The year 2021 has been a truly exceptional and record-breaking year for the Indian IPO market. The participation by the retail investors was remarkable. The IPO craze was seen in the M&A space as well. The promoters couldn’t resist the mouth-watering valuations in the public markets. This led to a total of 118 Initial Public Offerings in India out of which 55 were Small and medium enterprises (SME) IPOs. In this article, we will take a look at the list of IPOs in 2021 that gave very good returns and the IPO’s that opened at a discount making their investors lose money. Keep reading to find out!

How did the Initial Public Offering Market perform in 2021?

India followed the global trend and the stock markets did exceedingly well. According to data compiled by PRIME Database Group, 65 Indian corporates raised an all-time high of more than Rs 1.3 Lakh crores through mainboard IPOs in 2021.  The previous best was Rs 75,278 crore in 2017.

The amount of fresh capital raised in IPOs in 2021 stood at Rs 43,324 crore which was greater than the last 8 years combined. The average number of applications from the retail segment was 14.36 lakh, in comparison to 12.77 lakh in 2020 and 4.05 lakh in 2019. 

This year also saw another record, in terms of the number of filings with SEBI. As many as 115 companies filed their offer document with SEBI for approval.

List of IPOs in 2021 Which Performed Really Well

Here are the top five companies that emerged as top performers in 2021:

Sigachi Industries

The company engaged in the manufacturing of microcrystalline cellulose (MCC), a binder agent widely used in the pharmaceutical industry. The IPO consisted of a fresh issue of 7.70 million shares. It was looking to raise a capital of ₹125.43 crores. It saw a healthy subscription of 101.91 times.

The stock opened with a 252.8 per cent premium at Rs 575 on the BSE against an issue price of Rs 163, making it the biggest ever listing of 2021. The demand was very high for Sigachi Industries shares as it was locked in the 5 per cent upper circuit. 

Paras Defence and Space Technologies

Paras Defence and Space Technologies Ltd is one of the leading companies. The company is engaged in designing, developing, manufacturing and testing a wide range of defence and space engineering products and solutions. The company was looking to raise Rs 171 Cr through the IPO.

The shares opened at Rs 475 per share on NSE, which is a 171% per cent premium to the higher end of the offer price of Rs 175 apiece.  The issue was subscribed 304.26 times which was the second-highest in 2021.

Latent View Analytics

Latent View Analytics is among the leading pure-play data analytics services companies in India.  Their expertise lies in data and analytics consulting, business analytics and insights, advanced predictive analytics, data engineering and digital solutions. 

The Rs 600 crore IPO of the company recorded bids worth Rs 113,000 crore, the best ever in the history of the Indian primary market. The shares got listed at Rs 512 which is a premium of 160% to its issue price. Latent View Analytics reported the highest-ever subscription of 326.5 times.

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GR Infraprojects

GR Infraprojects is an integrated road engineering, procurement, and construction (EPC) company that has various road and highway projects across 15 states in India. It has recently diversified into projects in the railway sector.

The company was looking to raise  Rs 936-crore through this IPO. The stock started trading at Rs 1,700 which is 104% to the issue price of Rs 837 on the BSE. On NSE the stock traded at Rs 1715.85 per share. It was subscribed 102.58 times by retail investors.

Clean Science and Technology Ltd

Clean Science manufactures functionally critical speciality chemicals such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals. It is the only company globally to deploy vapour-phase technology for manufacturing Anisole from phenol.

The company had planned to raise Rs 1,546.62 crore through its public issue. The issue was entirely an offer for sale (OFS) by existing investors, including the promoters of the company. 

The shares started trading at Rs 1,784 per share at a premium of  98.27% from the issue price of Rs 900 apiece. The shares of the company were subscribed 93.41 times. 

List of IPOs in 2021 Which Performed the Worst

Here are the top five companies that emerged as the worst performers in 2021:

One97 Communications (Paytm)

The largest IPO in 2021, which was also the largest IPO ever in the history of the Indian IPO market was One 97 Communications (Paytm). It is an Indian e-commerce and fintech company that facilitates cashless payments. It was looking to raise Rs 18,300 crore through the public issue.

The shares of the company were listed at Rs 1,950 on NSE, a discount of 9.3 per cent over its price of Rs 2,150. At BSE, the stock got listed at Rs 1,955. The IPO was subscribed less than two times. The shares dropped as much as 27% on a listing day over the issue price. 

Shriram Properties

Shriram Properties is one of the leading residential real-estate developers in south India and focuses on mid-market and affordable housing categories. The company was looking to raise Rs 600 crore through its public issue that comprised a fresh issue of Rs 250 crore and an offer for sale of Rs 350 crore.

The stock made a weak debut as it was listed at a discount of 20 per cent compared to the issue price of Rs 118 per share. The stock opened at Rs 94 on the BSE. The retail portion of the IPO was subscribed 12.72 times. 

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Nuvoco Vistas

Nuvoco Vistas is India’s fifth-largest cement maker. The company was looking to raise a capital of Rs 5000 Crores. The offer had comprised a fresh issue of Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprise.

