 on NSE (7.6% premium)
Current Price: ₹415
Performance: De-listed by more than 1% from the listing price.
Swiggy’s strong listing mirrors the rising demand for consumer technology-enabled platforms.
Niva Bupa Health Insurance Company Limited
IPO Size: ₹2,200 crore
Listing Date: November 14
Issue Price: ₹70-₹74 per share
Listing Price: ₹78.14 on NSE with a 5.5% premium
Current Price: ₹73.6
Performance: Fell more than 5% from the listing price.
Niva Bupa’s show mirrors steady investor appetite for health insurance amid broader market headwinds.
NTPC Green Energy Limited-Nov 27
Enviro Infra Engineers Limited-Nov 29
C2C Advanced Systems Limited-Nov 29
Lamosaic India Limited-Nov 29
Trends and Observations by Sector
IPOs in Technology: Swiggy showed healthy demand for platforms from the technology space. Still, investors are still cautious.
Renewable Energy: Acme Solar Holdings demonstrated the infamous volatility in the Green Energy space.
Small and Medium Enterprise Performance: The SME IPOs such as Neelam Linens and Onyx Biotec have performed better than the large listings in November.
What’s Next?
As November comes to a close, attention is given to the new upcoming listings for December – NTPC Green Energy, and some key SME IPOs. With December just around the corner, market momentum and sector-specific trends will dictate the mood of investors.
November has been a pretty vibrant month for IPOs in India, reflecting the resilience of India’s primary market. While some stocks have struggled post-listing, quite a few have delivered really good returns, especially in the SME space. Investors will need to keep abreast of listings and market trends as they wade through this booming IPO landscape.
