Hyundai Motor, NTPC Green, Swiggy, Vishal Mega Mart, Bajaj Housing Finance, Ola Electric: A look at performance of top mainboard IPOs

The Indian primary markets saw a spectacular run in terms of initial public offerings (IPOs) in 2024, with companies across sectors raising thousands of crores from investors. More than 90 mainboard IPOs were launched last year with a cumulative fundraise of over ₹1.6 lakh crore.

Many more big ticket issues, like the IPOs of LG Electronics India, Ather Energy, Zepto, HeroFinCorp and Hexaware Technologies, among others are slated to be launched in coming months.

While the investors are keeping a close watch on the upcoming mainboard IPOs, let’s take a look at how the big ticket public offers launched in 2024 have fared so far since listing.

Hyundai Motor India Limited IPO

The Indian arm of the South Korean automaker launched its IPO in October 2024 to raise ₹27,870.1 crore from the primary market. However, the biggest IPO so far in the country saw a muted debut on the stock exchanges.

The stock has so far dropped 11.97% from its listing price.

Hyundai Motor India reported a 16% drop in its overall net profit to ₹1,375 crore in the June-September quarter. Its revenue stood at ₹17,260.4 crore. The automaker reported an EBITDA of ₹2,205.3 crore, while the net profit stood at ₹1,375.5 crore.

Swiggy IPO

One of the most anticipated IPOs of 2024, the ₹11,327.43-crore mainboard issue was subscribed 3.59 times during the bidding period between November 6 to November 8.

The IPO price band was set at ₹371 to ₹390 per share.

The company narrowed its net losses to ₹625.53 crore in Q2FY25 from ₹657 crore in the year-ago period. The company’s revenue from operations increased more than 30% YoY to ₹3,601.45 crore from ₹2,763.33 crore in Q2FY24.

NTPC Green Energy IPO

The ₹10,000-crore initial public offering of the renewable energy arm of the state-owned NTPC Ltd was booked 2.55 times during the bidding period from November 19 to November 22, last year.

Vishal Mega Mart IPO

Vishal Mega Mart shares have gained 0.94% since listing compared to its previous closing price of ₹104.98 apiece on the NSE on January 22.

The mainboard IPO was subscribed 28.75 times during the three-day subscription period from December 11 to December 13.

For the period ended September 2024 in the current financial year, the company reported a revenue of ₹5,053.42 crore and a net profit of ₹254.14 crore.

Bajaj Housing Finance IPO

However, shares of the housing finance company have declined nearly 26% since listing.

The ₹6,560-crore mainboard IPO was open for subscription from September 9 to September 11, 2024. The issue was overall booked more than 67 times.

In Q1FY25, the company reported a 25.26% rise in total revenue from operations at ₹2,208.65 crore, compared to ₹1,763.25 crore in the year-ago period. Bajaj Housing Finance’s net profit in the June quarter stood at ₹482.61 crore, up 4.5% YoY against ₹461.8 crore reported in the same quarter of the preceding fiscal.

Ola Electric Mobility IPO

Shares of Ola Electric Mobility made a flat debut at ₹76 apiece on the NSE, the same level as the upper band of the issue price.

The stock has declined more than 2% so far since its listing.

The IPO was subscribed 4.45 times during the three-day bidding period of August 2 to August 6, 2024.

The company narrowed its net loss to ₹495 crore in Q2FY25, compared to ₹524 crore in the same period a year ago. Its revenue increased ₹1,240 crore, up 38.5% from ₹896 crore during the quarter ended September 30, 2023.