These five mainboard IPOs of 2024 gave returns up to 262% to investors; check details

It has been a quite busy period for the primary market in India so far in 2024, with many companies floating initial public offerings (IPOs). The mainboard as well as SME issues have garnered significant investor interest amid buoyant market conditions.

As many as 62 mainboard IPOs have opened for subscription in the last 9 months in 2024 so far. Out of these mainboard issues, shares of five companies have rallied up to 253%, doubling the IPO investors’ money.

Jyoti CNC Automation (YTD return: 262.8%)

Shares of Jyoti CNC Automation Limited listed at ₹370 apiece on the NSE on January 16, 2024. The stock made debut on the stock exchange with a premium of 11.8% against its issue price of ₹331 apiece. The stock listed on the BSE with a premium of 12% at ₹372.

At the current market price, the stock has surged 253.5% against the issue price. On September 24, the stock settled at ₹1,201 apiece, up 1.71% on the NSE.

As per experts, robust growth in the order book and strong Q1FY25 results have resulted in a strong rally in the company’s shares.

Jyoti CNC automation’s consolidated order book crossed the ₹3,400 crore mark for the first time in FY24 and stood at ₹3403.7 crore at the end of Q1FY25. The company’s consolidated revenue from operations for Q1FY25 surged nearly 74% to ₹361.84 crore compared to ₹208.13 crore in Q1FY24. The company turned profitable in the June quarter of FY25 with a consolidated net profit of ₹50.91 crore, compared to a net loss of ₹13.57 crore in the corresponding quarter of the preceding fiscal.

Jyoti CNC Automation Limited, incorporated in January 1991, manufactures and supplies CNC machines, such as turning centres and turning-milling centres.

Bharti Hexacom (YTD return: 140.1%)

Shares of Bharti Hexacom Limited listed at ₹755 apiece at a premium of 32.45% against its issue price of ₹570 apiece on the NSE on April 12. The stock listed on the BSE with a premium of 32.49% at ₹755.2 per share.

On September 24, the stock settled at ₹1,369 apiece on the NSE. At Tuesday’s closing price, it surged 140% against the issue price.

Shares of the Bharti Airtel subsidiary have rallied after a boost in its network capacity and onboarding of new customers.

The company informed the exchanges on August 5, that Bharti Hexacom has extended its 5G coverage to over 350 towns in India and acquired 15 MHz spectrum. At the end of Q1FY25, the company’s overall customer base stood at 2.79 crore increasing by 5.5%, compared to the corresponding quarter of the preceding fiscal.

Bharti Hexacom was incorporated in 1995 as Hexacom India Limited. The company is a communications solutions provider which offers consumer mobile services, fixed-line telephone and broadband services to customers in Rajasthan and the North East telecommunication circles in India.

Premier Energies (YTD return: 137.3%)

Shares of Premier Energies Limited listed at ₹990 apiece, up 120% to the issue price of ₹450 per share, on the NSE on September 3. The company also made a robust debut on the BSE with shares listing at ₹991 apiece, up 120.22%.

On September 24, the stock closed at ₹1,068 apiece on the NSE, down 2.1%. At the current level, it has surged 137.3% against the issue price.

Recently, the company received an order worth ₹215 crore, on September 5, from the Uttar Pradesh Department of Agriculture under the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) scheme. The order is scheduled for completion by March 2025. As a part of the order Premier Energies will undertake supply, installation, and commissioning of 8,085 solar water pumping systems across various districts in the state with a 5 year comprehensive warranty.

Premier Energies was incorporated in April 1995. The company manufactures integrated solar cells and solar panels. The company's product portfolio includes solar modules, monofacial modules, bifacial modules and other such components.

Exicom Tele-Systems (YTD return: 129.9%)

Exicom Tele-Systems shares listed at ₹265 apiece on the NSE on March 5. The stock made its debut at a premium of 86.61% against the issue price of ₹142 apiece.

Shares of Exicom Tele-Systems Limited also made debut on the BSE at a premium of 85.9% at ₹264 apiece.

The stock gained 129.9% from its issue price compared to its last closing price of ₹326.5 apiece on the NSE on September 24.

The company has seen a rally amid a positive outlook for EV sector players amid the government’s focus on green mobility. The company is poised to benefit from the launch of the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme. The scheme has an outlay of ₹10,900 crore over a period of two years.

As a part of the scheme the government plans to promote the installation of electric vehicle public charging stations (EVPCS). The scheme proposes the installation of 22,100 fast chargers for electric four wheelers, 1,800 fast chargers for e-buses and 48,400 fast chargers for electric two-wheelers and three-wheelers. The total outlay for EVPCS is ₹2,000 crore.

Exicom Tele-Systems Limited, incorporated in 1994, specialises in power systems, electric vehicle (EV) charging and other related solutions. The company provides uninterrupted power solutions for digital communication networks. It has also deployed 61,000 AC and DC chargers in India and Southeast Asia.

Bajaj Housing Finance (YTD return: 126.1%)

Bajaj Housing Finance Limited shares listed at ₹150 on the NSE and the BSE on September 16. The stock more than doubled the investors’ money at listing, at a premium of 114.28% compared to the issue price of ₹70 apiece.

On September 24, the stock closed at ₹158.3 apiece, down by 1.74%, on the NSE. At the last closing price the stock has surged over 126% from its IPO price.

Bajaj Housing Finance started mortgage operations in 2018 with a high asset quality and stable net interest margin (NIM) and is likely to benefit from the growing mortgage penetration in the country.

The housing finance arm of the Bajaj Group was founded in 2008 as a non-deposit-taking Housing Finance Company (HFC). The company is registered with the National Housing Bank (NHB). The company is part of the Bajaj Group. The company provides customised financial solutions to individuals and corporations for purchase and renovation of homes and commercial spaces.