More than half of the companies that made their stock market debut this year have given positive returns and are trading well above their issue price.
As many as 11 companies out of the total 18 that got listed this year are trading above their issue price, an analysis of the performance of the newly-listed firms showed.
This year, 18 companies that have so far launched IPOs have collectively raised nearly Rs 11,000 crore, making it the best in four years in terms of fund raising through initial share sale programmes.
The firms that are quoting above their issue price are SH Kelkar and Company, InterGlobe Aviation, Prabhat Dairy, Shree Pushkar Chemicals and Fertilisers, Navkar Corporation, Syngene International, Manpasand Beverages, PNC Infratech, VRL Logistics, Inox Wind and Ortel Communications.
Fragrance maker S H Kelkar and Co made a remarkable debut at the bourses earlier this month, surging more than 15 per cent over the issue price of Rs. 180 per share. The stock is currently trading at Rs. 218.10, reflecting a gain of 21.16 per cent against the issue price.
Similarly, shares of IndiGo’s parent InterGlobe Aviation made a spectacular debut on bourses on November 10, surging nearly 15 per cent, over the issue price of Rs. 765 per share. It is now quoting at Rs. 1,086, a steep rise of 41.96 per cent.
Syngene International, the research arm of biotechnology major Biocon, gave a positive return of 46 per cent at Rs. 365.10 compared with the issue price of Rs. 250.