2024 became a remarkable year for outstanding IPOs, ranging from startup IPOs to those from established companies. Many of them doubled investors’ money on the day of their debut.
Despite high market volatility, the US election, the Indian General Election, and many other national and international events, IPOs performed well. This proved that investors are ready to invest their money and are looking for wealth creation.
When you have money, there’s nothing better than the stock market to grow your wealth.
Also read: What Is Initial Public Offer?
Financial Performance of the IPOs after their debut
| Companies | Revenue after IPO Q2FY25 (in Cr) | Q1FY25, Revenue (in Cr) | Net Profit, Q2FY25 (in Cr) | Net Profit, Q1FY25 (in Cr) |
| Swiggy | ₹3,601.45 | ₹ 3,222.2 | – ₹625.5 | – ₹ 611 |
| Ola Electric | ₹1,240 | ₹1,644 | – ₹495 | – ₹347 |
| Bajaj Housing Finance | ₹2,410 | ₹ 2,410.15 | ₹545 | ₹ 546 |
| Vibhor Steel | ₹236.09 | ₹225.17 | ₹0.89 | ₹ 3.02 |
| Premier Energies | ₹ 1,553.5 | ₹1,553 | ₹ 205.9 | ₹205.95 |
| Uni Commerce | ₹ 29.3 | ₹ 27.46 | ₹ 4.47 | ₹ 3.51 |
Source – Livemint and Money control
- Bajaj Housing Finance showed no significant growth or decline in revenue, remaining almost flat at ₹2,410 Cr between Q1 and Q2 of FY25. This could indicate stability in its business, possibly due to the maturity of its operations or a steady demand for housing finance products.
- Swiggy continued to report losses, although the loss in Q2FY25 slightly increased compared to Q1FY25. This could indicate continued high operational costs or investments in growth, which are yet to turn profitable. Despite the increase in revenue, the company still faces significant challenges in turning profits.
- Ola Electric reported higher losses in Q2FY25 compared to Q1FY25. The widening loss margin suggests that while the company may be expanding its product lineup or pushing for greater market penetration, it is facing significant financial challenges, possibly linked to high investment in research, development, and scaling its manufacturing capabilities.
- Vibhor Steel showed a slight increase in revenue by about 4.85% from ₹225.17 Cr in Q1FY25 to ₹236.09 Cr in Q2FY25. The growth is relatively modest, which could reflect the company’s efforts to expand its production or improve market share incrementally.
The net profit remained nearly unchanged, with a slight decrease of ₹0.05 Cr. This shows that while the company’s revenue was stable, its profitability also maintained a steady trajectory, reflecting controlled expenses and efficient operations. - Uni Commerce experienced a good increase in net profit by approximately 27.4% from ₹3.51 Cr in Q1FY25 to ₹4.47 Cr in Q2FY25. This suggests that the company is not only increasing its revenue but also improving its profit margins, which indicates operational efficiency and effective cost management.
The analysis suggests a mixed performance across these companies, with some focusing on growth, while others are working on stabilising their financials post-IPO.
IPOs with the biggest listing gains in 2024
Vibhor Steel: +196%
Vibhor Steel Tubes Ltd. reported FY24 revenue of ₹1,074.37 Cr, a 3.6% decline from FY23. Net profit stood at ₹17.72 Cr, down 15.9%, reflecting operational challenges despite slight improvements in liquidity and operating margins.
BLS E-Service: +171%
BLS E-Services Ltd. reported a 65% increase in net profit to ₹33.53 Cr for the fiscal year ending March 2024, up from ₹20.33 Cr in the previous year.
Revenue for the same period rose by 24% to ₹301 Cr, compared to ₹243 Cr in FY23.
Mamata Machinery: +147%
Mamata Machinery Ltd. reported a 14.84% increase in revenue to ₹236.61 Cr for FY24, up from ₹200.86 Cr in FY23.
Net profit rose by 60.52% to ₹36.12 Cr in FY24, compared to ₹22.50 Cr in the previous fiscal year
Bajaj Housing: +136%
Bajaj Housing Finance Ltd. reported a 34% increase in revenue to ₹7,617 Cr for FY24, up from ₹5,652 Cr in FY23.
Net profit rose by 38% to ₹1,731 Cr, compared to ₹1,257 Cr in the previous fiscal year.
KRN Heat: +118%
KRN Heat Exchanger and Refrigeration Ltd. reported a 25.4% increase in total revenue to ₹313.6 Cr for FY24, up from ₹250.02 Cr in FY23.
Net profit rose by 18.9% to ₹39.88 Cr, compared to ₹33.55 Cr in the previous fiscal yea
Unicommerce: +95%
Unicommerce eSolutions Ltd. reported a net profit of ₹13.1 Cr for FY24, more than doubling from ₹6.5 Cr in FY23.
Operating revenue increased by 14.4% to ₹103 Cr from ₹90 Cr in the previous fiscal year.
Mobikwik: +89%
MobiKwik reported a net profit of ₹14.08 Cr for FY24, a significant turnaround from a loss of ₹83.81 Cr in FY23.
Total income increased by 58.67% to ₹890.32 Cr from ₹561.1 Cr in the previous fiscal year
Premier Energies +87%
Premier Energies Ltd. reported a 48% increase in revenue to ₹1,050 Cr for FY24, up from ₹710 Cr in FY23.
