Mainboard IPOs in December 2024: A mixed trend for newly listed stocks, a look at top 5 performers

The last month of the year 2024 was a busy period for the primary market investors with the launch of as many as 30 mainboard and SME initial public offerings (IPOs) in December. The boom in the IPO market in 2024 attracted immense investor interest with companies cumulatively raising nearly ₹1.9 crore. The month of December was also no exception, with as many as 15 mainboard IPO listings.

It has been a positive trend for the newly listed mainboard issues in December, with as many as 13 stocks trading higher to their IPO prices.

Here’s a look at the performance of top 5 IPOs based on their stock price movement against the issue price.

Mamata Machinery

The stock is currently trading at ₹545 levels on the NSE. From its IPO price the stock has rallied 133.41% compared to its previous closing price of ₹567.2 apiece on the NSE. Though the mainboard issue has given significant returns to IPO investors, it is trading below its listing price.

The ₹179-crore public offer of the company was subscribed nearly 195 times.

Market experts predict further price appreciation due to the stock positioning of the company in the industry. Mamata Machinery manufactures and exports machines for making plastic bags, pouches and packaging products. The company has a strong global presence. As the packaging machinery sector in India is likely to see significant growth due to rising demand, packaging machines producers like Mamata Machinery are likely to gain.

One MobiKwik Systems

The stock has more than doubled from its issue price compared to the current level of ₹602 apiece on the NSE. MobiKwik shares have rallied over 120% from its issue price compared to its previous closing price of ₹615.8 on January 2. The stock has rallied 40% from its listing price.

MobiKwik is a leading player in the digital payments space, offering online payment solutions and a prepaid digital wallet. The mainboard issue worth ₹572 crore was subscribed more than 125 times.

The Reserve Bank of India (RBI), last week, allowed UPI transactions for prepaid payment instruments (PPI) via third-party applications. Being a major player in the segment, MobiKwik is expected to make a significant gain from the RBI’s decision. The company facilitates payments for customers and merchants. It aims to increase penetration of online payments through cutting-edge technology among the underserved population, leading to higher financial inclusion. The investors are now keeping a watch on the company’s upcoming Board meeting to announce Q2FY25 results, the first quarterly earnings post listing, on January 7.

Unimech Aerospace

The stock was listed on the NSE at a premium of 86% compared to its issue price of ₹785 apiece.

Though it has fallen below the listing price amid profit booking, the stock is trading 85.62% higher compared to its issue price as per its previous closing price of ₹1,457.15 apiece on the NSE on Jan 2.

Unimech Aerospace and Manufacturing IPO garnered strong response, being oversubscribed by 175.31 times. The ₹500-crore issue was open for subscription from December 23 to December 26.

Unimech Aerospace is a leading global high precision and engineering solutions company. It is also an approved supplier for various industry leaders in aerospace, defence, semiconductor and energy sectors. The company is poised to gain from the higher defence spending by the government. Its strong position in a niche sector like Aero-tooling indicates future growth prospects, according to experts.

Transrail Lighting

Shares of the engineering, procurement and construction (EPC) company, are currently trading ₹626.55 apiece on the NSE. Compared to its previous closing price of ₹642.9 apiece on the NSE, the stock has gained nearly 49% from its issue price and nearly 9% since listing.

The ₹839-crore IPO was booked 82 times during its subscription period from December 19 to December 23.

Transrail Lighting is a leading EPC player in the power transmission and distribution sector. It has integrated manufacturing capabilities for lattice structures, conductors and monopoles. It has completed projects in 58 countries in 4 decades of its journey.

Senores Pharmaceuticals

The pharma stock has rallied 46.52% from its issue price of ₹391 apiece compared to its previous closing price of ₹572.9 apiece on the NSE on January 2. However, the stock has fallen 3.75% from its listing price of ₹600 apiece on the NSE.

The stock made a strong debut at a premium of over 53% on the NSE on December 30. The ₹582.11 crore IPO was open from December 20 to December 24. It was overall subscribed nearly 98 times.

Senores Pharma is primarily engaged in developing and manufacturing a range of pharmaceutical products, including generics, for domestic and global healthcare companies. According to market experts, the company still remains in focus of investors due to its strong fundamentals and robust research and development (R&D) in the segment.

Among other mainboard listings in December 2024, while Suraksha Diagnostic and Carraro India have given negative returns compared to their IPO prices, all other newly listed stocks are trading with gains up to over 40% from their issue price.