January IPO Surge: 29 stocks debut on Dalal Street; Fabtech Technologies emerges as top gainer

While the Indian secondary market continued to experience extreme volatility in the new year, the primary market remained active, with new companies lining up to list their scrips on Dalal Street. Following a record number of listings in the previous calendar year, this trend continued into January, with 29 companies successfully debuting on exchanges.  

The SME segment continued to dominate the primary market, driven by strong support from retail investors. In addition, the shift in focus from foreign portfolio investors (FPIs) to the IPO market—driven by elevated valuations in the secondary market— also contributed to strong demand for new issues, resulting in strong subscription rates and a grand entry into the secondary market. 

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According to Trendlyne data, 22 out of 29 companies that debuted in January on the bourses belonged under the SME category, with names such as Kabra Jewels, Delta Autocorp, and Rikhav Securities. The remaining eight companies, including Stallion India Fluorochemicals, Quadrant Future Tek, and Indo Farm Equipment, represented listings from the mainline category.

Notably, 23 issues received subscription rates of over 100 times, with Fabtech Technologies Cleanrooms emerging as the top performer with a subscription rate of 688 times, followed by Parmeshwar Metal, Anya Polytech & Fertilizers, and Citichem India, which received subscription rates between 390 and 564 times.

In terms of top performers, Fabtech Technologies Cleanrooms led the pack, currently trading at ₹330 per share—an impressive 288% higher than its IPO price of ₹85.

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Indobell Insulation, Sat Kartar Shopping, Akanksha Power, and Kabra Jewels followed closely, trading with gains ranging from 36% to 172% compared to their respective issue prices.

However, not all IPOs performed well on the exchanges. Ten stocks are currently trading below their issue prices, with Citichem India emerging as the weakest performer. It is down 47% below its issue price of ₹70, at ₹37.5 per share.

India leads the world in IPO listings

According to the Economic Survey (2024-25), the Indian primary markets continued to witness heightened listing activities and investor enthusiasm in FY25, notwithstanding market volatility and geopolitical uncertainties.

The survey, citing the E&Y Global IPO trends, stated that Indian stock exchanges provide conducive market conditions for foreign conglomerates to list their local subsidiaries, thereby offering a good opportunity for unlocking value.

The survey highlighted that India’s share in global IPO listings surged to 30% in 2024, up from 17% in 2023, making it the leading contributor to primary resource mobilisation globally.

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The total resource mobilisation from primary markets (equity and debt) stands at ₹11.1 lakh crore from April to December 2024, which is 5% more than the amount mobilised during the entire FY24. This also amounts to 25.6 per cent of the gross fixed capital formation of private and public corporations during FY24.

The survey notes that the mainboard platform witnessed a significant increase in issue size as the average IPO deal size rose to ₹2,124 crore, up from ₹814 crore in the entire FY24. In the case of small and medium enterprises (SMEs) IPOs, the survey finds the average deal size increased to ₹39 crore from ₹31 crore during the same period.

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Further, it underscored that young investors under the age of 30 are also driving the equity boom. A report by the NSE notes that between March 2018 and September 2024, the proportion of young investors surged from 23% to 40%.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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