Net profit for the same period was ₹7 Cr, compared to ₹14 Cr in the previous fiscal year.
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Apart from the ones listed above, there are few other IPOs that made to the headlines –
Awfis
In FY2024, Awfis Space Solutions reported a 55.67% increase in revenue to ₹848.8 Cr, up from ₹545 Cr in FY2023.
The company achieved a positive operating income of ₹49.96 Cr, a significant improvement from a loss of ₹25.36 Cr in FY2023
FirstCry (Brainbees Solutions)
In FY2024, FirstCry’s parent company, Brainbees Solutions, reported a 15.1% increase in revenue, reaching ₹6,481 Cr, up from ₹5,633 Cr in FY2023.
The company also reduced its net loss by 34%, decreasing to ₹321 Cr from ₹486 Cr in the previous fiscal year
Swiggy
In FY2024, Swiggy’s revenue rose 36% to ₹11,247 Cr, while its net loss decreased by 44% to ₹2,350 Cr, driven by growth in food delivery and quick commerce segments
| Mainboard IPOs | Listing Gain (%) | Issued Price (₹) | Current Market Price (₹) | Amount Raised (₹ Cr) |
| Vibhor Steel | 196 | 151 | 212 | 72.17 |
| BLS E-Service | 171 | 135 | 201 | 310.91 |
| Mamata Machinery | 147 | 230 | 630 | 100 |
| Bajaj Housing | 136 | 70 | 127 | 6851.03 |
| KRN Heat | 118 | 220 | 735 | 150 |
| Unicommerce | 95 | 108 | 169 | 276.57 |
| Mobikwik | 89 | 279 | 622 | 1944 |
| Premier Energies | 87 | 450 | 1309 | 2830.4 |
Retail Investor Sentiment
2024 has indeed been a remarkable year for the IPO market. The significant ₹1,62,800 Cr raised via IPOs highlights the growing confidence of investors and the strong demand for new listings. The 31% weighted average listing premium suggests that investors are not only optimistic but also finding substantial value in these offerings.
Source – CNBCTV18
But, retail allocations dropped to 19.6%, down from 26.2% last year. Despite this, retail investors remained enthusiastic, particularly in smaller and mid-sized IPOs, contributing around ₹10,000 Cr.
Retail investor participation also saw a substantial rise. The average number of retail applications increased from approximately 0.6 million in the previous financial year to 1.3 million in FY24. Notably, Bajaj Housing Finance’s IPO received 5.87 million retail applications, highlighting strong retail interest
Source – Economic Times
In 2024, retail investors in India showed strong interest in startup IPOs, particularly in fintech, e-commerce, and tech-enabled services. MobiKwik’s IPO, which raised ₹572 Cr, was fully subscribed within the first hour, with retail investors bidding five times the shares reserved for them. The company saw an 86% surge in its market debut, reaching a valuation of ₹3,900 Cr. Similarly, Swiggy’s ₹11,327 Cr IPO was oversubscribed, with strong retail participation.
As the quick-commerce sector grows, with sales expected to hit ₹45,000 Cr in 2024, retail investors are increasingly drawn to high-growth startup opportunities like MobiKwik and Swiggy.
2. Retail Investor Sentiment by Sector
| Sector | Retail Investor Interest (%) |
| Fintech | 35% |
| E-commerce | 30% |
| Tech-enabled Services | 20% |
| Other Sectors | 15% |
Source: Inc42
Institutional Investors’ Focus
In 2024, institutional investors, including foreign institutional investors (FIIs) and mutual funds (MFs), contributed a record ₹45,650 Cr to India’s IPOs. FIIs invested ₹25,300 Cr, while MFs added ₹20,351 Cr. Notable IPOs, such as Hyundai Motors India, Swiggy, and Ola Electric, attracted significant anchor investments. India’s total IPO proceeds exceeded ₹1.5 lakh Cr, setting a new record for the year.
In 2024, institutional investors have shown a keen interest in companies with scalable business models and high growth potential. Ola Electric, for instance, saw a 20% surge on its debut, drawing significant attention from investors, particularly in the electric vehicle sector, which is considered a high-growth area. Similarly, the fintech and insurance sectors are gaining traction, with Go Digit Insurance raising ₹2,614 Cr and listing at a 5.1% premium.
These sectors are viewed as promising long-term investment opportunities due to their robust growth potential, making them highly attractive to institutional investors seeking substantial returns
3. Institutional Investor Focus by Sector
| Sector | Institutional Investor Focus (%) |
| Electric Vehicles | 25% |
| Fintech | 30% |
| Insurance | 20% |
| E-commerce | 15% |
| Other Sectors | 10% |
Source: Livemint
Conclusion
The major startup IPOs of 2024 have demonstrated robust market performances, despite external challenges. Companies like MobiKwik, Awfis, FirstCry, Swiggy, and Ixigo have not only raised significant capital but have also proven their value to investors. These IPOs reflect the growing investor confidence in India’s startup ecosystem, particularly in sectors like fintech, e-commerce, food delivery, and electric vehicles.
Both retail and institutional investors have shown optimism, albeit with caution, focusing on companies with scalable business models and strong long-term growth prospects. As we move further into 2024, these IPOs serve as a reminder of the potential of the Indian market and the appetite for new, innovative companies that can deliver sustainable growth in an ever-changing global economy.
