NEW AGE IPOS 2024 – SEEM TO HAVE DONE BETTER THAN 2021

17 Feb 2025 , 09:41 AM

RECALLING THE NEW AGE IPO BOOM OF 2021

The second half of calendar year 2021 saw a slew of big ticket new age IPOs tapping the primary market. There were some redoubtable names like CarTrade, Paytm, Nykaa, PolicyBazaar, and above all Zomato. Of these, Zomato is the only stock to have given strong returns since listing, while PolicyBazaar continues to be in the green. However, losses on other IPOs like Paytm, Nykaa, and CarTrade have been substantial. Many of the stocks have not only fallen sharply from their  highs, but are still trading well below their issue price, even after more than 3 years of being listed. The year 2024 did see a return of the new age IPOs in substantial measure. While a period of less than a year may be too short, it would be interesting to see if the new age IPOs of 2024 have done any differently.

HOW NEW-AGE IPOS OF 2024 HAVE PERFORMED?

To be fair, we have not adjusted for time since listing, but have only considered point to point returns.  The table below captures the gist of the new age IPO story of year 2024.

New Age IPO	Issue Size	Issue Price	Current Price	Yield (%)	52-W High	Swing (%)	Market Value
Awfis Space Solutions	598.93	383.00	640.05	67.11%	946.00	-32.34%	1,000.90
First Cry (Brainbees)	4,193.73	465.00	409.20	-12.00%	734.00	-44.25%	3,690.48
Go Digit Insurance	2,614.65	272.00	289.00	6.25%	407.40	-29.06%	2,778.07
Ixigo (Le Travenues)	740.10	93.00	143.35	54.14%	197.50	-27.42%	1,140.79
One MobiKwik Systems	572.00	279.00	324.00	16.13%	698.30	-53.60%	664.26
Ola Electric Mobility	6,145.56	76.00	60.85	-19.93%	157.40	-61.34%	4,920.49
Swiggy Ltd	11,327.43	390.00	341.60	-12.41%	617.30	-44.66%	9,921.67
TBO Tech	1,550.81	920.00	1,616.00	75.65%	2,001.00	-19.24%	2,724.03
Unicommerce E-Solutions	276.57	108.00	118.00	9.26%	263.99	-55.30%	302.18
NTPC Green Energy	10,000.00	108.00	106.70	-1.20%	155.35	-31.32%	9,879.63
Blackbuck (Zinka Logistics)	1,114.72	273.00	465.00	70.33%	550.70	-15.56%	1,898.70

Data Source: NSE / BSE

In the above table we have covered 11 new age mainboard IPOs that hit the primary market in calendar year 2024. Here are some key takeaways.

• These 11 IPOs raised a total sum of ͅ₹39,135 Crore in the year 2024. Had an investor been allotted 1 lot of shares in all these IPOs, their 2024 new age IPO portfolio would have a marginal loss of -0.55%.
• If you compare the returns of these 11 new age IPOs, 7 companies have given positive returns, while 4 have given negative returns. The arithmetic mean of returns of these 11 IPOs stands at 23.03%, but it can be misleading as smaller IPOs have done better.
• We have also looked at the swing factor, as measured by the distance from the 52-week high. Out of the 11 companies, 7 companies are more than 30% below their 52-week highs, while only 4 stocks have fallen less than 30%.
• In terms of returns, Zinka Logistics (Blackbuck) has been the top performer while Ola Electric Mobility has been the worst performer. In terms of Swing, it is once again, Zinka Logistics (Blackbuck) as the best performer and Ola Electric Mobility being the worst.

However, let us look at combining the impact of returns and swing into a single measure.

COMBINED RANKING OF NEW AGE IPOS ON RETURNS AND SWING

We shall take a combined ranking of new age IPOs of 2024 based on the best combined rankings on returns and swing. These are the findings.

New Age IPO	Issue Price	Current Price	Returns (%)	Rank (Returns)	52-Week High	Swing (%)	Rank Swing		Rank Combo
Blackbuck (Zinka)	273.00	465.00	70.33%	2	550.70	-15.56%	1	3
TBO Tech	920.00	1,616.00	75.65%	1	2,001.00	-19.24%	2	3
Ixigo (Le Travenues)	93.00	143.35	54.14%	4	197.50	-27.42%	3	7
Awfis Space Solutions	383.00	640.05	67.11%	3	946.00	-32.34%	6	9
Go Digit Insurance	272.00	289.00	6.25%	7	407.40	-29.06%	4	11
NTPC Green Energy	108.00	106.70	-1.20%	8	155.35	-31.32%	5	13
One MobiKwik Systems	279.00	324.00	16.13%	5	698.30	-53.60%	9	14
First Cry (Brainbees)	465.00	409.20	-12.00%	9	734.00	-44.25%	7	16
Unicommerce E-Solutions	108.00	118.00	9.26%	6	263.99	-55.30%	10	16
Swiggy Ltd	390.00	341.60	-12.41%	10	617.30	-44.66%	8	18
Ola Electric Mobility	76.00	60.85	-19.93%	11	157.40	-61.34%	11	22

Data Source: NSE / BSE

Here is how the above table works. IPOs have been ranked on returns and on Swing (proximity to the 52-week highs) and then a combined rank is considered by adding up the ranks and selecting the IPOs with the best score. Based on combined rankings, Zinka Logistics (Blackbuck) and TBO Tek land up at the top, while Ola Electric and Swiggy end up at the bottom of the ranking heap.

One can argue that these are early days and markets were bad post September. However, the fact remains that new age IPOs of 2024, are nowhere as bad as 2021. That is good news!