Best IPOs that doubled investors’ money


Following a lean phase in the aftermath of Covid-19 pandemic, India’s primary market is back with two back to back successful offers. These are Rossari Biotech and Mindspace Business Parks REIT IPOs. The 77% gain on the first day by Rossari Biotech has once again got investors interested but IPOs are much more than just listing gains. We analyzed IPOs since 2016 to find out the best performances and our list of best IPOs that doubled includes 16 offers where investors achieved not only highest listing gain but also did well in the subsequent 12 months.

#1 Avenue Supermarts (DMart): Top of the Best IPOs that doubled

Radhakishan Damani-promoted Avenue Supermarts was the most anticipated IPO of 2017 and for good reasons. Apart from the legendary investor as the majority shareholder, the company had strong operating performance to showcase. The INR1,870 crore IPO was subscribed a whopping 73.4 times and is among the ones with highest listing gains. Given the stock’s dream run and its strong fundamentals, it is going to remain on top in the list of best IPOs that doubled!

  • Issue dates: 8 – 10 March 2017
  • Issue size: 62,541,806 shares (INR1,870 crore)
  • Price: INR295 – 299 per share
  • Listing date: 21 March 2017
  • Listing Performance on NSE: INR641.6 per share (Up 114.6% from IPO price)
  • Price after 1 year on NSE: INR1,339.60 per share (Up 348% from IPO price)

#2 Shankara Building Products

Shankara Building Products IPO

Bengaluru-based Shankara Building Products launched its IPO on the heels of Avenue Supermarts offer. Nevertheless, Shankara Building Products floated a small offer of just INR345 crore. According to DRHP, the company had done well in an unorganized market, so it wasn’t a surprise that the IPO did well and listed with decent gains but caught investors’ fancy in the subsequent quarters.

  • Issue dates: 22 – 24 March 2017
  • Issue size: 7,500,029 shares (INR345 crore)
  • Price: INR440 – 460 per share
  • Listing date: 5 April 2017
  • Listing Performance on NSE: INR632.45 per share (Up 37.5% from IPO price)
  • Price after 1 year on NSE: INR1,805.1 per share (Up 292.4% from IPO price)

Nevertheless, we had pointed out that it is not a scalable business model and the company eventually ran into trouble in the subsequent quarters. After a dream run, it is currently trading less than the IPO price!

Read Also: IPO Flashback 2019: Best and worst of the year

#3 Quess Corp IPO

Ajit Isaac-backed staffing solutions firm Quess Corp was also a high flier and had already attracted Prem Watsa’s investment by the time its IPO launched. The company had posted impressive operating performance and its IPO was subscribed 81.5X! No wonder the offer is among the top IPOs that doubled.

  • Issue dates: 29 June – 1 July 2016
  • Issue size: 12,775,008 shares (INR 404.97 crore)
  • Price: INR310 – 317 per share
  • Listing date: 12 July 2016
  • Listing Performance on NSE: INR503.1 per share (Up 58.7% from IPO price)
  • Price after 1 year on NSE: INR918.75 per share (Up 189.8% from IPO price)

After topping out in 2018, the stock came under pressure amid deteriorating business. It now trades at a small premium to its IPO price. 

#4 Salasar Techno Engineering

2017 was a hot year for IPOs and Salasar Techno Engineering is one of the few companies whose stock price doubled on debut day. In fact, it is the one with highest listing gains in this list. The steel fabrication and infrastructure solutions company had floated a small issue and it was immediately lapped up resulting in final subscription of nearly 272 times!

  • Issue dates: 12 – 17 July 2017
  • Issue size: 3,321,000 shares (INR35.95 crore)
  • Price: INR108 per share
  • Listing date: 25 July 2017
  • Listing Performance on NSE: INR262.5 per share (Up 143.1% from IPO price)
  • Price after 1 year on NSE: INR294.4 per share (Up 172.6% from IPO price)

Read Also: All-time largest IPOs in India at a glance

#5 RBL Bank

RBL (formerly Ratnakar Bank) was a turnaround case as career banker Vishwavir Ahuja saw the potential in overhauling operations at the regional bank. With fresh funding from the likes of CDC Group, Asian Development Bank (ADB), International Finance Corporation (IFC) and Norwest Venture Partners (NVP), the bank embarked on a new journey and this institutional presence was a major factor behind the success of IPO.

