The Indian stock market has had a blockbuster year, with the Sensex surpassing the historic 70,000 mark and the Nifty 50 crossing 21,000.

This year has also seen a great number of companies trying their hand at the bourses. While 2022 was a quiet year for IPOs, 2023 has been nothing short of a dream for the companies.

As of December 22, 2023, here are the top 10 IPOs of the year, based on their returns, buzz and demand:

1. Tata Technologies

By a far distance, the Tata Technologies IPO was the most talked about IPO of the year. Being the first Tata Group IPO in 19 years, it had created a lot of hype and come listing day it also lived up to that. Tata Technologies made a blockbuster listing at a 140% premium over the ₹500 offer price of ₹1,199.95.

• Listing Date: November 30, 2023
• Issue Price: ₹500 per share
• Current Market Price: ₹1,207.95 per share
• Return: Around 140%

2. Netweb Technologies India

Netweb Technologies shares debuted with a premium on Thursday, listing at ₹947 on the NSE (89.4% higher than the issue price) and ₹942.50 on the BSE. The ₹631-crore IPO was oversubscribed 90.36 times.

• Listing Date: July 27, 2023
• Issue Price: ₹500 per share
• Current Market Price: ₹1,220 per share
• Return: 144%

3. IREDA

Now, we are coming to the state-run company that created history by becoming the second most successful Public Sector Undertaking (PSU) listing in the past decade. Indian Renewable and Energy Development Agency’s shares opened at a robust premium of 56%. The stock commenced trading at ₹50, significantly surpassing its IPO price of ₹32 per share.

• Listing Date: November 29, 2023
• Issue Price: ₹32 per share
• Current Market Price: ₹109 per share
• Return: 240%

4. Doms Industries

Doms Industries made a striking debut in the stock market with its shares opening at an impressive premium of over 70% above the Initial Public Offering (IPO) price. The shares of DOMS Industries commenced trading at approximately ₹1,400, showcasing a remarkable 77% increase from its IPO price of ₹790. The overwhelming demand for DOMS Industries’ shares was evident throughout the IPO process, culminating in an exceptional overall subscription status of 93.52 times the offered shares by the end of the final day.

• Listing Date: December 20, 2023
• Issue Price: ₹790 per share
• Current Market Price: ₹1,304 per share
• Return: 65%

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5. Cyient DLM

Electronic manufacturing services and solutions provider Cyient DLM was listed at a 51% premium earlier this year. The IPO’s outstanding success is evident in its overall subscription status, which reached an impressive 71.35 times. Cyient DLM’s stock opened at ₹401, a significant uptick from its issue price of ₹265.

• Listing Date: July 10, 2023
• Issue Price: ₹265 per share
• Current Market Price: ₹660 per share
• Return: 146%

6. Senco Gold

Senco Gold had a relatively quieter market entry. The stock debuted at ₹430 per share, marking a substantial 35.6% increase from the issue price. Senco Gold’s ₹405-crore initial public offering (IPO) garnered an impressive response during the three-day bidding process, with an overall subscription of 77.25 times.

• Listing Date: July 14, 2023
• Issue Price: ₹317 per share
• Current Market Price: ₹725 per share
• Return: 128%

7. IdeaForge

The 3-idiots fame drone company created waves when it launched its IPO earlier this year. The IdeaForge Technology IPO witnessed an exceptional oversubscription of 106.06 times. Ideaforge shares were listed at ₹1,300 on the NSE, over 90% from its issue price of ₹672. 

• Listing Date: July 7, 2023
• Issue Price: ₹672/share
• Current Market Price: ₹827 per share
• Return: Around 25%

8. JSW Infrastructure

The JSW Group’s first IPO in the last 13 years garnered significant investor interest. The ₹2,800-crore issue, open for subscription from September 25 to 27, saw a robust response, with the total subscription reaching an impressive 37.37 times. However, compared to others on the list the listing was a little lacklustre. The JSW Infrastructure stock was listed at ₹143 a 20% premium over its issue price of ₹119 per share. However, since then, the stock has nearly doubled investor’s money.

• Listing Date: October 3, 2023
• Issue Price: ₹119 per share
• Current Market Price: ₹218 per share
• Return: 94%

9. Aeroflex India

Aeroflex Industries made a blockbuster debut on Dalal Street. The Ashish Kacholia-backed stock is listed at ₹197.40, reflecting an impressive premium of 83% over its issue price of ₹108. The ₹351-crore IPO of Aeroflex Industries witnessed an exceptional subscription rate, reaching an impressive 97.11 times, indicating significant demand and confidence from investors. However, the stock has been subdued since listing and has lost a lot of the listing day gains.

• Listing Date: August 31, 2023
• Issue Price: ₹108 per share
• Current Market Price: ₹148 per share
• Return: 37%

10. Utkarsh Small Finance Bank

The listing of Utkarsh Small Finance Bank marked a substantial premium over its IPO price, as the stock opened at ₹40. This represents a 60% increase from its IPO price of ₹25.

The overwhelming response to Utkarsh SFB’s IPO was evident in the strong demand from all categories of investors. The IPO received bids for a staggering 1,228 crore shares against the 12.05 crore shares on offer. With a size of ₹500 crore, the IPO was subscribed 110 times.

• Listing Date: July 21, 2023
• Issue Price: ₹25 per share
• Current Market Price: ₹52 per share
• Return: 106%

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