IPOs of 2024: India’s top stock market performers

In 2024, several companies in India made their debut in the secondary market, with their initial public offerings (IPOs) attracting investor attention thanks to their impressive performances. Data available from ACE Equity shows that 10 IPOs have gained up to 240% since their listing. Here is how some major IPOs, which listed in 2024, have performed since their market debut:

Jyoti CNC Automation, this capital goods sector stock is the top performer. The company listed its IPO on January 16, 2024, with a price of Rs 372. By August 27, 2024, the stock had soared to Rs 1,278.35, giving it a market cap of Rs 29,073 crore. This remarkable rise represented a return of 244% since its listing.

In the automobile sector, OLA Electric Mobility also made headlines. The company’s IPO was listed at Rs 76 on August 9, 2024. By the end of August, the stock price had climbed to Rs 127.48, translating to a 68% increase. The company's market cap reached Rs 56,229 crore, highlighting strong investor confidence.

Bharti Hexacom, a major player in telecom, went public on April 12, 2024. The IPO was listed at Rs 755, and by August 27, 2024, the stock had risen to Rs 1,182. This increase of 57% gave Bharti Hexacom a market cap of Rs 59,115 crore.

In the insurance sector, Go Digit General Insurance had a successful run. Its IPO, priced at Rs 281 on May 23, 2024, had risen to Rs 367 by the end of August. This represented a 31% return, with the company reaching a market cap of Rs 33,809 crore.

Medi Assist Healthcare Services, listed on January 23, 2024, had an IPO listing price of Rs 465. By August 27, 2024, its stock price was Rs 607, showing a 30.5% increase and bringing its market cap to Rs 4,268 crore.

Aadhar Housing Finance, which went public on May 15, 2024, saw its stock price rise from Rs 315 to Rs 397, a gain of 26.4%. The company had a market cap of Rs 17,055 crore.

TBO Tek, a hospitality company, listed its IPO on May 15, 2024, at Rs 1380. By August 27, the stock had increased to Rs 1,734.85, reflecting a 25.7% surge and a market cap of Rs 18,838 crore.

Akums Drugs & Pharmaceuticals had its IPO listed on August 6, 2024, priced at Rs 725. The stock price had risen to Rs 856.50, marking an 18% increase. The company’s latest market cap was Rs 13,481 crore.

EPACK Durable, which went public on January 30, 2024, saw its stock price grow from Rs 225 to Rs 258.55, a 15% gain, with a market cap of Rs 2,481.25 crore as of 27 August.

Lastly, Allied Blenders and Distillers had its IPO listed on July 2, 2024. The stock price increased from Rs 318 to Rs 348.20, representing a 10% return. The company’s market cap was Rs 9,740 crore.

These companies highlighted the dynamism of the Indian IPO market in 2024, offering investors significant returns and showcasing the vibrant economic landscape.