Article

Analysing Performance of IPOs Released in 2019

27 Feb 2020

Year 2019 was a year of few IPOs but there were many outperformers with just 3 out of 16 IPOs giving negative returns as on date. Analysis of the performance of the IPOs in the previous year is vital to give us a fair picture of what to expect in the current year, when we are looking forward to some remarkable upcoming IPOs.

Check the table below for the list of initial public offerings in 2019 with their listing and current performance.

Name of Issuer

IPO Open

IPO Close

Issue Type

Issue Size (Rs. cr)

Issue Price (Rs.)

Listing Day Gain / Loss

CMP (25th Feb 2020)

Gain / Loss to date (%)

Xelpmoc Design and Tech Limited

Jan 23, 2019

Jan 25, 2019

BB

23

66

-9.32%

52.60

-20.30%

Chalet Hotels Limited

Jan 29, 2019

Jan 31, 2019

BB

1,641

280

3.71%

329.00

17.50%

MSTC Limited

Mar 13, 2019

Mar 20, 2019

BB

212

120

-4.83%

192.50

60.42%

Rail Vikas Nigam Limited

Mar 29, 2019

Apr 3, 2019

BB

482

19

0.26%

22.55

18.68%

Metropolis Healthcare Limited

Apr 3, 2019

Apr 5, 2019

BB

1,204

880

9.04%

1,820.00

106.82%

Polycab India Limited

Apr 5, 2019

Apr 9, 2019

BB

1,346

538

21.75%

1,124.00

108.92%

Neogen Chemicals Limited

Apr 24, 2019

Apr 26, 2019

BB

132

215

22.58%

464.40

116.00%

IndiaMART InterMESH Limited

Jun 24, 2019

Jun 26, 2019

BB

476

973

33.87%

2,588.00

165.98%

Affle (India) Limited

Jul 29, 2019

Jul 31, 2019

BB

459

745

17.46%

2,119.00

184.43%

Spandana Sphoorty Financial Ltd

Aug 5, 2019

Aug 7, 2019

BB

1,202

856

-0.89%

1,099.00

28.39%

Sterling and Wilson Solar Ltd

Aug 6, 2019

Aug 8, 2019

BB

3,145

780

-7.01%

189.75

-75.67%

Vishwaraj Sugar Industries Ltd

Sep 30, 2019

Oct 4, 2019

BB

60

60

0.58%

74.00

23.33%

IRCTC Limited

Sep 30, 2019

Oct 3, 2019

BB

645

320

127.69%

1,959.00

512.19%

CSB Bank Limited

Nov 22, 2019

Nov 26, 2019

BB

410

195

53.90%

165.05

-15.36%

Ujjivan Small Finance Bank Ltd

Dec 2, 2019

Dec 4, 2019

BB

750

37

51.08%

51.20

38.38%

Prince Pipes and Fittings Ltd

Dec 18, 2019

Dec 20, 2019

BB

500

178

-6.40%

177.55

-0.25%

Data Source: NSE

What drove the IPO performance?

IRCTC was the clear leader with 512% returns as investors saw in the stock a combination of consumption play, monopoly profits, hefty OPMs and a solid internet play. After all, Flipkart was valued at $16 billion when it was sold to Wal-Mart. Even at the current valuations, IRCTC has a market value of just $4 billion despite having 18 million transactions per month and millions of customer touch-points on a daily basis.

Among the other IPOs gaining more than 100% since listing, Indiamart and Affle were again internet plays. Metropolis operated in the low risk / high margin segment of healthcare while investors are increasingly looking at Polycab as the next potential Havells in the electrical goods segment.

The two disappointments were Sterling & Wilson Solar and CSB. Sterling & Wilson was understandable as it belongs to the Shapoorji Pallonji group, which is currently in the midst of a cash crunch. The bigger disappointment was Catholic & Syrian Bank, which has fallen sharply after a very encouraging listing debut.

In a nutshell, the story of IPOs in 2019 was the story of few quality IPOs dominating the year.

