Rs
India Strategy
India Strategy | Earnings drought ending, finally!
December 2024
Resilience fuels fundraising momentum!
Gautam Duggad – Research Analyst
(Gautam.Duggad@MotilalOswal.com)
Research Analyst: Deven Mistry
(Deven@MotilalOswal.com) |
Aanshul Agarawal
(Aanshul.Agarawal@Motilaloswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
April 2021
 Motilal Oswal Financial Services
December 2024
India Strategy
BSE Sensex:
79,218
Equity issuances surged ~2.6x
INR b
Nifty-50: 23,952
Resilience fuels fundraising momentum!
A blockbuster year
–
multiple sectors jump on the IPO bandwagon
CY23
CY24YTD
The Indian IPO market has experienced an impressive year, with equity issuances
across various categories increasing by ~2.6x compared to the previous year. This
remarkable growth can largely be attributed to the evolving nature of Indian equities,
which are introducing new dimensions in the investment landscape, accompanied by
robust fund inflows.
In CY24, the Indian markets demonstrated remarkable resilience and strength amid
weak global macros, high interest rates, and geopolitical uncertainties that kept global
markets volatile and jittery. The benchmark index (Nifty-50) surpassed the milestone
of 26k in Sep’24, reflecting ~12% rise in CY24YTD (vs. 20% increase in CY23).
The past 12 months have witnessed IPOs from companies across a diverse range of
sectors, rather than being limited to a select few or emerging sectors, as has been the
case in previous years. This diversification is, in our opinion, a positive indicator for the
Indian capital markets, as it provides investors with various opportunities to engage
with India's growth narrative.
In this report, we conduct a comprehensive analysis of this year’s issuances as well as
the trends observed over the past decade.
Highest-ever fundraising through IPOs
Largest IPO in Indian
history (Hyundai
Motor: INR279b)
37% companies
debuted with more
than 50% premium
CY24 has been a blockbuster year for the Indian primary market, with INR1.8t
raised through more than 317 IPOs to date – an all-time high that surpasses the
previous record of INR1.3t set in CY21 and far exceeds last year's total of INR576b.
The contribution of new listings through IPOs to the Indian market capitalization
witnessed an uptick of 2.9% vs. 1.4% in CY23. However, it still lags far behind the
highs recorded in CY17 (+3.7%) and CY21 (+3.4%).
During CY24, 81 of 317 IPOs were on the main board, while 236 IPOs happened
through SMEs. The capital raised through SME IPOs amounted to INR92b vs.
INR49b collected in the previous year. Notably, the contribution of SMEs to total
IPOs was low at 5.3% in CY24, compared to 8.6% in CY23.
We categorized the stocks based on market capitalization into large-cap, mid-cap,
and small-cap segments for the capital raised through IPOs (above INR85k – large-
cap; INR25-85k – mid-cap; below INR25k – small-cap companies). Notably, the
capital raised by large-cap companies amounted to INR601b (34% of total; raised by
just five companies); mid-cap companies raised INR490b (28%, from nine
companies), and small-cap companies raised INR666b (38%, from 303 companies).
The year marked the largest IPO in India, with Hyundai Motor issuing shares
worth INR278.6b in Oct’24. This surpassed the previous record set by LIC, which
raised INR205.6b in May’22, followed by One 97 Communications with INR183b
in Nov’21, and Coal India, which raised INR152b way back in Oct’10. Further, the
year also saw the largest FPO ever, with Vodafone Idea raising INR180b in
Apr’24. This was preceded by Yes Bank's FPO of INR150b in Jul’20 and ONGC's
issue of INR106.9b back in Mar’04.
Interestingly, the IPOs were not concentrated but were instead spread across a
broad spectrum of sectors, with companies from 23 different sectors raising
funds through IPOs this year.
Over the years, the sectoral representation of new offerings has experienced a
significant transformation in alignment with changes in the underlying economy.
2
December 2024
 Motilal Oswal Financial Services
India Strategy | Fundraising
84 stocks trading at
over 100% premium to
their offer prices
New sectors have emerged, while some of the previously dominant sectors have
diminished in relative importance in new India. We present a detailed overview
of the 10-year issuance in Exhibit 17.
Automobiles, Telecom, Retail, Capital Goods, and e-Commerce sectors
dominated CY24 in terms of new listings, accounting for 59% of the total issue
size from 83 companies. Conversely, 90% of the issuances were concentrated in
just three sectors in CY20 – BFSI, Healthcare, and Real Estate. CY21 was mostly
driven by E-Commerce, while CY16 and CY17 were dominated by Insurance.
In total, 43% of the funds raised through new offerings were attributed to just
five companies – Hyundai Motor (INR278.6b), Vodafone Idea (INR180b), Swiggy
(INR113.3b), NTPC Green (INR100b), and Vishal Mega Mart (INR80b).
IPO oversubscription at ~26.6x during CY24YTD
Issues with more than
30x subscription levels
have fared well on the
day of listing
On an aggregate basis, IPOs have been oversubscribed by ~26.6x, attracting a
subscription of INR46.7t vs. the offer size of INR1.8t. Notably, this ratio is the
second highest in the decade, trailing only the high attained in CY23 (at 29.9%).
Notably, main-board IPOs experienced an oversubscription of 18.9x vs. SME
oversubscription of 165.3x. In addition, large-cap, mid-cap, and small-caps
witnessed an oversubscription of 11.4x, 14.9x, and 48.8x, respectively.
Sectors that experienced significant subscription levels against their offer sizes
included Capital Goods (INR9,004b vs. offer size of INR149b), NBFCs (INR5,660b
vs. offer size of INR110b), Healthcare (INR4,732b vs. offer size of INR103b),
Retail (INR3,371b vs. offer size of INR165b), E-commerce (INR3,076b vs. offer
size of INR144b), and Metals (INR2,394b vs. offer size of INR26b – refer to
Exhibit 5.
151 IPOs received an overwhelming response, with more than
100x
oversubscription, of which 141 were from the SME space.
Of the top 20 companies by size, five experienced a response of more than 50x
oversubscription, while two witnessed a response of less than 2x.
Performance against offer price
(no. of companies)
Gain / loss
range (%)
>100
50-100
25-50
0-25
Negative
Total
Main-
board
11
17
17
9
24
78
SME
73
40
23
35
63
234
The Sparks and the Blips of the IPO juggernaut
Performance on the listing day
(no. of companies)
Gain / loss
range (%)
>100
50-100
25-50
0-25
Negative
Total
Main-
board
4
10
19
27
18
78
SME
28
74
45
65
22
234
Note: Five companies are yet to
be listed
Among the 78 main-board IPOs listed so far, 54 (69%) are trading at a premium to
their offer prices, with 11 of them trading at a premium of over 100% from their
offer prices.
Of the top 20 companies by issue size, 16 are trading above their offer prices.
Premier Energies leads with a remarkable increase of 194% from its offer price,
followed by Bharti Hexacom (+155%), Waaree Energies (+106%), Bajaj Housing
(+84%), and Swiggy (+50%).
Within top 20, the leading debut performers were Bajaj Housing (+136%),
Premier Energies (+87%), Waaree Energies (+55%), Brainbees Solutions (+46%),
and Bharti Hexacom (+43%).
Notably, only three companies in the top 20 – ACME Solar (-12%), Hyundai
Motor (-7%), and Sagility India (-2%) – have debuted with a decline from their
offer prices.
Four of the 78 main-board IPOs debuted with a premium of more than 100%,
while 18 debuted with a discount to their offer prices.
Conversely, 28 of 231 SME IPOs debuted with a premium exceeding 100%, while
22 debuted at a discount to their offer prices.
3
December 2024
 Motilal Oswal Financial Services
India Strategy | Fundraising
SME IPOs have outperformed since their listing.
The aggregate market
capitalization of all SMEs has increased by 31% from the listing day, while Main-
Boards have risen by 10%. Similarly, small-cap stocks have outperformed, rising
by 15% since their listing, compared to large-cap and mid-cap stocks, which
have increased by 6% and 14%, respectively.
Sector wise,
70% of the sectors are trading above their listing day prices. Consumer
Durables (+77%), Logistics (+57%), Capital Goods (+51%), Chemicals (+35%), and
Metals (+32%) are the top performers. In contrast, Oil & Gas (-29%), NBFCs (-17%),
Hotels (-9%), Retail (-8%), and Private Banks (-6%) are the key laggards.
Top QIP issuances in CY24YTD
Amount raised (INR b)
85 85 84
75
60
50 50 50 49
42
QIPs showing a healthy pickup; funds raised via QIPs at an all-time high
QIPs have surged, with capital raised through 91 QIPs reaching a record high of
INR1,292b (2.5x of CY23) so far this year (previous year: 43 QIPs). This figure has
surpassed the previous year's total of INR523b, and marks the highest amount
to date, exceeding the previous peak of INR805b in CY20.
The year was dominated by the Real Estate, Utilities, Automobiles, Metals, and
PSU Banks sectors, which collectively accounted for 57% of the total QIP
issuances thus far.
The top 10 companies contributed 49% (INR630b) of the total QIP raised so far in
CY24YTD. The leading issuances for CY24YTD include: Vedanta (INR85b), Zomato
(INR85b), Adani Energy Solution (INR84b), Varun Beverages (INR75b), Godrej
Properties (INR60b), PNB (INR50b), Prestige Estates (INR50b), JSW Energy
(INR50b), Samvardhana Motherson (INR49b), and Adani Enterprises (INR42b).
