Top IPOs of 2024: Owais Metal, Winsol Engineers, and Kay Cee Energy Lead the Pack
Initial Public Offerings (IPOs) remained a popular investment avenue in 2024, attracting investors with significant gains. The year saw a range of IPOs across industries, offering impressive listing gains and substantial current gains. This review examines the top-performing IPOs of 2024, highlighting their market performance, subscription levels, and overall investor impact.
Winsol Engineers Ltd.
LTP (Rs): 298.0
Market Cap (Cr): 343.7
Listing Date: 14 May 2024
Issue Size: ₹23.4 Cr
Issue Price: ₹75
Winsol Engineers Ltd. captured attention with an overwhelming total subscription of 635.7x. Its listing gain of 411.0% and current gain of 297.3% reflect strong investor confidence. High retail and high-net-worth individual (HNI) subscriptions supported the surge.
Kay Cee Energy & Infra Ltd.
LTP (Rs): 401.0
Market Cap (Cr): 439.5
Listing Date: 5 January 2024
Issue Size: ₹15.9 Cr
Issue Price: ₹54
This IPO witnessed extraordinary demand with a total subscription of 959.5x, driven by QIB and HNI interest. Listing gains soared to 343.3%, while current gains reached an impressive 642.6%.
Medicamen Organics Ltd.
LTP (Rs): 59.8
Market Cap (Cr): 70.0
Listing Date: 28 June 2024
Issue Size: ₹10.5 Cr
Issue Price: ₹34
Medicamen Organics stood out with a total subscription of 916.8x. Listing gains hit 325.6%, and the current gain is 75.9%, showcasing robust investor participation.
GP Eco Solutions India Ltd.
LTP (Rs): 260.0
Market Cap (Cr): 304.5
Listing Date: 24 June 2024
Issue Size: ₹30.8 Cr
Issue Price: ₹94
GP Eco Solutions impressed with a total subscription of 739.1x and listing gains of 318.9%. The current gain of 176.6% highlights the sustainable interest in eco-friendly companies.
Maxposure Ltd.
LTP (Rs): 89.5
Market Cap (Cr): 203.6
Listing Date: 23 January 2024
Issue Size: ₹20.3 Cr
Issue Price: ₹33
Maxposure Ltd. achieved 904.9x total subscription. Its listing gain of 317.4% and current gain of 171.4% underline the strength of small-cap IPOs in 2024.
Divine Power Energy Ltd.
LTP (Rs): 148.1
Market Cap (Cr): 317.8
Listing Date: 2 July 2024
Issue Size: ₹22.8 Cr
Issue Price: ₹40
With a total subscription of 369.1x, Divine Power Energy showcased listing gains of 280.8% and current gains of 270.1%.
Purv Flexipack Ltd.
LTP (Rs): 186.0
Market Cap (Cr): 390.3
Listing Date: 5 March 2024
Issue Size: ₹40.2 Cr
Issue Price: ₹71
The packaging sector found favor with investors, as Purv Flexipack’s 386.9x subscription and listing gain of 247.9% indicate.
Owais Metal and Mineral Processing Ltd.
LTP (Rs): 1134.0
Market Cap (Cr): 2061.9
Listing Date: 4 March 2024
Issue Size: ₹42.7 Cr
Issue Price: ₹87
Owais Metal’s stellar performance included 206.9x total subscription. Its current gain of 1203.5% makes it one of the top performers of the year.
Alpex Solar Ltd.
LTP (Rs): 881.2
Market Cap (Cr): 2156.6
Listing Date: 15 February 2024
Issue Size: ₹74.5 Cr
Issue Price: ₹115
Alpex Solar, a leader in renewable energy, saw a 301.4x subscription rate. Its listing gain of 200.4% and current gain of 666.3% are notable.
Shivalic Power Control Ltd.
LTP (Rs): 239.0
Market Cap (Cr): 576.4
Listing Date: 1 July 2024
Issue Size: ₹64.3 Cr
Issue Price: ₹100
Shivalic Power Control recorded a listing gain of 226.6% and continues to sustain interest with a current gain of 139.0%.
Bajaj Housing Finance Ltd.
LTP (Rs): 132.2
Market Cap (Cr): 110123.1
Listing Date: 16 September 2024
Issue Size: ₹6560.0 Cr
Issue Price: ₹70
Bajaj Housing Finance’s large IPO generated 63.6x total subscription. Its listing gain reached 135.7%, with a current gain of 88.9%.
Rulka Electricals Ltd.
LTP (Rs): 307.4
Market Cap (Cr): 130.9
Listing Date: 24 May 2024
Issue Size: ₹26.4 Cr
Issue Price: ₹235
Rulka Electricals attracted 629.4x subscriptions, achieving a listing gain of 112.2% and a modest current gain of 30.8%.
KRN Heat Exchanger and Refrigeration Ltd.
LTP (Rs): 786.6
Market Cap (Cr): 4889.2
Listing Date: 3 October 2024
Issue Size: ₹341.5 Cr
Issue Price: ₹220
KRN Heat Exchanger’s 214.4x total subscription resulted in 117.6% listing gains, with current gains soaring to 257.6%.
Performance Trends
The top IPOs of 2024 illustrate strong retail participation and high oversubscription rates across industries. Renewable energy, technology, and infrastructure sectors dominated, reflecting their growth potential and relevance. Companies like Owais Metal and Alpex Solar stand out for their exceptional current gains.
The IPO market in 2024 offered immense opportunities for investors. Companies across sectors demonstrated strong market performance, with significant listing and current gains. These IPOs underline the potential of strategic investments in emerging industries and set a precedent for the years to come.
