From Jubilant FoodWorks and Coal India in 2010 to IRCTC and Ujjivan Small Finance Bank in 2019, a number of companies have forayed into the Indian capital markets in the past 10 years. These companies’ IPOs or initial public offers saw blockbuster investor interest, with subscription ranging from five times to as high as 243 times. Out of these, at least eight companies received subscription of more than 100 times since July 2016: Quess Corp, Avenue Supermarts, Dixon Technologies, Capacit’e Infraprojects, MAS Financial Services, Astron Paper & Board Mills, IRCTC and Ujjivan Small Finance Bank, stock exchange data shows.
Here’s a brief description of some of the bumper IPOs of 2010s:
2010
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| Jubilant FoodWorks | Rs 135 to Rs 145 | 31 |
| United Bank of India | Rs 60 to Rs 66 | 33.377 |
| Persistent Systems | Rs 290 to Rs 310 | 93.6037 |
| Talwalkars Better Value Fitness | Rs 123 to Rs 128 | 28.387 |
| Engineers India | Rs 270 to Rs 290 | 13.36 |
| SKS Microfinance | Rs 850 to Rs 985 | 13.69 |
| Bajaj Corp | Rs 630 to Rs 660 | 19.29 |
| Gujarat Pipavav Port | Rs 42 to Rs 48 | 19.94 |
| VA Tech Wabagh | Rs 1,230 to Rs 1,310 | 36.22 |
| Ashoka Buildcon | Rs 297 to Rs 324 | 15.94 |
| Oberoi Realty | Rs 253 to Rs 260 | 12.13 |
| Coal India | Rs 225 to Rs 245 | 15.14 |
| Power Grid Corporation | Rs 85 to Rs 90 | 14.88 |
| MOIL | Rs 340 to Rs 375 | 56.43 |
| Punjab & Sind Bank | Rs 113 to Rs 120 | 50.75 |
The year 2010 started with the Rs 329-crore IPO of fast food chain operator Jubilant FoodWorks which was subscribed more than 31 times. The company, which runs the Dominos Pizza chain in the country, offered shares in the range of Rs 135-145 in the IPO.
In the following October, the Rs 15,200-crore public offer of state-run mining behemoth Coal India was subscribed more than 15 times. At the time, Kolkata-based Coal India accounted for nearly 80 per cent of coal output in the country.
2011
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| Lovable Lingerie | Rs 195 to Rs 205 | 35.21 |
| Muthoot Finance | Rs 160 to Rs 175 | 24.55 |
Lovable Lingerie’s IPO worth Rs 93 crore was subscribed more than 35 times in March 2011. The Rs 901-crore IPO of Muthoot Finance the next month saw subscription of nearly 25 times.
2012
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| Multi Commodity Exchange of India | Rs 860 to Rs 1,032 | 54.13 |
| Credit Analysis and Research | Rs 700 to Rs 750 | 40.98 |
| PC Jeweller | Rs 125 to Rs 135 | 6.85 |
The public offer of Multi Commodity Exchange (MCX) in February 2012 received bids more than 54 times the 64.27 lakh shares on offer. In the same year, the Rs 609-crore IPO of PC Jeweller was subscribed nearly seven times.
2013
In May 2013, local search engine Just Dial’s IPO to raise Rs 950 crore was subscribed 11.63 times. Shares were sold in the price range of Rs 470-Rs 543.
2014
The IPO of amusement park operator Wonderla Holidays in April 2014 was subscribed more than 38 times. In the Wonderla IPO, shares were priced between Rs 115 and Rs 125.
2015
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| Inox Wind | Rs 315 to Rs 325 | 18.6 |
| VRL Logistics | Rs 195 to Rs 205 | 74.26 |
| Syngene International | Rs 240 to Rs 250 | 32.05 |
| InterGlobe Aviation | Rs 700 to Rs 765 | 6.15 |
| S H Kelkar and Company | Rs 173 to Rs 180 | 27.08 |
| Dr. Lal PathLabs | Rs 540 to Rs 550 | 33.41 |
| Alkem Laboratories | Rs 1,020 to Rs 1,050 | 44.29 |
| Narayana Hrudayalaya | Rs 245 to Rs 250 | 8.7 |
Three major IPOs launched in 2015 by Inox Wind (Rs 1,021 crore), Alkem Laboratories (Rs 1,350 crore) and Dr Lal PathLabs (Rs 638 crore) were subscribed more than 74 times, 44 times and 33 times respectively.
In the same year, the IPO of Biocon subsidiary Syngene International to raise Rs 550 crore was subscribed 32 times.