Of the 91 issues, six have delivered returns exceeding 100% over their issue
prices. The top performers were Shakti Pumps (+380%), Wockhardt (+186%),
Anant Raj (+171%), eMudhra (+133%), and Ganesha Ecosphere (+127%).
More than two-thirds of the stocks have delivered positive returns against their
issue prices.
Currently, 26 stocks are trading at a discount to their issue prices. The top
underperformers include: Vikas Lifecare (-32%), Valor Estate (-30%), Zodiac
Energy (-18%), Adani Energy (-17%), and Jupiter Wagons (-17%).
About 71% of the OFS accounted for by private owned enterprises
Top OFS issuances in CY24YTD
Amount raised (INR b)
89.2
68.5
25.5 23.2 20.6
Offers for Sale (OFS), which indicate a dilution of promoters’ holdings, have jumped
to INR304b in CY24YTD from INR189b last year. This surge was mainly led by a stake
sale valued at INR215b (~71% of the overall amount) by private firms.
The largest OFS was that of GE Vernova T&D (INR89.2b), followed by Hindustan Zinc
(INR68.5b), GIC of India (INR25.5b), NHPC (INR23.2b), and NLC India (INR20.6b).
Of the 23 issues, 16 have delivered positive returns against their issue prices.
Among the top 10 issues by size, eight have delivered positive returns, while two
is trading at a discount to its issue price.
The leading positive performers include: Velan Hotels (+159%), Diamond Power
(+91%), Aditya Birla Sun Life AMC (+85%), Sical Logistics (+50%), and GE Vernova
T&D (+40%). Conversely, stocks trading at a discount to their issue prices are:
Dhatre Udyog (-40%), Sanghi Industries (-15%), Route Mobile (-13%), Andhra
Cements (-7%), Bartronics India (-6%), Equippp Social (-3%), and Hindustan Zinc
(-1%).
December 2024
4
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit data are sourced from
Capitaline, the stock exchanges,
and the MOFSL database – Prices
th
as of 17 Dec 2024.
th
All Issues until 13 Dec’24 are
considered for generating this
report.
Expect the equity issuance momentum to sustain
We expect the fundraising momentum to continue moving forward, as India
possesses a remarkably resilient macroeconomic landscape that has withstood
various challenges.
The blazing growth of Indian markets, along with wider participation from
multiple sectors and smaller companies, as well as a wave of new issuances
across sectors, has effectively quelled the traditional concerns about market
size, depth, and diversity. This evolution has paved the way for diverse
investment opportunities across the market spectrum and its sub-sectors.
Insightful trends
Looking Back: A Decade in Issuance
2023
A relatively good
year for equity
Contribution of
2020
2020
A lackluster year
issuances; QIPs
new listings via IPOs
54% of total capital
for IPOs, QIPs
took center
to the Indian
raised was done
dominated with
2024
stage
market cap at a
through QIPs
83% of the total
An unprecedented
record high
issuance
year for IPOs
2015
2018
2018
of 3.7%
2021
(INR1.8t) - Hyundai
More than 50% of
Private Financials
A year of previous
marking the largest
the total IPOs
dominated the IPO
record of INR1.3t of
ever IPO
were dominated
size with over 46%
IPOs, driven by e-
in India
by Logistics and
contribution
commerce
Healthcare
2022
2014
2017
2016
2019
BFSI accounted for
the lion’s share in
fundraising
Of the total fund
raised, only 22%
was contributed by
IPOs
LIC previously held
the record for the
largest IPO
Exhibit 1:
Fund mobilization – public markets (INR b)
Year
IPOs
FPOs
CY14
15
5
CY15
139
0
CY16
270
0
CY17
760
0
CY18
335
0
CY19
178
0
CY20
313
150
CY21
1,314
0
CY22
613
43
CY23
576
0
CY24YTD
1,575
182
IPOs + FPOs
20
139
271
760
335
178
463
1,314
656
576
1,757
OFS
47
355
125
193
132
264
215
240
112
189
304
QIPs
321
189
48
587
165
352
805
420
117
523
1,292
Total Equity
388
683
443
1,540
632
794
1,483
1,974
886
1,289
3,353
December 2024
5
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 2: Trend in contribution to total fundraising (%) – QIPs’ share remained strong at ~40% for the last two years
IPOs + FPOs
OFS
QIPs
21
44
21
15
54
12
13
13
41
11
28
83
52
61
12
5
CY14
20
CY15
CY16
CY17
CY18
49
53
22
CY19
31
CY20
CY21
CY22
38
13
28
26
39
9
52
33
14
67
74
45
CY23
CY24YTD
Exhibit 3:
Trend in equity raising through IPO and FPOs (INR b)
IPOs
FPOs
No of companies
242
169
49
63
94
166
121
68
760
5
15
CY14
139
CY15
270
CY16
CY17
335
CY18
178
CY19
47
1,314
150
313
CY20
CY21
CY22
CY23
CY24YTD
43
613
576
151
317
182
1,575
Exhibit 4:
Contribution of various categories of IPOs by issue size in CY24YTD – large-cap contributed ~34%
SME, 5.3
Small Cap,
37.9
Large Cap,
34.2
Mid Cap,
27.9
Main-
Board, 94.7
Exhibit 5:
Top sectors that experienced massive subscription against their offer size
Actual Size (INRb)
9,004
60.4x
51.5x
5,660
4,732
46.0x
20.4x
Subscription amount (INRb)
3,371
21.3x
3,076
93.9x
2,394
5.4x
355
26
Metals
1,906
1,643
1,539
15.1x
131.9x
50.4x
1,418
12
102
28
149
Capital Goods
110
NBFCs
103
Healthcare
165
Retail
144
E-Commerce
Automobiles Technology Infrastructure Consumer
December 2024
6
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 6:
Contribution of new listings (through IPOs) to Indian market cap rose to 2.9% from 1.4% in CY23
India Mkt Cap (INR t)
Contribution through new listing (%)
3.4
1.6
0.8
1.3
2.8
1.4
3.7
1.2
0.2
1.7
2.9
98
CY14
100
CY15
106
CY16
152
CY17
145
CY18
156
CY19
189
CY20
267
CY21
283
CY22
366
CY23
459
CY24
YTD
Exhibit 7:
Performance compared to the listing day – SME/small-cap IPOs have outperformed since their listing
31
77
57 51
35 32 26
20 20 20 17 16 14 14 11
3
3
2
-4 -5 -6 -8 -9 -17
-29
11
14
10
6
15
Exhibit 8: Funds raised via QIP at an all-time high
QIPs
No of companies
91
34
43
17
48
CY16
587
CY17
35
14
420
CY21
117
CY22
523
CY23
43
30
26
11
165
CY18
352
CY19
25
321
CY14
189
CY15
805
CY20
1,292
CY24YTD
Exhibit 9: OFS – 71% of the OFS accounted for by private owned enterprises
OFS
32
355
21
264
9
9
8
125
CY15
CY16
CY17
CY18
CY19
CY20
CY21
193
132
47
CY14
215
240
16
189
112
CY22
CY23
CY24YTD
30
26
21
No of companies
31
26
304
December 2024
7
 Motilal Oswal Financial Services
India Strategy | Fundraising
CY24 – an unprecedented year for IPOs; issuances driven by diverse sectors
CY24 has been a blockbuster year for the Indian primary market, with INR1.8t
raised through more than 317 IPOs to date – an all-time high that surpasses the
previous record of INR1.3t set in CY21 and far exceeds last year's total of INR576b.
The contribution of new listings through IPOs to the Indian market capitalization
witnessed an uptick of 2.9% vs. 1.4% in CY23. However, it still lags far behind the
highs recorded in CY17 (+3.7%) and CY21 (+3.4%).
During CY24, 81 of 317 IPOs were on the main board, while 236 IPOs happened
through SMEs. The capital raised through SME IPOs amounted to INR92b vs.
INR49b collected in the previous year. Notably, the contribution of SMEs to total
IPOs was low at 5.3% in CY24, compared to 8.6% in CY23.
The year marked the largest IPO in India, with Hyundai Motor issuing shares worth
INR278.6b in Oct’24. This surpassed the previous record set by LIC, which raised
INR205.6b in May’22, followed by One 97 Communications with INR183b in
Nov’21, and Coal India, which raised INR152b way back in Oct’10.
116 of the 312 IPOs listed so far (37%) debuted with more than 50% premium,
while 40 debuted with a discount to their offer prices.
225 of the listed 312 IPOs (72%) are trading at a premium to their offer prices.
Issues with over 30x subscription levels have fared well due to listing gains.
Exhibit 10:
Equity raising through IPO and FPOs (INR b)
IPOs
FPOs
No of companies
242
169
49
63
94
166
68
760
5
15
CY14
47
121
151
317
182
1,575
1,314
150
335
CY17
CY18
178
CY19
313
CY20
CY21
CY22
CY23
CY24YTD
43
613
576
139
CY15
270
CY16
Exhibit 11:
Fund mobilization – IPO markets (INR b) – contribution of SMEs low at 5.3%
INR b
Year
CY14
CY15
CY16
CY17
CY18
CY19
CY20
CY21
CY22
CY23
CY24YTD
IPOs + FPOs
20
139
271
760
335
178
463
1,314
656
576
1,757
Main-board
17
136
265
742
310
171
461
1306
636
527
1,665
SME
3
3
6
18
24
7
2
8
20
49
92
SME % to total IPOs + FPOs
15.8
1.9
2.1
2.3
7.2
3.8
0.4
0.6
3.0
8.6
5.3
49
63
94
169
166
68
47
121
151
242
317
Number of companies
Main-board
6
21
26
38
24
17
17
65
40
59
81
SME
43
42
68
131
142
51
30
56
111
183
236
SME % to
total
87.8
66.7
72.3
77.5
85.5
75.0
63.8
46.3
73.5
75.6
74.4
December 2024
8
 Motilal Oswal Financial Services
India Strategy | Fundraising
Quality of IPOs improves over the last few years
Interestingly, the IPOs were not concentrated but were instead spread across a
broad spectrum of sectors, with companies from 23 different sectors raising
funds through IPOs this year.
