2024 Review: Jyoti CNC to KRN Heat Exchanger- 6 mainboard IPOs that delivered multibagger returns to investors

The Indian primary market achieved an extraordinary milestone in 2024, with over 317 initial public offerings (IPOs) collectively raising a record ₹1.8 trillion. This figure surpassed the previous high of ₹1.3 trillion recorded in 2021, reflecting a strong resurgence of investor confidence in India’s financial markets. 

Analysts attributed this success to a buoyant secondary market, abundant liquidity, regulatory improvements, and enhanced market transparency.

The highlight of the year was Hyundai Motors’ record-breaking public offer, the largest-ever IPO in India, valued at ₹27,000 crore. Bajaj Housing Finance also made headlines, attracting ₹3.2 lakh crore in bids for its ₹6,560 crore issue. Other prominent names such as Bharti Hexacom, IREDA, Firstcry (Brainbees Solutions), Ola Electric, Aadhar Housing Finance, and Premier Energies also entered the market. Meanwhile, Vodafone Idea leveraged the public market with an ₹18,000 crore follow-on public offer (FPO). 

Multibagger IPOs of 2024

Several IPOs in 2024 turned out to be multibaggers, rewarding investors with substantial gains. Here's a look:

Jyoti CNC Automation: Jyoti CNC Automation shares delivered a massive 309 per cent return, climbing to ₹1,354.50 from their issue price of ₹331. The stock debuted at ₹370 on January 16, 2024, at a premium of 11.78 per cent. 

The IPO, valued at ₹1,000 crore, was entirely a fresh issue with no offer-for-sale (OFS) component. It was also the first mainboard IPO of 2024. Priced between ₹315 and ₹331, the issue saw a robust 40.49 times subscription over the three-day bidding window.

KRN Heat Exchanger & Refrigeration: Shares of KRN Heat Exchanger & Refrigeration have surged 223 per cent to ₹710.15 over their IPO price of ₹220. The stock made a stellar market debut on October 3, 2024, listing at ₹480 on the NSE, a 118.18 per cent premium. 

The ₹341.95 crore IPO was entirely a fresh issue. Priced in the range of ₹209-220 per share, the issue garnered overwhelming demand, achieving a subscription rate of 213.41 times.

Premier Energies: Premier Energies shares have witnessed a significant rally of 194 per cent, soaring to ₹1,321.20 from their IPO price of ₹450. The stock debuted on September 3, 2024, at ₹990, a premium of 120 per cent. The ₹2,830.40 crore IPO included a fresh issue worth ₹1,291.40 crore, comprising 2.87 crore shares, and an OFS component of 3.42 crore shares valued at ₹1,539 crore. 

The offering, priced between ₹427 and ₹450 per share, was open from August 27 to August 29. It received robust demand with 75 times subscription, reflecting the market's confidence in this leading solar cell and module manufacturer.

Bharti Hexacom: Bharti Hexacom shares have soared 160 per cent to ₹1,483.65 from their IPO price of ₹570. The stock listed on April 12, 2024, at ₹755, a 32.4 per cent premium over its issue price. 

The ₹4,275 crore IPO, entirely an OFS of 7.5 crore shares, saw Telecommunications Consultants India Ltd, the sole public shareholder, offload its stake. The IPO was subscribed nearly 30 times, highlighting strong demand from investors.

Platinum Industries: Platinum Industries shares have surged 152 per cent over their IPO price of ₹171, reaching ₹430.35 each. The stock debuted on a positive note on March 5, 2024, as it listed at ₹225, a 31.58 per cent premium over the issue price.

The ₹235.32 crore IPO, entirely a fresh issue, was open for subscription from February 27 to February 29, in the price band of ₹162-171 per share. The IPO garnered robust investor interest, achieving a 99.03 times subscription rate during the three-day bidding period.

Orient Technologies: Orient Technologies shares have delivered a 109 per cent return, climbing to ₹430.50 from their IPO price of ₹206. The stock debuted on August 28, 2024, at ₹288, a 40 per cent premium. 

The ₹214.7 crore IPO comprised a fresh issue of 0.58 crore shares worth ₹120 crore and an OFS of 0.46 crore shares aggregating to ₹94.76 crore. The issue, open for subscription between August 21 and August 23, saw strong demand, with a 151.71 times subscription rate.

The remarkable performance of these multibagger IPOs in 2024 highlights the resilience and vibrancy of India’s primary market. With strong returns and robust investor demand, these IPOs also underscore the increasing appetite for high-quality offerings in the Indian financial markets.