Against the backdrop of a crazy 2024 market, a few IPOs have not only survived but thrived. From CNC machinery to green energy and telecom, five have more than doubled their issue price in a year. Their stories are not just about stock market returns, they’re about bold leadership, innovative business models and riding the industry wave.
Whether you’re an investor looking for ideas or just tracking the market, these 5 high growth IPOs from 2024 IPOs show what it takes to win in uncertain times. Here’s a deep dive into the five best performers of 2024 and what’s behind their magic.
Snapshot of Multibagger IPOs Listed in 2024
| IPO Name | IPO Price (INR) | Listing Returns (%) | Current Returns (%) |
|---|---|---|---|
| Jyoti CNC | 331 | 31.18 | 277.95 |
| KRN Heat Exchanger | 220 | 117.63 | 263.18 |
| Bharti Hexacom | 570 | 42.68 | 191.93 |
| Premier Energies | 450 | 86.64 | 152.22 |
| Interarch Building Products | 900 | 32.86 | 102.22 |
1. Jyoti CNC Automation
- IPO Price: INR 331
- Listing Date: 16 January 2024
- Current Price (16 May 2025): 1,251
- Returns: 277.95%
Jyoti CNC Automation, a Rajkot based CNC machine manufacturer made a great debut on the stock exchanges in January 2024. Priced at INR 331 per share, the stock has gone up 278% since then. The company has strong fundamentals and growth prospects.
Jyoti CNC launched it IPO on 9 January 2024, the IPO was a totally fresh issue worth INR 1,000 crore. Jyoti CNC IPO got an overwhelming response from the investors which leads the subscription to 38.5X and listed with 31.18% returns.
Under the leadership of MD Parakramsinh Jadeja, Jyoti CNC has expanded its global presence, serving clients in over 40 countries. The company’s focus on innovation and customer centric solutions has made it a big player in CNC machinery space.
2. KRN Heat Exchanger and Refrigeration
- IPO Price: INR 220
- Listing Date: 3 October 2024
- Current Price (16 May 2025): INR 799
- Returns: 263.18%
KRN Heat Exchanger and Refrigeration, the company based in Neemrana, Rajasthan-is making waves in the manufacturing of heat exchangers and refrigeration equipment. KRN Heat Exchangers posted a 23% YoY rise in Q4 net profit to INR 15 crore, driven by a 62% revenue jump to INR 136 crore. FY25 income grew 40% to INR 441.71 crore, with domestic revenue at INR 362.40 crore, up 38% YoY.
KRN Heat launched its fresh issue worth INR 341.51 crore on 25 September 2024. The IPO was subscribed mind blowing 211.7 times and listed with 117.63% returns. KRN made an all-time high of INR 1,012 per share on 6 Feb 2025, reflecting a 360% return from IPO allotment price. Currently, it is trading with a correction of ~21% from its all-time high.
KRN’s commitment to quality and innovation-and its ability to serve a wide range of clients across industries like HVAC, automotive and industrial refrigeration are the growth driving factors. Those strategic expansion plans and a focus on sustainable solutions have only added to investor confidence.
3. Bharti Hexacom
- IPO Price: INR 570
- Listing Date: 12 April 2024
- Current Price (16 May 2025): INR 1,664
- Returns: 195.26%
Bharti Hexacom, a subsidiary of Bharti Airtel, is in the telecom space and offers mobile services in Rajasthan and Northeast. Bharti Hexacom IPO was launched on 3 April 2024, it was a total OFS worth INR 4,275 crore. Bharti Hexacom IPO recorded a subscription of 29.8 times and listed with 42.68% returns. Bharti Hexacom is riding the wave of growth and made an all-time high of INR 1789.90 per share on 14 May 2025, reflecting a 214% returns from its IPO price. Currently, it is trading around INR 1,664 per share (a correction of 7% from its record high).
Bharti Hexacom’s Q4 FY25 net profit more than doubled to INR 468.4 crore, driven by tariff hikes and premium offerings. Revenue rose 22.5% to INR 2,289 crore, with ARPU improving to INR 242. FY25 PAT nearly tripled to INR 1,493.6 crore, while annual revenue grew 20.5% to INR 8,548 crore.
With a market cap of INR 85,100 crore, Bharti Hexacom is investing in network expansion and digital infrastructure to connect underserved areas. The company’s strategy and parentage makes it a good play in the telecom space.
4. Premier Energies
- IPO Price: INR 450
- Listing Date: 3 September 2024
- Current Price (16 May 2025): INR 1,135
- Returns: 152.22%
Premier Energies, a Hyderabad based solar energy company, has become a major player in the Indian renewable energy space. Premier Energies IPO was a mix of fresh and OFS, the issue size was INR 2,830.40 crore. Premier Energies was subscribed 74.3x and listed with 86.64% returns.
Premier Energies delivered strong Q3 FY25 results with net profit surging nearly 6x YoY to INR 255.2 crore, driven by 140% revenue growth to INR 1,713.3 crore and improved margins. EBITDA rose 4.2x to INR 513.7 crore. The company reported a robust order book of 4,539 MW worth INR 6,946 crore. Premier Energies Q4 FY25 results will be declared on 19 May 2025
With a focus on innovation and sustainability, Premier Energies is expanding its manufacturing capacity and exploring new markets. The company’s commitment to quality and timely delivery has made it a strong player in the solar energy space.
5. Interarch Building Products
- IPO Price: INR 900
- Listing Date: 26 August 2024
- Current Price (16 May 2025): INR 1,820
- Returns: 102.22%
Interarch Building Products based out of New Delhi is into pre engineered steel buildings and roofing solutions. Interarch IPO was launched on 19 August 2024 with an issue size of INR 600.29 crore. It was a mix of fresh (INR 200 crore) and OFS (INR 400.29 crore). Interarch IPO was subscribed 93.5X and listed with 32.86% returns.
Interarch Building Products reported a 28% YoY rise in Q3 FY25 net profit to INR 28.19 crore, up from INR 21.99 crore last year. Total income grew 15% to INR 369.27 crore from INR 321.24 crore. As of 31 Dec 2024, the company has an order book of INR 1,305 crore. The company continues to provide turnkey pre-engineered steel construction solutions.
With government’s focus on infrastructure development Interarch is poised to grow further leveraging its expertise and innovative solutions to meet the changing needs of the construction industry.
Conclusion
These five companies have not only given great returns but also shown strong operational performance and vision. Their success shows that strong business model, sectoral tailwinds and good leadership is key to creating shareholder value. As they continue to grow these high growth IPOs from 2024 are a great case study for investors and market enthusiasts.
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