  • Issue dates: 19 – 23 August 2016
  • Issue size: 53,909,628 shares (INR 1,212.97 crore)
  • Price: INR224 – 225 per share
  • Listing date: 31 August 2016
  • Listing Performance on NSE: INR299.4 per share (Up 33.1% from IPO price)
  • Price after 1 year on NSE: INR544.6 per share (Up 142% from IPO price)

#6 PSP Projects: From discounted listing to 100% returns

Ahmedabad-based infrastructure player PSP Projects also features among the best performing IPOs in one year timeframe. Being a company from construction and infra space, there was no novelty value in the IPO. Looking at the list of highest listing gains, one might be confused with this entry as the stock actually had a discounted listing but got rerated on the back of strong results.

  • Issue dates: 16 – 19 May 2017
  • Issue size: 10,080,000 shares (INR211.68 crore)
  • Price: INR205 – 210 per share
  • Listing date: 29 May 2017
  • Listing Performance on NSE: INR199.5 per share (Down 5% from IPO price)
  • Price after 1 year on NSE: INR505.1 per share (Up 140.5% from IPO price)

#7 Sheela Foam


Next in our list of top IPOs that doubled investors’ wealth is Sleepwell mattress maker Sheela Foam which couldn’t even muster enough participation from retail category. The company’s IPO came towards the end of 2016 and was greatly hampered as a result of demonetization of INR1,000 notes. The company had earmarked 35% of the total IPO shares to be allotted to retail investors but it ended up getting less than half of the category subscription.

  • Issue dates: 29 November – 1 December 2016
  • Issue size: 6,986,301 shares (INR 510 crore)
  • Price: INR680 – 730 per share
  • Listing date: 9 December 2016
  • Listing Performance on NSE: INR1,032 per share (Up 41.4% from IPO price)
  • Price after 1 year on NSE: INR1,752.3 per share (Up 140% from IPO price)

Nevertheless, the stock had a strong listing and it went even higher as dust settled over the next 12 months.

#8 Dilip Buildcon

Here is another player from infrastructure space specializing in road-focused EPC contracts. When Dilip Buildcon launched the IPO, its balance sheet had a debt equity ratio of 2.2 and margins were in low single digits.

  • Issue dates: 1 – 3 August 2016
  • Issue size: 29,861,976 shares (INR 653.98 crore)
  • Price: INR214 – 219 per share
  • Listing date: 11 August 2016
  • Listing Performance on NSE: INR251.75 per share (Up 14.9% from IPO price)
  • Price after 1 year on NSE: INR521.45 per share (Up 138.1% from IPO price)

#9 Mahanagar Gas: Only PSU among the top IPOs that doubled

Mahanagar Gas is the only PSU in this list of top IPOs that doubled within a year of listing. The city gas distribution venture between GAIL and BG Asia Pacific Holdings has a monopoly in Mumbai and adjoining areas. All the shares in the IPO were offered Offer For Sale (OFS) at very attractive PE ratio of just 13.4. This was a no brainer and the IPO was subscribed 45 times.

  • Issue dates: 21 – 23 June 2016
  • Issue size: 24,694,500 shares (INR 1,039.64 crore)
  • Price: INR380 – 421 per share
  • Listing date: 1 July 2016
  • Listing Performance on NSE: INR520.3 per share (Up 23.6% from IPO price)
  • Price after 1 year on NSE: INR992.4 per share (Up 135.7% from IPO price)

After listing with smart gains, the stock continued to move up and closed its first year with 135% gains from IPO levels!

#10 Apex Frozen Foods

Apex Frozen Foods is an integrated producer and exporter of shelf stable quality aquaculture products. The company priced its IPO at a substantial discount to its bigger peer Avanti Feeds and as we noted in our analysis, it didn’t take long for the market to rerate the stock.

  • Issue dates: 22 – 24 August 2017
  • Issue size: 8,700,000 shares (INR 152.25 crore)
  • Price: INR171 – 175 per share
  • Listing date: 4 September 2017
  • Listing Performance on NSE: INR212.1 per share (Up 21.2% from IPO price)
  • Price after 1 year on NSE: INR409.1 per share (Up 133.8% from IPO price)

#11 Endurance Technologies (One year return: 132.4%)

#12 Bharat Wire Ropes (One year return: 120.2%)

#13 Astron Paper & Board (One year return: 119.7%)

#14 Infibeam (One year return: 116.9%)

#15 IndiaMART InterMESH (One year return: 115.4%)

#16 Neogen Chemicals (One year return: 102.4%)

Since we are considering the performance on 12 month time frame, this list of best IPOs that doubled is likely to change as more stocks complete their 12 months of listing. Such names include IRCTC and Affle India which are already multibaggers for IPO investors.



Please enter your comment!
Please enter your name here