Best IPO Stocks That Doubled Investors’ Money

January 31, 2025

After a challenging period following the aftermath of the COVID-19 pandemic, India’s primary market has regained its momentum with a series of successful offerings. Our comprehensive analysis of IPOs since 2016 has identified the top performers. Our list of best IPO stocks that doubled includes more than 30 offers that not only provided investors with high listing gains but also demonstrated impressive performance in the subsequent 12 months.

Best IPO Stocks That Doubled Investors’ Money

#1 Happiest Minds IPO: Leading Among Best IPO Stocks

Happiest Minds, spearheaded by Ashok Soota, emerged as one of the most eagerly anticipated IPOs of 2020 due to Soota’s proven track record in generating wealth. The company offers a wide array of solutions encompassing diverse digital technologies such as Robotic Process Automation (RPA), Software-Defined Networking/Network Function Virtualization (SDN/NFV), Big Data, advanced analytics, Internet of Things (IoT), cloud services, Business Process Management (BPM), and security. The IPO witnessed remarkable subscription rates, concluding with an overall subscription of approximately 151 times.

Although this IPO yielded handsome listing gains, its true allure lies in its sustained performance post-listing. With gains exceeding 801% over one year, Happiest Minds is set to retain its position atop the list of best IPOs that doubled for an extended duration!

Issue dates: 7 – 9 September 2020
Issue size: INR 698.45 – 702.01 crore
Price: INR 165 – 166 per share
Listing date: 17 September 2020
Listing Performance on NSE: INR 370.95 per share (Up 123.46% from IPO price)
Price after 1 year on NSE: INR 1,495.9 per share (Up 801.14% from IPO price)

#2 IREDA IPO: Renewable Energy Sector

IREDA is a financial institution with over 36 years of experience in promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects. The company provides a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for RE projects and other value chain activities, such as equipment manufacturing and transmission.

Since its listing on 29 November 2023, IREDA’s shares have shown remarkable performance, yielding an impressive one-year return of 495.09%. This growth reflects the company’s strategic role in advancing renewable energy initiatives in India, supported by a robust asset base and experienced management.

Issue dates: 21 – 23 November 2023
Issue size: INR 2,150.21 crore
Price: INR 30 – 32 per share
Listing date: 29 November 2023
Listing Performance on NSE: INR 60 per share (Up 87.5% from IPO price)
Price after 1 year on NSE: INR 190.43 per share (Up 495.09% from IPO price)

#3 Route Mobile IPO: Communication Services Triumph

Route Mobile experienced robust demand among IPO investors, achieving one of the highest listing gains. This service provider for over-the-top (OTT) players and mobile network operators (MNOs) enhanced the deal with substantial 12-month gains of 462%.

Issue dates: 9 – 11 September 2020
Issue size: INR 600 crore
Price: INR 345 – 350 per share
Listing date: 21 September 2020
Listing Performance on NSE: INR 650.3 per share (Up 85.8% from IPO price)
Price after 1 year on NSE: INR 1,967.1 per share (Up 462.03% from IPO price)

Read Also: Top Drone Stocks in India

#4 Motisons Jewellers IPO

Motisons Jewellers’ IPO has delivered an impressive one-year return of 384.18% since its listing on 26 December 2023. The public issue, which raised approximately INR 453.27 crores, was met with overwhelming demand, achieving a subscription rate of 173.23 times. This reflects strong investor confidence in the company’s growth potential, driven by a 50.51% increase in profit after tax year-on-year. The robust performance highlights Motisons Jewellers’ strategic market positioning and effective management practices within the competitive diamond and jewellery sector.

Issue dates: 18 – 20 December 2023
Issue size: INR 151.09 crore
Price: INR 52 – 55 per share
Listing date: 26 December 2023
Listing Performance on NSE: INR 103.55 per share (Up 88.27% from IPO price)
Price after 1 year on NSE: INR 26.63 per share (Up 384.18% from IPO price)

#5 Netweb Technologies IPO

Netweb Technologies is among India’s leading high-end computing solutions (HCS) providers, with fully integrated design and manufacturing capabilities. Its HCS offerings comprise (i) high-performance computing (Supercomputing / HPC) systems; (ii) private cloud and hyper-converged infrastructure (HCI); (iii) AI systems and enterprise workstations; (iv) high-performance storage (HPS / Enterprise Storage System) solutions; (v) data center servers; and (vi) software and services for our HCS offerings.

Issue dates: 17 – 19 Jul 2023
Issue size: INR 631 crore
Price: INR 475 – 500 per share
Listing date: 27 July 2023
Listing Performance on NSE: INR 910.40 per share (Up 82.08% from IPO price)
Price after 1 year on NSE: INR 2,418.25 per share (Up 383.65% from IPO price)

#6 Kaynes Technology IPO – Slow Start to Best IPOs That Doubled

Kaynes Technology is leading in the field of Electronics System and Design Manufacturing (ESDM). It provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defense, outer space, nuclear, medical, railways, Internet of Things (IoT), Information Technology (IT), and other segments.

