Analysing Performance of IPOs Released in 2019
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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