IRCTC more than doubled on the first day of listing, a premium of 103 percent from issue price, the best debut since the listing of Avenue Supermarts in 2017. The IRCTC IPO, which was open for subscription between September 30 and October 4, was subscribed 112 times at a price band of Rs 315-320 per share. This was the biggest subscription for any PSU IPO ever. Before that, Hudco was subscribed 79.5 times in May 2017.
IRCTC’s IPO is also the biggest and the most successful among the four companies from the Indian Railways stable that have gone public -- IRCON International, RITES, Rail Vikas Nigam, and IRCTC
While RITES was listed 7.5 percent lower at Rs 170.96 than its issue price of Rs 185, Rail Vikas Nigam listed at Rs 19.30 only 1.5 percent higher than its issue price of Rs 19. Ircon also listed at a discount of 13.6 percent from its issue price.
"IRCTC listing today proved yet again that a high-quality business with a clear runway for growth which leaves a lot on the table for investors is a sure shot success. IRCTC has today managed to replicate the success of Avenue Supermart in the primary market where we saw bidders showing appetite for the stock even after the stock doubling on Day 1 of listing," said S Ranganathan, Head of Research at LKP Securities.
Apart from IRCTC, other stocks like Avenue Supermarts, Central Depository Services, HDFC AMC, Dixon Technologies, and AU Small Finance Bank were some other IPOs that made a stellar debut on the bourses, up between 48-114 percent.
Avenue Supermarts, the parent firm of D-Mart which is among the most profitable food and grocery retail chains in India, listed at 114 percent premium over offer price (Rs 299) at Rs 641.55 on March 22, 2017. It ended 113.5 percent higher at Rs 638.55 on listing day.
The company's market capitalisation rose to Rs 36,758 crore on the BSE on the listing day.
The initial public offer of Avenue Supermarts, the operator of retail chain D-Mart, saw robust investor demand and was subscribed 106 times with strong demand from institutional and retail investors.
Shares of Central Depository Services (India) Ltd (CDSL) listed 68 percent higher at Rs 250 as compared to the issue price of Rs 149. CDSL shares closed 74.97 percent higher at Rs 260.70 on listing day.
The company’s Rs 524 crore initial public offering received a robust subscription of more than 170 times between June 19-21, 2017.
The stock listed 67 percent higher at Rs 1,823 per share versus its issue price of Rs 1,100. It closed 60.9 percent higher at Rs 1,770.55
The IPO of HDFC Asset Management (HDFC AMC) opened on July 25, 2018, and closed on July 27, 2018. HDFC AMC IPO offered up to 2.54 crore equity shares and raised Rs 2,800 crore through the offering. The offer was subscribed 83 times and was listed on August 6, 2018. The fund house’s two biggest shareholders — mortgage lender Housing Development Finance Corp Ltd and Standard Life — sold 12 percent stake in the IPO.
Consumer electronics manufacturer Dixon Technologies listed 54 percent higher at Rs 2,725 as against its offer price of Rs 1,766 and closed the day 63.7 percent higher at Rs 2,891.55.
The IPO which ran between September 6 and September 8 had witnessed an overwhelming response from investors. It was subscribed 117.83 times, with the portion reserved for non-institutional investors getting 345.61 times subscription, followed by qualified institutional buyers (QIBs) 134.66 times, and retail individual investors-10.60 times. The company had fixed the price band at Rs 1,760-1,766.
AU Small Finance Bank
Shares of AU Small Finance Bank made a stellar market debut listing 47 percent higher than the issue price. The stock ended trading on listing at Rs 541.20 on BSE against an IPO pricing of Rs 358, up 51 percent.The Rs 1,912 crore IPO, which was sold between June 28 and June 30, was subscribed 53.60 times. The category reserved for qualified institutional buyers (QIBs) was subscribed 78.77 times, while the quota reserved for non-institutional investors (NIIs) and retail individual investors (RIIs) were subscribed 143.51 times and 3.52 times, respectively.