On an aggregate basis, IPOs have been oversubscribed by ~26.6x, attracting
subscription of INR46.7t vs. the offer size of INR1.8t. Notably, this ratio is the
second highest in the decade, trailing only the high attained in CY23 (at 29.9%).
Notably, main-board IPOs experienced an oversubscription of 18.9x vs. SME
oversubscription of 165.3x. In addition, large-cap, mid-cap, and small-caps
witnessed an oversubscription of 11.4x, 14.9x, and 48.8x, respectively.
Sectors that experienced significant subscription levels against their offer sizes
included: Capital Goods (INR9,004b vs. offer size of INR149b), NBFCs (INR5,660b
vs. offer size of INR110b), Healthcare (INR4,732b vs. offer size of INR103b),
Retail (INR3,371b vs. offer size of INR165b), E-commerce (INR3,076b vs. offer
size of INR144b), and Metals (INR2,394b vs. offer size of INR26b.
Automobiles, Telecom, Retail, Capital Goods, and e-Commerce sectors
dominated CY24 in terms of new listings, accounting for 59% of the total issue
size from 83 companies.
Exhibit 12:
Auto contributes 20% of the funds raised via IPO in CY24 – Hyundai leads
Sector
Automobiles
Telecom
Retail
Capital Goods
E-Commerce
NBFCs
Healthcare
Infrastructure
Utilities
Others
Insurance
Consumer
Hotels
Metals
Logistics
Technology
Chemicals
Banks - Private
Consumer Durables
Real Estate
Textiles
Media
Oil & Gas
Total
Main-Board
SME
Large Cap
Mid Cap
Small Cap
Size
(INR b)
355
224
165
149
144
110
103
102
100
85
60
28
28
26
19
12
11
11
11
8
3
2
1
1,757
1,665
92
601
490
666
No of
companies
18
3
14
40
8
12
15
18
1
73
3
14
4
18
10
20
12
2
8
6
11
6
1
317
81
236
5
9
303
Contribution Subscription
(%)
(INR b)
20.2
1,906
12.8
1,671
9.4
3,371
8.5
9,004
8.2
3,076
6.3
5,660
5.9
4,732
5.8
1,539
5.7
194
4.8
4,794
3.4
422
1.6
1,418
1.6
493
1.5
2,394
1.1
922
0.7
1,643
0.7
1,006
0.6
97
0.6
780
0.5
709
0.2
276
0.1
405
0.0
199
100.0
46,709
94.7
31,446
5.3
15,263
34.2
6,865
27.9
7,311
37.9
32,534
Times Over
Subscribed
5.4
7.5
20.4
60.4
21.3
51.5
46.0
15.1
1.9
56.3
7.0
50.4
17.8
93.9
48.5
131.9
87.8
8.9
73.8
84.0
91.6
199.6
387.7
26.6
18.9
165.3
11.4
14.9
48.8
December 2024
9
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 13:
Oversubscription trend vs. the issue size
Issue Size (INR b)
24.3
19.2
14.8
17.1
18.4
Times Over Subscribed
26.1
21.5
29.9
22.4
26.6
8.3
20
CY14
139
CY15
271
CY16
760
CY17
335
CY18
178
CY19
463
CY20
1,314
CY21
656
CY22
576
1,757
CY23 CY24YTD
Exhibit 14:
Top sectors reporting massive subscription against their offer sizes
Actual Size (INRb)
9,004
IPOs have been
oversubscribed by ~26.6x,
raising INR46.7t vs. the
offer size of INR1.8t,
contributed by…
5,660
4,732
3,371
3,076
2,394
1,906
1,643
1,539
1,418
Subscription amount (INRb)
149
110
103
165
144
26
355
12
102
28
Exhibit 15:
…large-caps that accounted for ~34% of the total
issuance in CY24YTD
Small Cap,
37.9
Large Cap,
34.2
Exhibit 16:
…SMEs that accounted for just 5.3% of the total
issuance in CY24YTD
SME, 5.3
Mid Cap,
27.9
Main-
Board, 94.7
Each economic cycle eyes new opportunities
Over the years, the sectoral representation of new offerings has experienced a
significant transformation in alignment with changes in the underlying economy.
New sectors have emerged, while some of the previously dominant sectors have
diminished in relative importance in new India.
Automobiles, Telecom, Retail, Capital Goods, and e-Commerce dominated CY24
in terms of new listings, forming 59% of the total issue size from 83 companies.
Conversely, 90% of the issuances were concentrated in just three sectors in
CY20 – BFSI, Healthcare, and Real Estate. CY21 was mostly driven by E-
Commerce, while CY16 and CY17 were dominated by Insurance. In CY19, 60% of
issuances were done by the Capital Goods, Real Estate, and Hotel sectors.
Notably, CY14 was dominated by four sectors – Capital Goods, Textiles,
Chemicals, and Media (78% of the total issue size).
10
December 2024
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 17:
Sectoral representation of new offerings has transformed notably
Sector
Automobiles
Banks - Private
Insurance
NBFCs
Capital Goods
Cement
Chemicals
Consumer
Consumer Durables
E-Commerce
Healthcare
Hotels
Infrastructure
Logistics
Media
Metals
Oil & Gas
Real Estate
Retail
Technology
Telecom
Textiles
Utilities
Others
Total
Issue Size (INR b)
CY14
CY15
0.1
CY16
6.3
4.5
22.4
22.5
1.4
0.2
7.0
1.9
10.8
0.0
2.4
0.0
0.1
0.4
3.8
0.1
0.3
11.2
0.0
1.0
3.6
100
271
CY17
0.1
2.5
57.1
7.9
2.1
0.1
2.3
0.8
0.0
3.0
7.5
2.0
1.3
0.1
1.0
2.9
0.3
1.0
0.1
3.0
4.6
100
760
Contribution (%)
CY18
CY19
CY20
7.8
0.0
0.0
13.4
6.5
33.5
32.9
18.6
4.9
0.7
2.0
0.0
3.1
3.1
2.9
0.4
0.1
0.9
0.0
0.3
0.4
1.4
0.1
3.8
0.1
3.1
100
335
6.7
24.0
0.7
0.1
0.1
3.9
7.0
9.2
3.0
3.9
0.0
0.1
26.7
0.5
2.8
0.5
4.2
100
178
33.1
1.0
1.8
1.2
0.0
14.0
0.2
0.0
0.0
0.1
9.8
1.7
2.9
0.0
0.7
100
463
CY21
6.4
1.4
4.9
9.1
1.5
3.8
6.7
1.3
0.3
27.9
6.7
0.8
CY22
1.3
1.2
31.3
7.7
2.2
18.4
2.9
3.4
0.1
6.0
0.0
0.1
8.0
0.0
0.7
1.1
7.1
2.4
0.1
0.0
5.7
100
656
CY23
4.1
1.7
11.2
8.9
0.5
1.2
2.7
1.6
16.3
2.4
1.2
6.6
0.4
1.4
1.9
7.6
5.1
9.0
0.1
0.2
16.0
100
576
CY24
20.2
0.6
3.4
6.3
8.5
0.7
1.6
0.6
8.2
5.9
1.6
5.8
1.1
0.1
1.5
0.0
0.5
9.4
0.7
12.8
0.2
5.7
4.8
100
1,757
3.1
25.4
17.4
0.4
9.5
4.2
5.5
0.1
22.7
0.0
9.4
29.4
8.4
1.2
0.2
8.4
0.0
0.1
0.5
100
139
9.8
15.2
1.6
0.5
0.2
1.4
0.2
20.1
4.9
100
20
0.7
5.3
5.3
6.6
1.1
0.8
5.9
3.6
100
1,314
Breakdown by size – ‘Billion-Dollar’ companies over the decade
Over the last four years, the contribution of the top 10 companies to total
issuance has decreased to 40-60% from 70-94% in the earlier years. This shift
occurred because IPOs were not concentrated but rather distributed across a
broader spectrum.
In CY24, 24 companies were listed with a billion-dollar market capitalization,
reflecting an 85% jump over CY23. However, this figure remains below the peak
of 26 companies recorded in CY21.
Over the last 10 years, 113 companies have debuted with a billion-dollar market
capitalization, of which eight lost their position in the club. Notably, 63 new
companies entered the club during this period.
Of the total 1,487 new issuances in the last 10 years, ~11% currently represent
billion-dollar club.
Notable gains over the last 10 years since their listing are: Dixon Technologies,
which currently has a market cap of USD13.4b (listed at USD0.5b), followed by
Mazagon Dock with a market cap of USD12.6b (listed at USD0.5b), Rail Vikas
with a market cap of USD11.5b (listed at USD0.6b), BSE with a market cap of
USD9.1b (listed at USD0.9b), and Kaynes Technologies with a market cap of
USD5.5b (listed at USD0.5b).
