Top 4 IPOs which turned into long-term winners after listing at discount

Over the years, the number of mainboard IPOs listed has been on the rise with 69 IPOs launched in 2020, 51 in 2021, 40 in 2022, and 78 in 2023. All these IPOs have brought an impressive total inflow of ₹2,87,485 crore into the Indian equity markets from 2020 to 2024.

IPOs that listed with the lowest gains or losses but picked up later on (top performers) since 2020

Kalyan Jewellers India - LTP ₹709

Kalyan Jewellers India designs, manufactures and sells a range of gold, studded and other jewellery products across various price points.

The returns to its investors can be attributed to several factors. As of September 2024, the company operates 303 stores, significantly fewer than competitors like Titan, yet investors remain optimistic about future growth as store numbers are expected to rise across India. Additionally, Kalyan Jewellers' strong value positioning makes it less vulnerable to disruptive competition, and the company has successfully scaled up Candere, its studded jewellery segment.

Indian Railway Finance Corporation - LTP ₹152

Indian Railway Finance Corporation raises funds from financial markets to acquire assets, which it leases to the Indian Railways. This arrangement is structured as a finance lease.

The strong returns to investors are driven by the company's benefit from rising Indian Railways capex, with peak disbursements of ₹1,04,369 crore in FY21. Its AUM grew at a CAGR of 19.88% from FY19 to Q1FY25, and it plays a key role in funding railway infrastructure. The company has also averaged a 31% dividend payout over the past four years.

Craftsman Automation - LTP ₹6,200

The company manufactures components and sub-assemblies on a supply and job-work basis, tailored to client specifications. It serves the automotive, industrial, and engineering sectors.

In February 2023, the company acquired a 76% stake in DR Axion India Private Limited for ₹375 Cr, enhancing its supply of cylinder blocks and heads to major PV OEMs like Hyundai, Kia, and M&M. This move was aimed to boost revenue from the PV segment and reduce dependence on CVs. The company’s ROCE rose from 14% in 2021 to 20% in 2024, with a sales growth of 2.85x over the last three years.

Prudent Corporate Advisory Services - LTP ₹2,461

Prudent Corporate Advisory Services provides retail wealth management services, including mutual funds, insurance solutions, and stock broking. The company also offers SIPs with insurance, gold accumulation plans, and trading platforms.

From 2021 to 2024, SIP collections and accounts in India surged, directly benefiting the company. SIP contributions reached Rs 2 lakh crore in FY24, up from ₹1.6 lakh crore in FY23 and ₹1.2 lakh crore in FY22. As of Q1FY24, the company’s AUM stood at ₹63,000 crore, with 93.5% equity-oriented. Mutual fund products account for 82.4% of the company's revenue mix.

(Note: All the data was collected from Chittorgarh, InvestorGain and Screener)