Only two of the 23 IPOs that got listed on the bourses this year have been marginally trading below issue prices while all the rest have notched up significant gains, ranging from 1 per cent to as much as 270 per cent. Of course two-third of these issues were SME IPOs, which were listed on the BSE SME exchange. Among the SME IPOs, the issue of Raghuvansh Agrofarms was listed at an issue price of Rs. 11 on January 9, but it has since rise 271 per cent to quote at Rs. 40.90.
Another SME, AGI Infra, was listed in March at an issue price of Rs. 54, but it has since risen 57% to 85.Among other top performing SME IPOs, shares of Athena Construction are ruling 64 per cent higher at Rs 16.40, compared with its issue price of Rs 10, Akme Star got listed at Rs 30 but is now quoting 24.33 per cent higher at Rs 37.30, OP Chains shares rose 38 per cent from its listing price of Rs 10 to rule at Rs 15.25, VMV Holidays is quoting 8 per cent higher at Rs 10.80 against an issue price of Rs 10 and Junction Fabric has gained 15.63 per cent from its issue price of Rs 16.
Even among the biggies, seven out of eight companies listed on the bourses this calendar have given good returns so far. Cumulatively, the eight companies raised Rs 4,000 crore from the primary market. Shares of VRL Logistics were listed in March at an issue price of Rs 205, but they have since rise to Rs 363, clocking a gain of 77 per cent. In fact, shares of the transport and logistics firm have emerged the most sought after among all the IPOs listed this year. Share of Inox Wind got listed at Rs 325 but are now quoting at Rs 447.50, up 37.69 per cent.
Among others, fruit drinks maker Manpasand Beverages, cable TV services provider Ortel Communications and PNC Infratech have rewarded investors with positive returns. As of last share price, Manpasand Beverages was ruling 10 per cent above issue price, Ortel Communications 7 per cent and PNC Infratech 10 per cent higher. Shares of theme park operator Adlabs Entertainment, however, are trading way below the issue price of Rs 180. The stock is currently at Rs 165.40, down 8 per cent from the issue price.
In fact, many companies listed on the small and medium enterprises (SME) platforms have turned out to be multi-baggers over the past two years, notching up big returns . The BSE SME IPO index, a representative of all the SME stocks listed on BSE, has risen over nine times in just two years to 947 from a base of 100.