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:

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Sigachi Industries

complete List of IPOs in 2021 - sigachi logo

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

complete List of IPOs in 2021 - paras defense logo

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

complete List of IPOs in 2021 - latent view logo

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 infr logo

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

Complete List of IPOs in 2021 - clean science

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)

paytm logo

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 logo

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

complete List of IPOs in 2021 - nuvoco

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 jewelers logo

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

CompanyIssue MonthIssue Price (Rs)
Stove Kraft Limited IPOJanuary385
Home First Finance Company India Ltd. IPOJanuary518
Indigo Paints Limited IPOJanuary1490
Indian Railway Finance Corporation Limited IPOJanuary26
Heranba Industries Limited IPOFebruary627
RailTel Corporation of India Limited IPOFebruary94
Nureca Limited IPOFebruary400
Brookfield India Real Estate Trust REITFebruary275
Barbeque Nation Hospitality Limited IPOMarch500
Suryoday Small Finance Bank Ltd IPOMarch305
Nazara Technologies Limited IPOMarch1101
Kalyan Jewellers India Limited IPOMarch87
Laxmi Organic Industries Limited IPOMarch130
Craftsman Automation Limited IPOMarch1490
Anupam Rasayan India Limited IPOMarch555
Easy Trip Planners Limited IPOMarch187
MTAR Technologies Limited IPOMarch575
Macrotech Developers Limited IPOApril486
POWERGRID Infrastructure Investment Trust InvITMay100
India Pesticides Limited IPOJune296
Krishna Institute of Medical Sciences Limited IPOJune825
Dodla Dairy Limited IPOJune428
Sona BLW Precision Forgings Limited IPOJune291
Shyam Metalics and Energy Limited IPOJune306
Rolex Rings Limited IPOJuly900
Glenmark Life Sciences Limited IPOJuly720
Tatva Chintan Pharma Chem Ltd IPOJuly1083
Zomato Limited IPOJuly76
Clean Science and Technology Ltd IPOJuly900
G R Infraprojects Limited IPOJuly837
Aptus Value Housing Finance India Ltd IPOAugust353
Chemplast Sanmar Limited IPOAugust541
Nuvoco Vistas Corporation Ltd IPOAugust570
CarTrade Tech Limited IPOAugust1618
Krsnaa Diagnostics Limited IPOAugust954
Devyani International Limited IPOAugust90
Exxaro Tiles Limited IPOAugust120
Windlas Biotech Limited IPOAugust460
Aditya Birla Sun Life AMC Ltd IPOSeptember712
Paras Defence And Space Technologies Limited IPOSeptember175
Sansera Engineering Limited IPOSeptember744
Vijaya Diagnostic Centre Limited IPOSeptember531
Ami Organics Limited IPOSeptember610
Fino Payments Bank Limited IPOOctober577
FSN E-Commerce Ventures Limited IPOOctober1125
Star Health and Allied Insurance Company Ltd IPONovember900
Go Fashion (India) Limited IPONovember690
Tarsons Products Limited IPONovember662
Latent View Analytics Limited IPONovember197
Sapphire Foods India Limited IPONovember1180
One 97 Communications Limited IPONovember2150
S.J.S. Enterprises Limited IPONovember542
PB Fintech Limited IPONovember980
Sigachi Industries Limited IPONovember163
CMS Info Systems Limited IPODecember216
Supriya Lifescience Limited IPODecember274
HP Adhesives Limited IPODecember274
Data Patterns (India) Limited IPODecember585
Medplus Health Services Limited IPODecember796
Metro Brands Limited IPODecember500
C.E. Info systems limited IPODecember1033
Shriram Properties Limited IPODecember118
Rategain Travel Technologies Limited IPODecember425
Anand Rathi Wealth Limited IPODecember550
Tega Industries Limited IPODecember453

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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