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Analysing Performance of IPOs Released in 2019

27 Feb 2020

Year 2019 was a year of few IPOs but there were many outperformers with just 3 out of 16 IPOs giving negative returns as on date. Analysis of the performance of the IPOs in the previous year is vital to give us a fair picture of what to expect in the current year, when we are looking forward to some remarkable upcoming IPOs.

Check the table below for the list of initial public offerings in 2019 with their listing and current performance.

Name of Issuer

IPO Open

IPO Close

Issue Type

Issue Size (Rs. cr)

Issue Price (Rs.)

Listing Day Gain / Loss

CMP (25th Feb 2020)

Gain / Loss to date (%)

Xelpmoc Design and Tech Limited

Jan 23, 2019

Jan 25, 2019

BB

23

66

-9.32%

52.60

-20.30%

Chalet Hotels Limited

Jan 29, 2019

Jan 31, 2019

BB

1,641

280

3.71%

329.00

17.50%

MSTC Limited

Mar 13, 2019

Mar 20, 2019

BB

212

120

-4.83%

192.50

60.42%

Rail Vikas Nigam Limited

Mar 29, 2019

Apr 3, 2019

BB

482

19

0.26%

22.55

18.68%

Metropolis Healthcare Limited

Apr 3, 2019

Apr 5, 2019

BB

1,204

880

9.04%

1,820.00

106.82%

Polycab India Limited

Apr 5, 2019

Apr 9, 2019

BB

1,346

538

21.75%

1,124.00

108.92%

Neogen Chemicals Limited

Apr 24, 2019

Apr 26, 2019

BB

132

215

22.58%

464.40

116.00%

IndiaMART InterMESH Limited

Jun 24, 2019

Jun 26, 2019

BB

476

973

33.87%

2,588.00

165.98%

Affle (India) Limited

Jul 29, 2019

Jul 31, 2019

BB

459

745

17.46%

2,119.00

184.43%

Spandana Sphoorty Financial Ltd

Aug 5, 2019

Aug 7, 2019

BB

1,202

856

-0.89%

1,099.00

28.39%

Sterling and Wilson Solar Ltd

Aug 6, 2019

Aug 8, 2019

BB

3,145

780

-7.01%

189.75

-75.67%

Vishwaraj Sugar Industries Ltd

Sep 30, 2019

Oct 4, 2019

BB

60

60

0.58%

74.00

23.33%

IRCTC Limited

Sep 30, 2019

Oct 3, 2019

BB

645

320

127.69%

1,959.00

512.19%

CSB Bank Limited

Nov 22, 2019

Nov 26, 2019

BB

410

195

53.90%

165.05

-15.36%

Ujjivan Small Finance Bank Ltd

Dec 2, 2019

Dec 4, 2019

BB

750

37

51.08%

51.20

38.38%

Prince Pipes and Fittings Ltd

Dec 18, 2019

Dec 20, 2019

BB

500

178

-6.40%

177.55

-0.25%

Data Source: NSE

What drove the IPO performance?

IRCTC was the clear leader with 512% returns as investors saw in the stock a combination of consumption play, monopoly profits, hefty OPMs and a solid internet play. After all, Flipkart was valued at $16 billion when it was sold to Wal-Mart. Even at the current valuations, IRCTC has a market value of just $4 billion despite having 18 million transactions per month and millions of customer touch-points on a daily basis.

Among the other IPOs gaining more than 100% since listing, Indiamart and Affle were again internet plays. Metropolis operated in the low risk / high margin segment of healthcare while investors are increasingly looking at Polycab as the next potential Havells in the electrical goods segment.

The two disappointments were Sterling & Wilson Solar and CSB. Sterling & Wilson was understandable as it belongs to the Shapoorji Pallonji group, which is currently in the midst of a cash crunch. The bigger disappointment was Catholic & Syrian Bank, which has fallen sharply after a very encouraging listing debut.

In a nutshell, the story of IPOs in 2019 was the story of few quality IPOs dominating the year.