December 2024
11
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 18:
Trend in contribution of top 10 issuances to the total issuance
Top-10 Contribution (%)
88
72
71
74
71
94
86
69
55
42
58
CY14
CY15
CY16
CY17
CY18
CY19
CY20
CY21
CY22
CY23 CY24YTD
Exhibit 19:
Breakdown of IPOs by issue size
Year
CY14
CY15
CY16
CY17
CY18
CY19
CY20
CY21
CY22
CY23
CY24YTD
Range - Number of Companies
Below 5b 5-10b 10-25b 25-50b 50-100b Over 100b
49
53
6
3
1
79
6
7
1
1
143
10
10
5
1
150
6
6
4
59
3
4
2
35
6
2
1
1
2
64
23
19
7
7
1
122
16
8
3
1
1
203
22
13
4
263
23
14
9
4
4
Total
49
63
94
169
166
68
47
121
151
242
317
Range - Amount Raised (INR b)
Below 5b 5-10b 10-25b 25-50b 50-100b Over 100b
20
38
35
35
30
44
43
93
30
61
56
65
154
373
112
53
46
87
149
29
19
54
76
18
38
44
45
65
253
27
155
265
233
451
183
50
115
123
110
52
206
104
150
188
134
159
147
220
297
261
672
Total
20
139
271
760
335
178
463
1,314
656
576
1,757
Exhibit 20:
Trends in the number of billion-dollar companies at the time of listing and as of
today
listing
Current
35
26
18
0
1
5
7
12
7
11
CY16
CY17
7
CY18
17
5
10
CY19
4
11
CY20
CY21
10
CY22
18
13
CY23 CY24YTD
20
24
23
CY14
CY15
Exhibit 21:
Companies that were listed at over billion dollars and are now below the level
(issuances over the last 10 years)
Company Name
Indigo Paints
Ujjivan Small
Honasa Consumer
Powergrid Infra.
Chemplast Sanmar
Juniper Hotels
TVS Supply
T N Merc. Bank
Sector
Consumer
Banks - Private
Others
Utilities
Chemicals
Hotels
Logistics
Banks - Private
Issue close
22-Jan-21
4-Dec-19
2-Nov-23
3-May-21
12-Aug-21
23-Feb-24
14-Aug-23
7-Sep-22
Issue Size
(INR b)
11.7
7.5
17.0
77.3
38.5
18.0
8.8
8.1
Listing Mcap
Current
(USDb)
Mcap (USDb)
2.03
0.82
1.36
0.81
1.30
0.94
1.28
0.93
1.14
0.93
1.07
0.93
1.06
0.95
1.01
0.90
December 2024
12
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 22:
Companies that were listed at below billion dollars and have surpassed the level as of now (issuances over the last
10 years)
Company Name
Dixon Technolog.
Mazagon Dock
Rail Vikas
BSE
Kaynes Tech
CDSL
Syngene Intl.
Laurus Labs
Angel One
Affle India
Cams Services
Tejas Networks
Chalet Hotels
Ircon Intl.
KFin Technolog.
Newgen Software
Amber Enterp.
Garden Reach Sh.
Bikaji Foods
Doms Industries
SignatureGlobal
Anand Rathi Wea.
UTI AMC
Netweb Technol.
Indian Energy Ex
Rainbow Child.
Fine Organic
Data Pattern
Rites
Indiamart Inter.
Railtel Corpn.
CreditAcc. Gram.
Issue
close
8-Sep-17
1-Oct-20
3-Apr-19
25-Jan-17
14-Nov-22
21-Jun-17
29-Jul-15
8-Dec-16
24-Sep-20
31-Jul-19
23-Sep-20
16-Jun-17
31-Jan-19
19-Sep-18
21-Dec-22
18-Jan-18
19-Jan-18
1-Oct-18
7-Nov-22
15-Dec-23
22-Sep-23
6-Dec-21
1-Oct-20
19-Jul-23
11-Oct-17
29-Apr-22
22-Jun-18
16-Dec-21
22-Jun-18
26-Jun-19
18-Feb-21
10-Aug-18
Issue Size
(INR b)
5.99
4.44
4.77
12.43
8.58
5.24
5.50
13.31
6.00
4.59
22.42
7.77
16.41
4.67
15.00
4.25
6.00
3.44
8.81
12.00
7.30
6.59
21.60
6.31
10.01
15.81
6.00
5.88
4.61
4.76
8.19
11.31
Mcap @
listing
(USD b)
0.51
0.48
0.58
0.85
0.49
0.42
0.97
0.75
0.31
0.32
0.93
0.37
0.83
0.54
0.74
0.28
0.61
0.16
0.97
0.97
0.77
0.32
0.82
0.62
0.76
0.59
0.37
0.52
0.62
0.55
0.53
0.86
Current
Mcap
(USD b)
13.41
12.62
11.51
9.14
5.47
4.84
4.08
3.63
3.35
3.02
2.99
2.61
2.57
2.53
2.50
2.48
2.40
2.37
2.36
2.18
2.14
2.08
2.06
1.97
1.95
1.91
1.77
1.72
1.70
1.67
1.65
1.64
Company Name
AAVAS Financiers
Prudent Corp.
Mahanagar Gas
Craftsman Auto
India Grid Trust
Lemon Tree Hotel
Tega Inds.
Happiest Minds
Engineers India
Metropolis Healt
Vijaya Diagnost.
Syrma SGS Tech.
Quess Corp
Sheela Foam
KPI Green Energy
Azad Engineering
Mrs Bectors
Jupiter Life Lin
ASK Automotive
Galaxy Surfact.
H.G. Infra Engg.
Sansera Enginee.
Blue Jet Health
C.E. Info System
Home First Finan
Paradeep Phosph.
Route Mobile
Senco Gold
Rategain Travel
CMS Info Systems
Keystone Realtor
Issue
close
27-Sep-18
12-May-22
23-Jun-16
17-Mar-21
19-May-17
28-Mar-18
3-Dec-21
9-Sep-20
12-Feb-14
5-Apr-19
3-Sep-21
18-Aug-22
1-Jul-16
1-Dec-16
11-Jan-19
22-Dec-23
17-Dec-20
8-Sep-23
9-Nov-23
31-Jan-18
28-Feb-18
16-Sep-21
27-Oct-23
13-Dec-21
25-Jan-21
19-May-22
11-Sep-20
6-Jul-23
9-Dec-21
23-Dec-21
16-Nov-22
Issue Size
(INR b)
16.40
5.38
10.39
8.24
22.50
10.39
6.19
7.02
4.98
12.04
18.94
8.40
4.00
5.10
0.40
7.40
5.41
8.69
8.34
9.37
4.62
12.83
8.40
10.40
11.54
15.02
6.00
4.05
13.36
11.00
6.35
Mcap@
listing
(USD b)
0.82
0.30
0.76
0.42
0.41
0.87
0.63
0.74
0.82
0.69
0.86
0.69
0.94
0.75
0.02
0.48
0.48
0.85
0.74
0.94
0.27
0.57
0.82
0.98
0.63
0.46
0.50
0.38
0.48
0.47
0.78
Current
Mcap
(USD b)
1.55
1.45
1.44
1.44
1.43
1.43
1.33
1.33
1.32
1.31
1.29
1.27
1.26
1.25
1.23
1.22
1.21
1.21
1.17
1.16
1.16
1.14
1.11
1.11
1.09
1.09
1.06
1.06
1.03
1.02
1.02
The Sparks and the Blips of the IPO juggernaut
Among the 78 main-board IPOs listed so far, 54 (69%) are trading at a premium
to their offer prices, with 11 of them trading at a premium of over 100% from
their offer prices.
Of the top 20 companies by issue size, 16 are trading above their offer prices.
Premier Energies leads with a remarkable increase of 194% from its offer price,
followed by Bharti Hexacom (+155%), Waaree Energies (+106%), Bajaj Housing
(+84%), and Swiggy (+50%).
Within top 20, the leading debut performers were Bajaj Housing (+136%),
Premier Energies (+87%), Waaree Energies (+55%), Brainbees Solutions (+46%),
and Bharti Hexacom (+43%).
Notably, only three companies in the top 20 – ACME Solar (-12%), Hyundai
Motor (-7%), and Sagility India (-2%) – have debuted with a decline from their
offer prices.
December 2024
13
 Motilal Oswal Financial Services
India Strategy | Fundraising
Four of the 78 main-board IPOs debuted with a premium of more than 100%,
while 18 debuted with a discount to their offer prices.
Conversely, 28 of 231 SME IPOs debuted with a premium exceeding 100%, while
SME IPOs have outperformed since their listing.
The aggregate market
capitalization of all SMEs has increased by 31% from the listing day, while Main-
Boards have risen by 10%. Similarly, small-cap stocks have outperformed, rising
by 15% since their listing, compared to large-cap and mid-cap stocks, which
have increased by 6% and 14%, respectively.
Sector wise,
70% of the sectors are trading above their listing day prices.
Consumer Durables (+77%), Logistics (+57%), Capital Goods (+51%), Chemicals
(+35%), and Metals (+32%) are the top performers. In contrast, Oil & Gas (-29%),
NBFCs (-17%), Hotels (-9%), Retail (-8%), and Private Banks (-6%) are the key
laggards.
Refer to Page 20 for a detailed Appendix on the top 20 IPOs by issue size, listing
premium, listing discount, and gainers and losers vs. their offer prices.
