From Coal India To IRCTC: These IPOs Saw Bumper Demand In 2010s

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

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

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

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

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

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

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

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.

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.