The financial year 2024 witnessed significant increase in the number of IPOs in the primary market compared to FY23. The strong demand for shares was fueled by the rise in domestic investors in an overall bullish market. Most of the IPOs in the fiscal year 2024 had substantial subscriptions and positive market movements during their listing days. The S&P BSE IPO index in FY24 surged 69%.
In the fiscal year 2024, investors received multibagger returns from 13 stocks out of 78 IPOs listed in FY24, which include Indian Renewable Energy Development Agency Ltd (IREDA), Signatureglobal (India) Ltd, Netweb Technologies India Ltd, Motisons Jewelers Ltd, Cyient DLM Ltd, Azad Engineering Ltd, Senco Gold Ltd, Mankind Pharma Ltd, JSW Infrastructure Ltd, Concord Biotech Ltd, Tata Technologies Ltd, Jyoti CNC Automation Ltd, and BLS E-Services Ltd.
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Following Life Insurance Corporation (LIC), IREDA is the second public sector undertaking (PSU) to enter the primary market. From its IPO price of ₹32 in FY24, the share price of IREDA increased by 324.7%.
The ₹2,150.21 crore IREDA IPO consisted of a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares. The stock has been soaring since its listing, and it is off to a great start for the next fiscal year 2025.
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