Exhibit 23:
Market cap change from the listing day (%)
31
SMEs and small-caps
have outperformed
their listing-day prices
11
10
6
14
15
All IPOs
Main-Board
SME
Large Cap
Mid Cap
Small Cap
Exhibit 24:
Market cap change from the listing day (%) – two-thirds of the sectors trade
higher against their listing-day prices
77
57 51
Consumer Durables,
Logistics, Capital Goods,
Chemicals, and Metals,
top performers vs.
their listing-day price
35 32 26
20 20 20 17 16 14 14 11
3
3
2
-4 -5 -6 -8 -9 -17
-29
December 2024
14
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 25: Main-board IPOs – CMP vs. offer price
No of companies (Main-board)
Exhibit 26: SME IPOs – CMP vs. offer price
No of companies (SME)
73
24
63
40
17
11
17
9
35
23
>100
50-100
25-50
0-25
CMP Vs Offer price range(%)
Negative
>100
50-100
25-50
0-25
CMP Vs Offer price range(%)
Negative
Exhibit 27: Main-board IPOs’ listing day gains/losses
No of companies (Main-board)
27
19
10
18
Exhibit 28: SME IPOs’ listing day gains/losses
No of companies (SME)
74
65
45
28
22
4
>100
50-100
25-50
0-25
Listing day gain\loss range (%)
Negative
>100
50-100
25-50
0-25
Negative
Listing day gain\loss range (%)
QIPs exhibiting a healthy pickup; funds raised via QIP at an all-time high
QIPs have surged, with capital raised through 91 QIPs reaching a record high of
INR1,292b (2.5x of CY23) so far this year (previous year: 43 QIPs). This figure
has surpassed the previous year's total of INR523b, and marks the highest
amount to date, exceeding the previous peak of INR805b in CY20.
The year was dominated by the Real Estate, Utilities, Automobiles, Metals, and
PSU Banks sectors, which collectively accounted for 57% of the total QIP
issuances thus far.
The top 10 companies contributed 49% (INR630b) of the total QIP raised so far
in CY24YTD. The leading issuances for CY24YTD include: Vedanta (INR85b),
Zomato (INR85b), Adani Energy Solution (INR84b), Varun Beverages (INR75b),
Godrej Properties (INR60b), PNB (INR50b), Prestige Estates (INR50b), JSW
Energy (INR50b), Samvardhana Motherson (INR49b), and Adani Enterprises
(INR42b).
Of the 91 issues, six have delivered returns exceeding 100% over their issue
prices. The top performers were Shakti Pumps (+380%), Wockhardt (+186%),
Anant Raj (+171%), eMudhra (+133%), and Ganesha Ecosphere (+127%).
More than two-thirds of the stocks have delivered positive returns against their
issue prices.
Currently, 26 stocks are trading at a discount to their issue prices. The top
underperformers include: Vikas Lifecare (-32%), Valor Estate (-30%), Zodiac
Energy (-18%), Adani Energy (-17%), and Jupiter Wagons (-17%).
December 2024
15
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 29:
Equity raising through QIPs (INR b)
QIPs
No of companies
91
Funds raised via QIPs
the highest to date,
surpassing the earlier
peak of CY20
43
17
48
CY16
587
CY17
26
11
165
CY18
352
CY19
805
CY20
420
CY21
25
35
14
117
CY22
523
43
34
30
321
CY14
189
CY15
1,292
CY23 CY24YTD
Exhibit 30:
Top 5 sectors contributed more than 57% of total QIPs issued in CY24
Amount raised (INR b)
192 179
125 121 115
92 85 81
70
45 37 36 30 30
16 10
8
6
6
5
3
Exhibit 31:
Of the 91 QIPs, seven have delivered over 100% returns against their issue prices
Company
Vedanta
Zomato Ltd
Adani Energy Sol
Varun Beverages
Godrej Propert.
Punjab Natl.Bank
Prestige Estates
JSW Energy
Samvardh. Mothe.
Adani Enterp.
Bank of Maha
Torrent Power
Swan Energy
Macrotech Devel.
Union Bank (I)
SpiceJet
Sona BLW Precis.
360 ONE
Coforge
KEI Industries
Bharat Forge
Angel One
Brigade Enterpr.
PG Electroplast
December 2024
Bid Close Date
19-Jul-24
28-Nov-24
2-Aug-24
19-Nov-24
2-Dec-24
26-Sep-24
4-Sep-24
3-Apr-24
20-Sep-24
15-Oct-24
4-Oct-24
5-Dec-24
28-Feb-24
7-Mar-24
23-Feb-24
20-Sep-24
9-Sep-24
29-Oct-24
28-May-24
28-Nov-24
9-Dec-24
2-Apr-24
5-Sep-24
9-Dec-24
Amount raised
(INR b)
85.0
85.0
83.7
75.0
60.0
50.0
50.0
50.0
49.4
42.0
35.0
35.0
33.2
32.8
30.0
30.0
24.0
22.5
22.4
20.0
16.5
15.0
15.0
15.0
Contribution
(%)
6.6
6.6
6.5
5.8
4.6
3.9
3.9
3.9
3.8
3.3
2.7
2.7
2.6
2.5
2.3
2.3
1.9
1.7
1.7
1.5
1.3
1.2
1.2
1.2
Issue
Price (INR)
440
253
976
565
2,595
104
1,674
485
190
2,962
57
1,503
670
1,098
136
62
690
1,013
4,600
3,800
1,320
2,555
1,150
699
Price
Dec'24 (INR)
503
297
814
648
2,991
106
1,852
685
164
2,487
55
1,624
777
1,489
125
58
620
1,252
9,402
4,386
1,341
3,148
1,300
985
Price Chg
from Issue (%)
14
17
-17
15
15
2
11
41
-13
-16
-4
8
16
36
-8
-7
-10
24
104
15
2
23
13
41
16
 Motilal Oswal Financial Services
India Strategy | Fundraising
Company
Shyam Metalics
Techno Elec.Engg
Lloyds Metals
Sansera Enginee.
Craftsman Auto
Sterlite Tech.
Zen Technologies
Wockhardt *
Poly Medicure
Chalet Hotels
KPI Green Energy
Valor Estate
K E C Intl.
Jupiter Wagons
Max Estates
Keystone Realtor
Cello World
PTC Industries
Karnataka Bank
Gokaldas Exports
Wonderla Holiday
Hi-Tech Pipes
TRIL
DCX Systems
Shilpa Medicare
MAS FINANC SER
Anant Raj
Wockhardt
Senco Gold
PDS
Sundaram Clayton
Mrs Bectors
Ami Organics
Patel Engineerin
Himatsing. Seide
Aurionpro Sol.
Pitti Engg.
Ganesha Ecosphe.
Epigral
JTL Industries
Sky Gold
Texmaco Rail
Eraaya Lifespace
PSP Projects
AXISCADES Tech.
Shakti Pumps
Morepen Labs.
Goodluck India
Capacit'e Infra.
eMudhra
GPT Infraproject
Allcargo Gati
Annapurna Swadi.
Borosil
XPRO India
Bid Close Date
5-Jan-24
19-Jul-24
9-Jul-24
15-Oct-24
21-Jun-24
12-Apr-24
23-Aug-24
11-Nov-24
22-Aug-24
2-Apr-24
16-Aug-24
13-Mar-24
26-Sep-24
12-Jul-24
3-Sep-24
27-May-24
5-Jul-24
2-Sep-24
27-Mar-24
23-Apr-24
6-Dec-24
11-Oct-24
13-Jun-24
19-Jan-24
12-Apr-24
21-Jun-24
18-Jan-24
26-Mar-24
10-Dec-24
27-Aug-24
8-Oct-24
9-Sep-24
21-Jun-24
25-Apr-24
29-Oct-24
8-Apr-24
11-Jul-24
2-Feb-24
24-Oct-24
23-Jul-24
17-Oct-24
27-Mar-24
13-Aug-24
25-Apr-24
15-Jan-24
22-Mar-24
5-Aug-24
17-Jan-24
11-Jan-24
17-Jan-24
29-Aug-24
27-Jun-24
2-Sep-24
25-Jun-24
29-Feb-24
Amount raised
(INR b)
13.9
12.5
12.2
12.0
12.0
10.0
10.0
10.0
10.0
10.0
10.0
9.2
8.7
8.0
8.0
8.0
7.4
7.0
6.0
6.0
5.4
5.0
5.0
5.0
5.0
5.0
5.0
4.8
4.6
4.3
4.0
4.0
4.0
4.0
4.0
3.8
3.6
3.5
3.3
3.0
2.7
2.5
2.5
2.4
2.2
2.0
2.0
2.0
2.0
2.0
1.8
1.7
1.5
1.5
1.5
Contribution
(%)
1.1
1.0
0.9
0.9
0.9
0.8
0.8
0.8
0.8
0.8
0.8
0.7
0.7
0.6
0.6
0.6
0.6
0.5
0.5
0.5
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
Issue
Price (INR)
576
1,400
696
1,554
4,400
113
1,601
1,105
1,880
792
935
258
955
656
598
660
852
13,200
227
775
790
186
665
341
455
286
296
518
1,125
536
2,205
1,550
1,240
57
147
1,000
1,054
995
2,093
106
270
155
76
670
662
202
54
940
252
422
175
101
413
318
1,101
Price
Dec'24 (INR)
812
1,492
1,153
1,560
5,107
121
2,396
1,482
2,779
997
795
182
1,165
547
615
686
806
11,429
219
1,245
831
167
1,167
342
822
270
805
1,482
1,156
636
2,557
1,676
2,051
57
221
1,732
1,421
2,255
2,005
99
489
232
150
679
594
966
86
968
438
983
146
96
365
440
1,638
Price Chg
from Issue (%)
41
7
66
0
16
7
50
34
48
26
-15
-30
22
-17
3
4
-5
-13
-4
61
5
-10
75
0
81
-5
172
186
3
19
16
8
65
0
50
73
35
127
-4
-6
81
49
97
1
-10
380
59
3
74
133
-17
-5
-12
39
49
December 2024
17
 Motilal Oswal Financial Services
India Strategy | Fundraising
Company
Pearl Global Ind
Paras Defence
Carysil
MIC Electronics
Guj. Toolroom
Vishwaraj Sugar
Vikas Lifecare *
Vikas Lifecare
Spectrum Electr.