Although this IPO was listed with modest gains, it gained traction in subsequent months. With gains exceeding 321% in the one-year timeframe, Kaynes Technology is surely among the best IPO stocks.

Kaynes Technology IPO - Best IPOs that doubled

Issue dates: 10 – 14 November 2022
Issue size: INR 842.18 – 857.82 crore
Price: INR 559 – 587 per share
Listing date: 22 November 2022
Listing Performance on NSE: INR 689.95 per share (Up 17.54% from IPO price)
Price after 1 year on NSE: INR 2,473.2 per share (Up 321.33% from IPO price)

#7 IRCTC IPO – Railway Play Among The Top IPOs That Doubled

IRCTC Limited (Indian Railway Catering And Tourism Corporation Limited) was incorporated to upgrade, modernize, and professionalize catering and hospitality services, managing hospitality services at railway stations, on trains, and other locations, and promoting international and domestic tourism in India through public-private participation. The company was conferred the status of Mini–Ratna (Category-I Public Sector Enterprise) by the Government of India, on 1 May 2008.

At the time of IRCTC IPO, the company operated in four business segments – (i) Internet Ticketing, (ii) Catering, (iii) Packaged Drinking Water under the “Rail Neer” brand, and (iv) Travel And Tourism. It is the one with the highest listing gain on this list.

Issue dates: 30 Sep – 3 Oct 2019
Issue size: 20,160,000 shares (INR627.88 – 637.96 crore)
Price: INR 315 – 320 per share
Listing date: 14 October 2019
Listing Performance on NSE: INR 727.75 per share (Up 134.8% from IPO price)
Price after 1 year on NSE: INR 1,334.65 per share (Up 317.08% from IPO price)

#8 Signature Global IPO

The company is the largest real estate developer in the National Capital Region of Delhi (Delhi NCR) focused on affordable and mid-segment housing (in the below INR 80 lakh price category) between 2019 and 2021 with a market share of 19%. Signature Global commenced operations in 2014 through a subsidiary, Signature Builders Private Limited, with the launch of the Solera project on 6.13 acres of land in Gurugram, Haryana.

Issue dates: 20 – 22 September 2023
Issue size: 1,89,61,039 shares (INR 730 crore)
Price: INR 366 – 385 per share
Listing date: 27 September 2023
Listing Performance on NSE: INR 458.55 per share (Up 19.10% from IPO price)
Price after 1 year on NSE: INR 1,573.20 per share (Up 308.62% from IPO price)

After listing with smart gains, the stock continued to move up and closed its first year with 308.62% gains from IPO levels!

#9 Paras Defence IPO: Highest Listing Gains

Paras Defence is engaged in designing, developing, manufacturing, and testing a wide range of defense and space engineering products and solutions. It is one of the leading ‘Indigenously Designed Developed and Manufactured’ (IDDM) category private sector companies in India, which caters to four major segments of the Indian defense sector i.e. Defence and space optics, Defence electronics, Electro-magnetic pulse (EMP) protection solution and Heavy engineering. It is also the sole Indian supplier of critical imaging components such as large-size optics and diffractive gratings for space applications in India.

Issue dates: 21 – 23 September 2021
Issue size: INR 169.05 – 170.78 crore
Price: INR 295 – 299 per share
Listing date: 1 October 2021
Listing Performance on NSE: INR 492.45 per share (Up 181.4% from IPO price)
Price after 1 year on NSE: INR 697.8 per share (Up 298.74% from IPO price)

With a substantial subscription rate of 304 times, this is INR 170.78 crore IPO secured a position among the offerings with the highest listing gains. Thanks to its impressive stock performance and strong fundamentals, it’s poised to retain its position at the top of the list of best IPOs that doubled!

Read Also: State-wise IPO in India

#10 DOMS Industries IPO

DOMS Industries has achieved an impressive one-year return of 286.34% since its IPO. The company’s financial turnaround has been remarkable, with profits soaring from INR 16.42 crore in 2022 to INR 416.37 crore in 2023, alongside a substantial revenue increase from INR 402.82 crore to INR 1,211.89 crore during the same period. This growth reflects strong demand for its stationery and art products, supported by effective cost management and strategic expansion efforts. Analysts remain optimistic about the company’s prospects, emphasizing its robust fundamentals and innovative product offerings.

