Top 10 Most Subscribed Mainboard IPOs In 2024 And Their Listing Day Performance

The IPO frenzy of 2024 has revealed its heavyweights. Among them, Le Travenues Technology Ltd., the parent company of the popular online travel agency Ixigo, secured the tenth spot in the rankings in terms of overall subscription after the bidding for the IPO ended on June 12. The oversubscription also signalled a strong investor appetite for the travel-tech sector. Shares of Le Travenues Technology Limited debuted on the bourses on Tuesday, June 18.

The company's IPO aims to raise Rs 740.1 crore, blending a fresh issue of 1.29 crore shares valued at Rs 120 crore with an offer for sale of 6.67 crore shares amounting to Rs 620.1 crore. With a price band ranging between Rs 88 per share and Rs 93 per share, Ixigo's IPO was subscribed 98.34 times.

In terms of overall subscription, the top spot was clinched by Vibhor Steel Tubes, boasting a staggering subscription rate of 298.86 times, followed closely by BSL E-Services and Mukka Proteins, with subscription rates of 162.47 and 136.99 times, respectively.

Followed by SRM Contractors which was subscribed 130.2 times, Exicom Tele-Systems subscribed 129.54 times, Kronox Lab Sciences subscribed 118.22 times, Nova Agritech, Awfis Space Solutions, Platinum Industries and Le Travenues Technology were subscribed 109.37, 108.56, 99.03 and 98.34 times respectively.

1. Vibhor Steel Tubes Limited

Shares of Vibhor Steel Tubes were listed on February 20 at a premium of 181% to the IPO issue price. The stock opened at Rs 425 against the IPO price of Rs 151 per share on the National Stock Exchange and Rs 421 per share on the BSE, a premium of 178% over its IPO price. It jumped as much as 193.70% to Rs 443.50 apiece in early trade. The shares ended at a premium of 192.72% over the IPO price and gained 4.99% from its listing price to end at Rs 442 apiece.

2. BSL E-Services Limited

Shares of BLS E-Services made a bumper debut, listing at a 128.9% premium over the IPO price, on February 6. The stock opened at Rs 305 on the NSE (up 125.9%) and at Rs 309 on the BSE (up 128.9%) against an issue price of Rs 135. BLS E-Services shares gained as much as 158% to hit a high of Rs 348.40 on the NSE, and Rs 347.90 on BSE.

3. Mukka Proteins Limited

The shares of Mukka Proteins debuted on the exchanges on March 7 with a premium of 57%. The stock listed on BSE at Rs 44 as against an issue price of Rs 28. Meanwhile, the stock listed on the NSE at Rs 40, up 43%. The shares ended at Rs 42.25, a premium of 50.9% over the IPO price of Rs 28 per share on NSE on the same day.

4. SRM Contractors Limited

Grabbing the fourth spot SRM Contractors debuted on the BSE at Rs 225, marking a 7% premium over the issue price on April 3. The company had set the price band for its equity shares at Rs 200 to Rs 210. Meanwhile, its listing on the NSE commenced at Rs 215.25, reflecting a 2.5% premium. SRM Contractors Ltd. shares ended at Rs 236.20 apiece on the BSE, a premium of 12.4% over its IPO price of Rs 210 per share. On the National Stock Exchange, the scrip ended at Rs 226, a premium of 7.6%.

5. Exicon Tele-Systems Limited

Exicom Tele-Systems IPO witnessed a solid debut on the bourses as the shares were listed at Rs 265 apiece on the NSE on March 5. On the BSE, the stock debuted at Rs 264, an 85.92% premium. The IPO for Exicom Tele-Systems opened at a price band of Rs 142 per share. Shares of Exicom Tele-Systems Ltd. ended on the BSE at Rs 225.6 per share, a premium of 58.9% over the IPO price of Rs 142 apiece. On the National Stock Exchange, the shares ended at Rs 228.4 apiece, a premium of 60%.

6. Kronox Lab Sciences Limited

On June 10, Kronox Lab Sciences made a robust debut on the bourses. The stock listed at a premium of 21% over the issue price of Rs 136 per share. Shares of Kronox Lab Sciences Ltd. closed 17.65% higher on the BSE at 160 per share. It closed 17.57% higher at 159.90 on the National Stock Exchange.

7. Nova Agritech Limited

Shares Nova Agritech Ltd. listed at Rs 56 apiece on the Bombay Stock Exchange, a premium of 36.6% over the IPO price of Rs 41 per share. On NSE the stock debuted at Rs 55 apiece, a 34.20% premium. The stock closed at Rs 57 on BSE with 39% listing gains on its debut day on January 31.

8. Awfis Space Solutions Limited

Shares of Awfis Space Solutions Limited shares listed with strong gains at bourses on May 30 at Rs 435, commanding a premium of 13.5% over the issue price of Rs 383. Shares of the office space provider closed at Rs 416.1 apiece on the BSE, a premium of 8.64%. On the National Stock Exchange, the stock ended at Rs 415.95 per share, an 8% premium to the issue price.

9. Platinum Industries Limited

Shares of Platinum Industries made a positive debut on the bourses on March 5. On NSE, it opened at Rs 225 per share, 31.58% higher than the issue price of Rs 171. On BSE, the stock opened at Rs 228 apiece, up 33.33% than the issue price. Shares of Platinum Industries Ltd. ended on the BSE at Rs 220.9 per share, a premium of 29.18% over the IPO price. On the National Stock Exchange, the stock ended at Rs 221.5 apiece, a premium of 29.5%.

10. Le Travenues Technology Limited (ixigo)

Shares of Le Travenues Technology, the parent company of travel aggregator Ixigo made an impressive debut on the bourses on June 18. On NSE, it opened at Rs 138.10 per share, 48.49% higher than the issue price of Rs 93. On BSE, the stock opened at Rs 135 apiece, up 45.16% than the issue price. Shares of Ixigo ended on the BSE at Rs 161.99 per share, a premium of 20% over the IPO price. On the National Stock Exchange, the stock ended at Rs 165.72 apiece.

In 2024, thus far, 30 companies have collectively raised Rs 27,780 crore, a notable figure when compared to the Rs 49,400 crore raised by 58 companies throughout the entirety of 2023.

This year has seen a trend where the demand for shares surpasses the number of shares offered in an issue, leading to oversubscription. Oversubscribed issues are typically viewed as successful, often resulting in premium listings due to the substantial demand they attract.

It's important to note the inverse relationship between IPO subscription status and allotment. Higher subscription levels decrease the likelihood of allotment, while lower subscription levels increase the chances of allocation.