The shares of the company are listed at a discount of 17% from the issue price. The stock opened at Rs 471 on the BSE and at Rs 485 on the National Stock Exchange. It was subscribed only 1.71 times.

Kalyan Jewellers

Kalyan Jewellers is an Indian chain of jewellery showrooms. It has a presence across major cities in the country. The company raised Rs 1,175 crore through its Initial public offer including a fresh issue of Rs 800 crore.

The shares of the company are listed at 15 per cent. It traded at Rs 73.95 compared to the issue price of Rs 87, on the National Stock Exchange. The stock declined to Rs 73.90 on the BSE. The issue had seen a subscription 2.61 times.

Windlas Biotech

The company provides a comprehensive range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics. The pharma company has mobilised Rs 401.53 crore through its public issue.

The company was listed at a 5% discount making it one of the worse performing IPOs of 2021. The stock opened at Rs 439 on the BSE and Rs 437 on the National Stock Exchange. The retail portion was subscribed by 24.27 times.

Complete List of IPOs in 2021

Company	Issue Month	Issue Price (Rs)
Stove Kraft Limited IPO	January	385
Home First Finance Company India Ltd. IPO	January	518
Indigo Paints Limited IPO	January	1490
Indian Railway Finance Corporation Limited IPO	January	26
Heranba Industries Limited IPO	February	627
RailTel Corporation of India Limited IPO	February	94
Nureca Limited IPO	February	400
Brookfield India Real Estate Trust REIT	February	275
Barbeque Nation Hospitality Limited IPO	March	500
Suryoday Small Finance Bank Ltd IPO	March	305
Nazara Technologies Limited IPO	March	1101
Kalyan Jewellers India Limited IPO	March	87
Laxmi Organic Industries Limited IPO	March	130
Craftsman Automation Limited IPO	March	1490
Anupam Rasayan India Limited IPO	March	555
Easy Trip Planners Limited IPO	March	187
MTAR Technologies Limited IPO	March	575
Macrotech Developers Limited IPO	April	486
POWERGRID Infrastructure Investment Trust InvIT	May	100
India Pesticides Limited IPO	June	296
Krishna Institute of Medical Sciences Limited IPO	June	825
Dodla Dairy Limited IPO	June	428
Sona BLW Precision Forgings Limited IPO	June	291
Shyam Metalics and Energy Limited IPO	June	306
Rolex Rings Limited IPO	July	900
Glenmark Life Sciences Limited IPO	July	720
Tatva Chintan Pharma Chem Ltd IPO	July	1083
Zomato Limited IPO	July	76
Clean Science and Technology Ltd IPO	July	900
G R Infraprojects Limited IPO	July	837
Aptus Value Housing Finance India Ltd IPO	August	353
Chemplast Sanmar Limited IPO	August	541
Nuvoco Vistas Corporation Ltd IPO	August	570
CarTrade Tech Limited IPO	August	1618
Krsnaa Diagnostics Limited IPO	August	954
Devyani International Limited IPO	August	90
Exxaro Tiles Limited IPO	August	120
Windlas Biotech Limited IPO	August	460
Aditya Birla Sun Life AMC Ltd IPO	September	712
Paras Defence And Space Technologies Limited IPO	September	175
Sansera Engineering Limited IPO	September	744
Vijaya Diagnostic Centre Limited IPO	September	531
Ami Organics Limited IPO	September	610
Fino Payments Bank Limited IPO	October	577
FSN E-Commerce Ventures Limited IPO	October	1125
Star Health and Allied Insurance Company Ltd IPO	November	900
Go Fashion (India) Limited IPO	November	690
Tarsons Products Limited IPO	November	662
Latent View Analytics Limited IPO	November	197
Sapphire Foods India Limited IPO	November	1180
One 97 Communications Limited IPO	November	2150
S.J.S. Enterprises Limited IPO	November	542
PB Fintech Limited IPO	November	980
Sigachi Industries Limited IPO	November	163
CMS Info Systems Limited IPO	December	216
Supriya Lifescience Limited IPO	December	274
HP Adhesives Limited IPO	December	274
Data Patterns (India) Limited IPO	December	585
Medplus Health Services Limited IPO	December	796
Metro Brands Limited IPO	December	500
C.E. Info systems limited IPO	December	1033
Shriram Properties Limited IPO	December	118
Rategain Travel Technologies Limited IPO	December	425
Anand Rathi Wealth Limited IPO	December	550
Tega Industries Limited IPO	December	453

In Closing

The Government initiatives on digitisation, Make in India, the low interest-rate environment, and measures to maintain liquidity and to support sectors impacted by COVID-19 are some of the primary factors for the growing number of IPOs in the country.

According to PRIME Database, the domestic IPO pipeline remains strong with more than 35 companies holding SEBI approval are proposing to raise roughly Rs 50,000 crore.

More than 33 companies are waiting for SEBIs approval to raise about Rs 60,000 crore. Some of the most awaited IPOs for next year will be LIC, OYO, PhonePe, and Flipkart.

That’s all for this article. Happy reading!

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