Issue dates: 13 – 15 December 2023
Issue size: INR 1,200 crore
Price: INR 750 – 790 per share
Listing date: 20 December 2023
Listing Performance on NSE: INR 1,326.05 per share (Up 67.85% from IPO price)
Price after 1 year on NSE: INR 3,052.05 per share (Up 286.34% from IPO price)

#11 Easy Trip Planners IPO

Issue dates: 8 – 10 March 2021
Issue size: 27,272,727 shares (INR 510 crore)
Price: INR 186 – 187 per share
Listing date: 19 March 2021
Listing Performance on NSE: INR 208.45 per share (Up 11.47% from IPO price)
Price after 1 year on NSE: INR 682.4 per share (Up 264.92% from IPO price)

#12 EMS Limited IPO

Issue dates: 8 – 12 September 2023
Issue size: INR 312.12 – 321.25 crore
Price: INR 200 – 211 per share
Listing date: 21 September 2023
Listing Performance on NSE: INR 279.90 per share (Up 32.65% from IPO price)
Price after 1 year on NSE: INR 754.70 per share (Up 257.68% from IPO price)

#13 MTAR Technologies IPO: Precision Engineering Triumph

MTAR Technologies is engaged in the manufacture of precision components with close tolerances (5-10 microns), and in critical assemblies, to serve projects of high national importance.

Issue dates: 3 – 5 March 2021
Issue size: 10,372,419 shares (INR 595.37 – 596.41 crore)
Price: INR 574 – 575 per share
Listing date: 15 March 2021
Listing Performance on NSE: INR 1082.5 per share (Up 88.26% from IPO price)
Price after 1 year on NSE: INR 2013.55 per share (Up 250.18% from IPO price)

#14 HariOm Pipe IPO: Piping Success

HariOm Pipe Industries is an integrated manufacturer of Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron. The company caters to the southern and western Indian markets for its products. All the shares in the IPO were offered Fresh Issue at a very attractive PE ratio of just 15.6.

Issue dates: 30 Mar – 5 Apr 2022
Issue size: INR 122.4 – 130.05 crore
Price: INR 144 – 153 per share
Listing date: 13 April 2022
Listing Performance on NSE: INR 231 per share (Up 50.98% from IPO price)
Price after 1 year on NSE: INR 505.2 per share (Up 230.20% from IPO price)

#15 Nureca IPO: Healthcare Triumph

Issue dates: 15 – 17 February 2021
Issue size: INR 100 crore
Price: INR 396 – 400 per share
Listing date: 25 February 2021
Listing Performance on NSE: INR 645.75 per share (Up 61.43% from IPO price)
Price after 1 year on NSE: INR 1,300.35 per share (Up 225.09% from IPO price)

#16 Azad Engineering IPO

Issue dates: 20 – 22 December 2023
Issue size: INR 740 crore
Price: INR 499 – 524 per share
Listing date: 28 December 2023
Listing Performance on NSE: INR 677.50 per share (Up 29.29% from IPO price)
Price after 1 year on NSE: INR 1,679.25 per share (Up 220.47% from IPO price)

Read Also: Best IPOs in 2024

#17 Laxmi Organic IPO: Chemicals’ Ascent

Issue dates: 15 – 17 March 2021
Issue size: INR 600 crore
Price: INR 129 – 130 per share
Listing date: 25 March 2021
Listing Performance on NSE: INR 164.45 per share (Up 26.5% from IPO price)
Price after 1 year on NSE: INR 412.9 per share (Up 217.62% from IPO price)

#18 Likhitha Infrastructure IPO

Issue dates: 29 Sep – 7 Oct 2020
Issue size: 5,100,000 shares (INR59.67 – 61.20 crore)
Price: INR 116 – 120 per share
Listing date: 15 October 2020
Listing Performance on NSE: INR 136.5 per share (Up 13.75% from IPO price)
Price after 1 year on NSE: INR 378.6 per share (Up 215.50% from IPO price)

#19 Senco Gold IPO

Issue dates: 4 – 6 July 2023
Issue size: INR 405 crore
Price: INR 301 – 317 per share
Listing date: 14 July 2023
Listing Performance on NSE: INR 405.30 per share (Up 27.87% from IPO price)
Price after 1 year on NSE: INR 979.85 per share (Up 209.10% from IPO price)

#20 Rossari Biotech IPO: Biotech Marvel

Issue dates: 13 – 15 July 2020
Issue size: INR 494.15 – 496.25 crore
Price: INR 423 – 425 per share
Listing date: 23 July 2020
Listing Performance on NSE: INR 741.65 per share (Up 74.51% from IPO price)
Price after 1 year on NSE: INR 1,239.85 per share (Up 191.73% from IPO price)

#21 Venus Pipes IPO (One year return: 191.53%)

#22 Cyient DLM IPO (One year return: 191.45%)

#23 JSW Infra IPO (One year return: 190%)

#24 Electronics Mart IPO (One year return: 171.69%)

#25 Zaggle Prepaid Ocean IPO (One year return: 166.25%)

#26 Global Health (Medanta) IPO (One year return: 165.82%)

#27 Burger King IPO (One year return: 160%)

#28 Vishnu Prakash Punglia IPO (One year return: 144.84%)

#29 Syrma SGS IPO (One year return: 144.43%)

#30 Affle IPO (One year return: 142.38%)

Read Also: Highest IPO Subscription

As the analysis accounts for a 12-month timeframe, the list of best IPOs that doubled will continue evolving as more stocks complete their one-year period of listing. We hope this list of the best IPO stocks is useful to you. Please let us know in the comments below.

Best IPO Stocks