Zodiac Energy
Anlon Tech
Pashupati Cotsp.
Total
Bid Close Date
18-Jul-24
7-Oct-24
3-Jul-24
26-Jun-24
3-Oct-24
21-Sep-24
10-Feb-24
10-Jan-24
13-Feb-24
13-Aug-24
3-Jun-24
29-Oct-24
Amount raised
(INR b)
1.5
1.4
1.3
0.9
0.5
0.5
0.5
0.5
0.4
0.3
0.3
0.2
1,292
Contribution
(%)
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
100
Issue
Price (INR)
731
1,045
796
46
12
17
7
5
1,177
689
382
481
Price
Dec'24 (INR)
1,327
1,097
817
88
14
15
5
5
2,127
568
366
508
Price Chg
from Issue (%)
82
5
3
91
17
-9
-32
-4
81
-18
-4
6
About 71% of the OFS accounted for by private owned enterprises
Offers for Sale (OFS), which indicate a dilution of promoters’ holdings, have
jumped to INR304b in CY24YTD from INR189b last year. This surge was mainly
led by a stake sale valued at INR215b (~71% of overall amount) by private firms.
The largest OFS was that of GE Vernova T&D (INR89.2b), followed by Hindustan
Zinc (INR68.5b), GIC of India (INR25.5b), NHPC (INR23.2b), and NLC India
(INR20.6b).
Of the 23 issues, 16 have delivered positive returns against their issue prices.
Among the top 10 issues by size, eight have delivered positive returns, while two
is trading at a discount to its issue price.
The leading positive performers include: Velan Hotels (+159%), Diamond Power
(+91%), Aditya Birla Sun Life AMC (+85%), Sical Logistics (+50%), and GE Vernova
T&D (+40%). Conversely, stocks trading at a discount to their issue prices are:
Dhatre Udyog (-40%), Sanghi Industries (-15%), Route Mobile (-13%), Andhra
Cements (-7%), Bartronics India (-6%), Equippp Social (-3%), and Hindustan Zinc
(-1%).
Exhibit 32:
Equity raising through OFS (INR b) increased 61% YoY
32
Primarily contributed
by a private firm’s
stake sale
9
355
21
264
9
8
125
CY15
CY16
CY17
CY18
CY19
CY20
CY21
193
132
47
CY14
215
240
16
189
112
CY22
CY23 CY24YTD
OFS
30
26
No of companies
31
26
21
304
December 2024
18
 Motilal Oswal Financial Services
India Strategy | Fundraising
Exhibit 33:
Of the 23 OFS, 16 have delivered positive returns against their issue prices
Company
GE Vernova T&D
Hindustan Zinc
General Insuranc
NHPC Ltd
NLC India
Cochin Shipyard
India Grid Trust
Aditya AMC
Glenmark Life
Route Mobile
ASK Automotive
Diamond Power
Sanghi Industrie
Andhra Cements
Equippp Social
Viceroy Hotels
Bartronics India
Sical Logistics
Dhatre Udyog
TPI India
Narmada Gelatine
Krishna Vent.
Velan Hotels
Total
Month Year
Sep/Nov'24
Aug/Nov'24
Sep-24
Jan-24
Mar-24
Oct-24
Aug-24
Mar-24
Jul-24
Sep-24
Sep-24
May-24
Jun-24
Feb-24
Dec-24
Jul-24
Jul-24
Aug-24
Jan-24
Apr-24
Sep-24
Jan-24
Mar-24
Amount raised
(INR b)
89.2
68.5
25.5
23.2
20.6
20.3
17.9
14.9
7.8
6.2
5.2
2.2
0.8
0.4
0.4
0.3
0.3
0.2
0.2
0.1
0.1
0.0
0.0
304
Contribution
(%)
29.3
22.5
8.4
7.6
6.8
6.7
5.9
4.9
2.6
2.0
1.7
0.7
0.3
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
100
Floor Price
(INR)
1,475
496
395
66
212
1,540
132
450
810
1,635
433
86
90
90
27
106
20
100
20
18
400
65
3
Price Dec'24
(INR)
2,070
491
441
85
254
1,611
145
832
1,013
1,430
502
164
77
84
26
125
19
150
12
23
430
69
8
Price Chg from
Issue (%)
40
-1
12
29
20
5
10
85
25
-13
16
91
-15
-7
-3
18
-6
50
-40
28
8
7
159
December 2024
19
 Motilal Oswal Financial Services
India Strategy | Fundraising
APPENDIX:
THE SPARKS AND THE BLIPS
Exhibit 34:
Top 20 IPOs by issue size (Main-Board)
Company Name
Sector
Issue
close
17-Oct-24
8-Nov-24
22-Nov-24
13-Dec-24
11-Sep-24
6-Aug-24
29-Oct-24
23-Oct-24
5-Apr-24
8-Aug-24
13-Dec-24
10-May-24
8-Nov-24
29-Aug-24
17-May-24
1-Mar-24
11-Nov-24
7-Nov-24
5-Jul-24
1-Aug-24
24-Oct-24
19-Mar-24
30-Sep-24
27-Nov-24
6-Sep-24
9-Jul-24
18-Jul-24
6-Dec-24
27-Jun-24
10-Sep-24
10-Oct-24
26-Nov-24
3-Dec-24
28-Oct-24
1-Feb-24
15-May-24
29-May-24
14-Feb-24
3-Oct-24
1-Aug-24
15-Feb-24
1-Feb-24
11-Sep-24
27-Sep-24
8-Aug-24
29-Aug-24
12-Jun-24
25-Apr-24
12-Sep-24
21-Jun-24
29-Feb-24
23-Oct-24
Offer
Issue Size Times Over
List Close
Price
(INR b) Subscribed
(INR)
(INR)
278.6
2.0
1,960 1,820
113.3
3.6
390
456
100.0
1.9
108
122
80.0
20.5
74
NA
65.6
50.0
70
165
61.5
3.0
76
91
54.3
2.8
463
475
43.2
56.4
1,503 2,337
42.8
16.9
570
814
41.9
12.3
465
678
30.4
7.5
549
NA
30.0
19.1
315
330
29.0
2.1
289
254
28.3
53.1
450
840
26.1
9.6
272
306
25.0
3.8
100
103
22.0
1.5
74
74
21.1
2.2
30
29
19.5
68.5
1,008 1,359
18.6
63.7
679
796
2.0
1.9
1.9
1.6
1.3
1.3
1.2
1.1
1.1
1.1
1.0
1.0
1.0
1.0
1.0
1.0
1.0
0.9
0.9
0.9
0.7
3.1
65.6
3.4
2.8
28.3
7.4
6.5
11.0
4.2
4.3
43.2
118.5
20.0
114.4
55.2
130.9
215.5
11.5
178.2
83.9
63.5
146.1
91.0
328.3
23.1
2.3
96.1
193.3
146.4
62.1
135.4
226.2
97.5
50.0
212.0
94.6
53.1
98.8
20.3
44.5
73.2
79.1
56.4
380
144
283
335
225
190
59
180
171
163
166
226
83
168
180
147
147
147
152
140
151
135
70
220
108
450
93
415
480
203
142
1,503
599
210
565
668
296
379
61
236
315
215
251
451
166
156
174
279
226
205
149
247
442
371
165
478
210
840
162
694
793
335
226
2,337
Var (%) Listing day
CMP
from Offer gain/loss
(INR)
Price
(%)
1,825
-7
-7
586
50
17
140
29
13
NA
NA
NA
129
84
136
97
28
20
540
17
2
3,101
106
55
1,451
155
43
607
31
46
NA
NA
NA
428
36
5
258
-11
-12
1,323
194
87
349
28
12
115
15
3
84
13
0
43
44
-2
1,390
38
35
579
-15
17
1,244
594
606
1,133
229
527
50
285
214
192
379
769
152
125
70
196
552
175
162
507
225
215
129
768
174
1,323
155
686
720
339
272
3,101
227
312
114
238
2
177
-15
58
25
18
128
240
83
-26
-61
33
276
19
6
262
49
59
84
249
61
194
66
65
50
67
92
106
58
46
99
99
31
100
3
31
84
32
51
99
99
-7
-3
90
54
39
-2
76
193
175
136
117
94
87
74
67
65
65
59
55
20
Hyundai Motor I
Automobiles
Swiggy
E-Commerce
NTPC Green
Utilities
Vishal Mega Mart
Retail
Bajaj Housing
NBFCs
Ola Electric
Automobiles
Afcons Infrastr.
Infrastructure
Waaree Energies
Capital Goods
Bharti Hexacom
Telecom
Brainbees Solut.
Retail
Sai Life
Healthcare
Aadhar Hsg. Fin.
NBFCs
ACME Solar Hold.