2016
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| TeamLease Services | Rs 785 to Rs 850 | 66.02 |
| Quick Heal Technologies | Rs 311 to Rs 321 | 10.8 |
| Equitas Holdings | Rs 109 to Rs 110 | 17.21 |
| Thyrocare Technologies | Rs 420 to Rs 446 | 73.55 |
| Ujjivan Financial Services | Rs 207 to Rs 210 | 40.68 |
| Mahanagar Gas | Rs 380 to Rs 421 | 64.54 |
| Quess Corp | Rs 310 to Rs 317 | 144.5 |
| Larsen & Toubro Infotech | Rs 705 to Rs 710 | 11.69 |
| Dilip Buildcon | Rs 214 to Rs 219 | 20.95 |
| S.P. Apparels | Rs 258 to Rs 268 | 20.95 |
| RBL Bank | Rs 224 to Rs 225 | 69.62 |
| ICICI Prudential Life Insurance Company | Rs 300 to Rs 334 | 10.48 |
| Endurance Technologies | Rs 467 to Rs 472 | 43.84 |
| PNB Housing Finance | Rs 750 to Rs 775 | 29.55 |
| Laurus Labs | Rs 426 to Rs 428 | 4.57 |
Business services provider Quess Corp’s Rs 400-crore IPO in July 2016 was subscribed nearly 145 times.
Other hit IPOs that year included Thyrocare Technologies, RBL Bank, TeamLease Services and Mahanagar Gas which saw subscription of at least 65 times each.
2017
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| BSE | Rs 805 to Rs 806 | 51.22 |
| Music Broadcast | Rs 324 to Rs 333 | 39.67 |
| Avenue Supermarts | Rs 295 to Rs 299 | 104.59 |
| AU Small Finance Bank | Rs 355 to Rs 358 | 53.6 |
| Cochin Shipyard | Rs 424 to Rs 432 | 76.19 |
| Dixon Technologies (India) | Rs 1,760 to Rs 1,766 | 117.83 |
| Capacit’e Infraprojects | Rs 245 to Rs 250 | 183.03 |
| Prataap Snacks | Rs 930 to Rs 938 | 47.39 |
| Godrej Agrovet | Rs 450 to Rs 460 | 95.41 |
| MAS Financial Services | Rs 456 to Rs 459 | 128.39 |
| Reliance Nippon Life Asset Management | Rs 247 to Rs 252 | 81.54 |
| Mahindra Logistics | Rs 425 to Rs 429 | 7.9 |
| HDFC Standard Life Insurance Company | Rs 275 to Rs 290 | 4.9 |
| Astron Paper & Board Mills | Rs 45 to Rs 50 | 243.29 |
The IPO of Astron Paper & Board Mills in 2017 to raise Rs 70 crore was subscribed 243 times. Ahmedabad-based Astron Paper was followed by Capacit’e Infraprojects (size: Rs 400 crore; subscribed 183 times), MAS Financial Services (Rs 227 crore; 128 times), Dixon Technologies (Rs 600 crore; 118 times) and Avenue Supermarts (Rs 1,870 crore; 105 times).
2018
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| Newgen Software Technologies | Rs 240 to Rs 245 | 8.25 |
| Bandhan Bank | Rs 370 to Rs 375 | 14.63 |
| RITES | Rs 180 to Rs 185 | 67.24 |
| HDFC Asset Management Company | Rs 1,095 to Rs 1,100 | 83.06 |
HDFC AMC’s mega Rs 2,800-crore IPO in 2018 received strong investor interest with a subscription of 83 times.
2019
Mumbai-based diagnostics company Metropolis Healthcare’s IPO to raise Rs 1,200 crore was subscribed nearly six times in January 2019.
| Company | Issue Price | Subscription (X Times) |
|---|---|---|
| Metropolis Healthcare | Rs 877 to Rs 880 | 5.84 |
| Polycab India | Rs 533 to Rs 538 | 51.96 |
| Neogen Chemicals | Rs 212 to Rs 215 | 41.18 |
| IndiaMART InterMESH | Rs 970 to Rs 973 | 36.21 |
| Affle India | Rs 740 to Rs 745 | 86.49 |
| Indian Railway Catering and Tourism Corporation (IRCTC) | Rs 315 to Rs 320 | 111.95 |
| CSB Bank | Rs 193 to Rs 195 | 86.93 |
| Ujjivan Small Finance Bank | Rs 36 to Rs 37 | 165.68 |
Launched in September 2019, the IPO of IRCTC – the catering and online ticketing arm of state-run Indian Railways – to raise Rs 645 crore was subscribed 112 times with bids worth a whopping Rs 72,000 crore.
Source: NDTV Profit
