Last week, the Indian stock market experienced significant volatility, but this turbulence did little to dampen the vibrant activity in the primary market. A diverse array of companies, spanning sectors from financial services to pharmaceuticals, made their debut on Dalal Street, underscoring a sustained appetite for new listings among investors.
Mainboard IPOs: A Mixed Bag of Debuts
Data from Trendlyne reveals that 15 companies entered the exchanges last week, with 10 of these belonging to the small and medium enterprise (SME) segment. While some were greeted with grand listings, others had a more subdued start. The mainboard initial public offerings (IPOs) generally saw healthy subscription levels, with several issues being fully subscribed across all investor categories.
This surge has pushed the total number of new issues in December past 37, already exceeding the 35 listings in December 2024 and 31 in the same month of 2023. Furthermore, exchange data indicates that 10 more companies are poised to enter the market, potentially taking the total December listings close to 50.
Spotlight on Key Mainboard Listings
Among the five mainboard issues, the debuts were varied. Wakefit Innovations, one of the first to list, had a muted start. Its shares listed at the issue price of ₹195 each, reflecting the weak response to its IPO, which was subscribed just 2.52 times—the lowest for December so far. The company had raised ₹1,288.9 crore.
In stark contrast, Corona Remedies enjoyed a stellar debut, listing at a 38% premium to its issue price of ₹1,470 per share on both the NSE and BSE. This followed phenomenal demand, with the Qualified Institutional Buyers (QIB) segment subscribed 293 times and the overall issue booked 144.54 times.
Similarly, the large ₹10,602 crore IPO of ICICI Prudential Asset Management Company received a robust response. The issue was subscribed 39.2 times, with the QIB portion booked 124 times. It debuted on December 19 at ₹2,600, a 20% premium over its issue price of ₹2,165 per share.
The other two mainboard listings, Park Medi World and Nephrocare Health Services, had modest entries. Park Medi World listed at a 2% discount, while Nephrocare Health Services saw a 6.5% premium.
SME Segment Continues to Dominate
The SME IPO space remained exceptionally active, with another 10 companies making their way to the exchanges. Three of these debuted with impressive premiums of over 20%.
KV Toys led the pack, listing at ₹320 per share—a massive 34% premium over its issue price of ₹202. Its IPO was subscribed 159 times. HRS Aluglaze, with its issue subscribed 42 times, listed at a 31.3% premium over its ₹267.8 issue price. Exim Routes also joined the high-premium club, debuting 25% above its IPO price of ₹43.7 per share.
The continued influx of new listings, even amidst market swings, highlights the depth of investor interest in fresh opportunities. However, the performance varies widely based on company fundamentals and market sentiment. Investors are advised to consult with certified experts before making any investment decisions.