Capital Goods
Premier Energies
Capital Goods
Go Digit General
Insurance
Bharat Hig.InvIT
Infrastructure
Niva Bupa Health
Insurance
Sagility India
Others
Emcure Pharma
Healthcare
Akums Drugs
Healthcare
Top 20 IPO’s by issue size (SME)
Danish Power
Capital Goods
KP Green Engg.
Capital Goods
Sahasra Electro.
Consumer Durables
Rajesh Power
Infrastructure
Mach Conferences
Others
Ganesh Green
Capital Goods
Tunwal E-Motors
Automobiles
Nisus Finance
NBFCs
Petro Carbon
Chemicals
Vision Infra
Others
Shiv Texchem
Others
C2C Advanced
Capital Goods
Ganesh Infra.
Real Estate
Usha Financial
NBFCs
Baweja Studios L
Media
ABS Marine
Others
Vilas Transcore
Metals
Wise Travel
E-Commerce
Subam Papers
Others
Sathlokhar
Infrastructure
Top 20 IPO issues by listing premium (Main-Board)
Vibhor Steel
Metals
BLS E-Services
Technology
Bajaj Housing
NBFCs
KRN Heat Exchan
Capital Goods
Unicommerce
Technology
Premier Energies
Capital Goods
Le Travenues
E-Commerce
JNK
Capital Goods
P N Gadgil Jewe.
Retail
DEE Development
Metals
Exicom Tele-Sys.
Capital Goods
Waaree Energies
Capital Goods
December 2024
 Motilal Oswal Financial Services
India Strategy | Fundraising
Company Name
Sector
Issue
close
10-May-24
4-Mar-24
4-Sep-24
23-Aug-24
8-Aug-24
25-Jan-24
5-Apr-24
26-Nov-24
9-May-24
2-Jan-24
25-Jun-24
19-Jun-24
17-Jan-24
27-Jun-24
29-Feb-24
16-May-24
20-Feb-24
26-Jun-24
24-Jan-24
28-Feb-24
12-Feb-24
30-Jan-24
21-May-24
2-Apr-24
13-May-24
15-Jan-24
9-May-24
20-Feb-24
23-Oct-24
7-Mar-24
8-Nov-24
9-Feb-24
11-Mar-24
24-Jan-24
13-Feb-24
6-Mar-24
19-Sep-24
9-Feb-24
17-Oct-24
14-Mar-24
3-Dec-24
18-Nov-24
5-Aug-24
25-Oct-24
7-Nov-24
18-Mar-24
11-Nov-24
4-Mar-24
23-Sep-24
24-Sep-24
1-Oct-24
7-Feb-24
10-Apr-24
26-Nov-24
7-Jun-24
TBO Tek
E-Commerce
Mukka Proteins
Consumer
Gala Precis. Eng
Automobiles
Orient
Technology
Brainbees Solut.
Retail
Nova Agritech
Chemicals
Bharti Hexacom
Telecom
Enviro Infra
Capital Goods
Top 20 IPO issues by listing premium (SME)
Winsol
Capital Goods
Kay Cee
Infrastructure
Medicamen
Healthcare
GP Eco
Capital Goods
Maxposure
Media
Divine Power
Metals
Purv Flexi
Others
Indian
Chemicals
Esconet
Technology
Shivalic
Capital Goods
Konstelec Engg.
Capital Goods
Owais Metal
Metals
Alpex Solar
Capital Goods
Fonebox
Retail
Hoac Foods
Consumer
TAC Infosec
Technology
Energy-Mission
Capital Goods
Australian Prem
Capital Goods
Refractory
Others
Thaai
Automobiles
Top 20 IPO issues by listing discount (Main-Board)
Deepak Builders
Infrastructure
J.G.Chemicals
Chemicals
ACME Solar Hold.
Capital Goods
Jana Small Finan
Banks - Private
Gopal Snacks
Consumer
Epack Durable
Consumer Durables
Entero Healthcar
Retail
R K Swamy
Others
Western Carriers
Logistics
Capital Small
Banks - Private
Hyundai Motor I
Automobiles
Popular Vehicles
Retail
Suraksha Diagno.
Healthcare
Zinka Logistics
Logistics
Ceigall India
Infrastructure
Godavari Bioref.
Others
Sagility India
Others
Krystal Integrat
Others
Niva Bupa Health
Insurance
Top 20 IPO issues by listing discount (SME)
M.V.K. Agro
Others
Kalana
Metals
Bikewo Green
Automobiles
Saj
Hotels
Italian
Consumer
DCG Cables
Capital Goods
Lamosaic India
Others
3C IT Solutions
Technology
December 2024
Offer
Issue Size Times Over
List Close
Price
(INR b) Subscribed
(INR)
(INR)
15.5
48.4
920
1,405
2.2
137.6
28
42
1.7
210.1
529
787
2.1
155.2
206
304
41.9
12.3
465
678
1.4
80.0
41
59
42.8
16.9
570
814
6.5
63.5
148
207
0.2
0.2
0.1
0.3
0.2
0.2
0.4
0.4
0.3
0.6
0.3
0.4
0.7
0.2
0.1
0.3
0.4
0.3
0.2
0.5
2.6
2.5
29.0
5.7
6.5
6.4
16.0
4.2
4.9
5.2
278.6
6.0
8.5
11.1
12.5
5.5
21.1
3.0
22.0
0.7
0.3
0.2
0.3
0.3
0.5
0.6
0.1
636.1
701.4
918.4
728.1
643.9
411.1
279.8
307.2
471.5
238.6
312.7
147.4
336.1
602.6
1955.2
281.3
298.7
432.7
238.2
248.9
29.6
20.3
2.1
14.1
7.0
12.2
1.3
15.0
32.4
3.3
2.0
1.3
1.2
1.4
10.3
1.6
2.2
9.8
1.5
7.8
55.1
39.6
9.4
147.6
15.6
1.8
18.8
75
54
34
94
33
40
71
132
84
100
70
87
115
70
48
106
138
54
31
77
203
221
289
414
401
230
1,258
288
172
468
1,960
295
441
273
401
352
30
715
74
120
66
62
65
68
100
200
52
383
239
145
394
138
152
247
452
276
327
221
263
345
210
140
305
384
147
79
195
162
185
254
368
360
208
1,150
263
159
434
1,820
276
418
260
386
343
29
712
74
83
47
47
52
58
86
172
45
Var (%) Listing day
CMP
from Offer gain/loss
(INR)
Price
(%)
1,738
89
53
40
44
51
1,236
134
49
479
133
48
607
31
46
67
65
43
1,451
155
43
381
157
40
298
353
59
262
88
151
179
257
390
250
116
1,110
899
126
125
1,112
324
530
110
142
192
430
258
400
410
490
1,453
280
124
277
1,825
179
410
422
372
352
43
792
84
42
40
30
58
48
120
101
28
297
555
72
179
167
278
153
95
364
150
65
1176
682
80
160
949
134
882
256
84
-5
94
-11
-3
2
113
15
-3
-28
-41
-7
-39
-7
54
-7
0
44
11
13
-65
-39
-52
-11
-29
20
-50
-46
411
343
326
319
317
281
248
242
228
227
215
202
200
200
191
187
178
172
154
153
-20
-16
-12
-11
-10
-10
-9
-9
-7
-7
-7
-6
-5
-5
-4
-3
-2
0
0
-31
-28
-24
-19
-15
-15
-14
-13
21
 Motilal Oswal Financial Services
India Strategy | Fundraising
Company Name
Sector
Issue
close
13-Sep-24
3-Oct-24
7-Mar-24
28-Oct-24
18-Nov-24
14-Nov-24
24-Sep-24
31-May-24
21-Jun-24
1-Feb-24
26-Mar-24
15-May-24
11-Jan-24
27-Sep-24
29-Aug-24
29-Feb-24
26-Nov-24
5-Apr-24
4-Sep-24
23-Aug-24
30-Sep-24
24-Jan-24
23-Oct-24
7-Mar-24
29-Feb-24
27-May-24
10-May-24
21-Aug-24
11-Sep-24
5-Jul-24
28-Mar-24
21-Jun-24
28-Feb-24
2-Apr-24
15-Jan-24
6-Aug-24
12-Feb-24
2-Jan-24
10-Apr-24
20-Feb-24
19-Mar-24
31-May-24
14-Mar-24
19-Mar-24
7-May-24
9-May-24
17-Sep-24
3-Jun-24
27-Jun-24
29-May-24
6-Mar-24
28-May-24
9-Feb-24
14-Mar-24
19-Sep-24
Excellent Wires
Metals
Paramount Dye
Textiles
Sona Machinery
Capital Goods
Usha Financial
NBFCs
Onyx Biotec
Healthcare
Mangal
Others
Phoenix Overseas
Others
Z-Tech
Media
Falcon
Capital Goods
Baweja Studios L
Media
Vishwas Agri
Others
Mandeep Auto
Automobiles
Top 20 gainers vs. offer price (Main-Board)
Jyoti CNC Auto.
Capital Goods
KRN Heat Exchan
Capital Goods
Premier Energies
Capital Goods
Platinum Industr
Chemicals
Enviro Infra
Capital Goods
Bharti Hexacom
Telecom
Gala Precis. Eng
Automobiles
Orient
Technology
Diffusion Eng
Capital Goods
Epack Durable
Consumer Durables
Waaree Energies
Capital Goods
J.G.Chemicals
Chemicals
Exicom Tele-Sys.
Capital Goods
AWFIS Space
Others
TBO Tek
E-Commerce
Interarch Build.
Metals
Bajaj Housing
NBFCs
Bansal Wire Inds
Metals
SRM Contractors
Infrastructure
DEE Development
Metals
Top 20 gainers vs. offer price (SME)
Owais Metal
Metals
TAC Infosec
Technology
Australian Prem
Capital Goods
Afcom
Logistics
Alpex Solar
Capital Goods
Kay Cee
Infrastructure
Teerth
Infrastructure
Esconet
Technology
Enser
Technology
Z-Tech
Media
Royal
Others
KP Green Engg.
Capital Goods
Slone
Technology
Winsol
Capital Goods
Sodhani Academy
Others
Aimtron
Consumer Durables
Divine Power
Metals
Vilas Transcore
Metals
V R Infraspace
Real Estate
GSM Foils
Metals
Top 20 misses vs. offer price (Main-Board)
Capital Small
Banks - Private
Popular Vehicles
Retail
Western Carriers
Logistics
December 2024
Offer
Var (%) Listing day
Issue Size Times Over
List Close CMP
Price
from Offer gain/loss
(INR b) Subscribed
(INR)
(INR)
(INR)
Price
(%)
0.1
21.6
90
82
68
-24
-9
0.3
33.6
117
107
85
-27
-9
0.5
281.0
143
131
131
-8
-8
1.0
23.1
168
156
125
-26
-7
0.3
130.8
61
57
54
-12
-7
0.2
32.2
45
43
41
-9
-5
0.4
120.1
64
61
29
-55
-5
0.4
345.4
110
105
476
333
-5
0.1
63.6
92
88
51
-45
-4
1.0
2.3
180
174
70
-61
-3
0.3
11.5
86
84
72
-16
-3
0.3
89.6
67
65
36
-46
-2
10.0
3.4
28.3
2.4
6.5
42.8
1.7
2.1
1.6
6.4
43.2
2.5
4.3
6.0
15.5
6.0
65.6
7.5
1.3
4.2
0.4
0.3
0.3
0.7
0.7
0.2
0.4
0.3
0.2
0.4
0.1
1.9
0.1
0.2
0.1
0.9
0.2
1.0
0.2
0.1
5.2
6.0
4.9
22.9
212.0
53.1
70.1
63.5
16.9
210.1
155.2
81.2
12.2
56.4
20.3
79.1
60.6
48.4
66.9
50.0
44.3
61.1
73.2
147.4
281.3
432.7
204.7
336.1
701.4
66.7
471.5
6.8
345.4
8.4
20.0
609.7
636.1
415.4
92.1
411.1
193.3
85.4
237.2
3.3
1.3
32.4
331
220
450
171
148
570
529
206
168
230
1,503
221
142
383
920
900
70
256
210
203
87
106
54
108
115
54
111
84
70
110
68
144
79
75
40
161
40
147
85
32
468
295
172
433
478
840
221
207
814
787
304
197
208
2,337
185
226
419
1,405
1,196
165
350
236
335
263
305
147
215
345
239
131
276
70
105
123
210
113
383
56
253
152
226
87
34
434
276
159
1,440
768
1,323
465
381
1,451
1,236
479
383
490
3,101
430
272
729
1,738
1,688
129
460
375
339
1,110
1,112
530
927
899
353
634
390
307
476
293
594
326
298
156
625
151
552
315
116
277
179
124
335
249
194
172
157
155
134
133
128
113
106
94
92
90
89
88
84
80
79
67
1176
949
882
758
682
555
471
364
339
333
331
312
312
297
290
288
278
276
270
262
-41
-39
-28
31
117
87
29
40
43
49
48
17
-10
55
-16
59
9
53
33
136
37
12
65
202
187
172
99
200
343
18
228
0
-5
81
46
43
411
39
57
281
54
3
5
-7
-6
-7
22
 Motilal Oswal Financial Services
India Strategy | Fundraising
Company Name
Sector
Issue
close
21-Jun-24
Akme Fintrade
NBFCs
1-Aug-24
Akums Drugs
Healthcare
14-Aug-24
Saraswati
Others
3-Sep-24
Baazar Style
Retail
9-Sep-24
Shree TirupatiBa
Others
8-Nov-24
ACME Solar Hold.
Capital Goods
19-Sep-24
Northern ARC
NBFCs
5-Aug-24
Ceigall India
Infrastructure
3-Dec-24
Suraksha Diagno.
Healthcare
17-Oct-24
Hyundai Motor I
Automobiles
11-Sep-24
Kross Ltd
Automobiles
30-Aug-24
Ecos (India)
Others
23-Oct-24
Deepak Builders
Infrastructure
9-Feb-24
Jana Small Finan
Banks - Private
11-Sep-24
Tolins
Automobiles
6-Mar-24
R K Swamy
Others
26-Feb-24
GPT Healthcare
Healthcare
Top 20 misses vs. offer price (SME)
4-Mar-24
0.7
7.8
M.V.K. Agro
Others
1-Feb-24
1.0
2.3
Baweja Studios L
Media
9-May-24
0.1
36.6
Finelistings
Technology
24-Sep-24
0.4
120.1
Phoenix Overseas
Others
24-Sep-24
0.2
39.6
Bikewo Green
Automobiles
13-Feb-24
0.2
7.2
Polysil Irrigati
Others
26-Nov-24
0.6
1.8
Lamosaic India
Others
16-Aug-24
0.1
32.2
Solve
Others
11-Sep-24
0.2
23.1
Gajanand
Textiles
15-May-24
0.3
89.6
Mandeep Auto
Automobiles
7-Jun-24
0.1
18.8
3C IT Solutions
Technology
19-Sep-24
0.7
337.9
Deccan Transcon
Logistics
21-Jun-24
0.1
63.6
Falcon
Capital Goods
23-Aug-24
0.2
484.9
QVC Exports
Others
20-Feb-24
0.2
8.2
Kalahridhaan
Textiles
26-Aug-24
0.1
396.2
Resourceful
Others
24-Jan-24
0.1
365.3
Euphoria Infotec
Technology
23-Sep-24
0.3
55.1
Kalana
Metals
12-Sep-24
0.2
39.1
SPP
Others
19-Jun-24
0.4
221.3
United Cotfab
Textiles
th
Note: *Stock prices and indices for companies as on 17 Dec’24, unless otherwise stated
Offer
Var (%) Listing day
Issue Size Times Over
List Close CMP
Price
from Offer gain/loss
(INR b) Subscribed
(INR)
(INR)
(INR)
Price
(%)
1.3
332.7
120
132
102
-15
10
18.6
63.7
679
796
579
-15
17
1.6
110.0
160
210
139
-13
31
8.3
29.1
389
400
338
-13
3
1.7
125.2
83
98
73
-11
18
29.0
2.1
289
254
258
-11
-12
7.8
81.6
263
324
236
-10
23
12.5
10.3
401
386
372
-7
-4
8.5
1.2
441
418
410
-7
-5
278.6
2.0
1,960 1,820
1,825
-7
-7
5.0
12.9
240
260
224
-7
8
6.0
64.4
334
443
315
-6
33
2.6
29.6
203
162
192
-5
-20
5.7
14.1
414
368
400
-3
-11
2.3
18.1
226
238
218
-3
5
4.2
15.0
288
263
280
-3
-9
5.3
6.3
186
201
184
-1
8
120
180
123
64
62
54
200
91
36
67
52
108
92
86
45
117
100
66
59
70
83
174
133
61
47
54
172
107
40
65
45
110
88
153
50
123
182
47
60
79
42
70
53
29
30
27
101
46
19
36
28
60
51
48
26
69
59
40
37
45
-65
-61
-57
-55
-52
-50
-50
-49
-47
-46
-46
-45
-45
-44
-43
-41
-41
-39
-38
-36
-31
-3
8
-5
-24
0
-14
18
11
-2
-13
2
-4
78
10
5
82
-28
1
13
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
December 2024
23
 Motilal Oswal Financial Services
India Strategy | Fundraising
NOTES
December 2024
24
 Motilal Oswal Financial Services
REPORT GALLERY
RECENT STRATEGY/THEMATIC REPORTS
India Strategy | Fundraising
December 2024
25
 Motilal Oswal Financial Services
India Strategy | Fundraising
RECENT INITIATING COVERAGE REPORTS
December 2024
26
 Motilal Oswal Financial Services
India Strategy | Fundraising
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National
Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for
its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of
Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of
associate entities of Motilal Oswal Financial Services Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can
have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary
to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to
“Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with
professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and
under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and
services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act
and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any
investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption
from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
-
received compensation/other benefits from the subject company in the past 12 months
-
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an
inherent conflict of interest in some of the stocks mentioned in the research report.
-
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
December 2024
27
 Motilal Oswal Financial Services
India Strategy | Fundraising
-
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market mak er in the financial instruments of the company(ies) discussed herein or
act as an advisor or lender/borrower to such company(ies)
-
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
-
Served subject company as its clients during twelve months preceding the date of distribution of the research report.
-
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is,
or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All
such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or
subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not
treat recipients as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to
any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an
offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation
that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make
their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment
by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in
this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not
be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not
suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures
of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject
to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its
associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document.
They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as
a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed
therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or
in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,
where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities
described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to
observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees
from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any
of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person accessing this information due to any errors and delays.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal,
Email Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Contact No.
Email ID
Ms. Hemangi Date
022 40548000 / 022 67490600
query@motilaloswal.com
Ms. Kumud Upadhyay
022 40548082
servicehead@motilaloswal.com
Mr. Ajay Menon
022 40548083
am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
December 2024
28