Best IPOs That Doubled Investors’ Money

Last updated on October 3, 2023

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 IPOs that doubled includes more than 25 offers that not only provided investors with the highest listing gains but also demonstrated impressive performance in the subsequent 12 months.

#1 Happiest Minds IPO: Top of the Best IPOs that doubled

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 the highest listing gains, its true allure lies in its sustained performance post-listing. With gains exceeding 800% over the course of 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 Metropolis Healthcare IPO: Diagnostics Success Story

Metropolis Healthcare, a prominent diagnostics firm in India, did not disappoint IPO investors. Although the IPO achieved full subscription only on the final day and garnered limited listing gains, its unique business model attracted institutional investors post-listing.

• Issue dates: 3 – 5 April 2019
• Issue size: 13,685,095 shares (INR1,200.2 – 1,204.29 crore)
• Price: INR 877 – 880 per share
• Listing date: 15 April 2019
• Listing Performance on NSE: INR 959.85 per share (up 9.07% from IPO price)
• Price after 1 year on NSE: INR 1,337.55 per share (up 647.23% 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)

#4 Avenue Supermarts (DMart) IPO: Retail Powerhouse

Avenue Supermarts, promoted by Radhakishan Damani, emerged as the most eagerly awaited IPO of 2017. Beyond having the eminent investor as its majority shareholder, the company showcased robust operating performance. With a substantial subscription rate of 73.4 times, this INR 1,870 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!

• Issue dates: 8 – 10 March 2017
• Issue size: 62,541,806 shares (INR1,870 crore)
• Price: INR 295 – 299 per share
• Listing date: 21 March 2017
• Listing Performance on NSE: INR 641.6 per share (Up 114.6% from IPO price)
• Price after 1 year on NSE: INR 1,339.60 per share (Up 348% from IPO price)

#5 IRCTC IPO

• 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 330.53% from IPO price)

#6 Paras Defence IPO: A Rising Star

• 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)

#7 Shankara Building Products IPO: Navigating Success

Bengaluru-based Shankara Building Products entered the IPO market shortly after Avenue Supermarts’ offering. Despite its modest INR 345 crore offering, the company’s success in an unorganized market translated to solid listing gains. These gains captured investors’ interest in the subsequent quarters.

• Issue dates: 22 – 24 March 2017
• Issue size: 7,500,029 shares (INR 345 crore)
• Price: INR 440 – 460 per share
• Listing date: 5 April 2017
• Listing Performance on NSE: INR 632.45 per share (Up 37.5% from IPO price)
• Price after 1 year on NSE: INR 1,805.1 per share (Up 292.4% from IPO price)

Nevertheless, we 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 at less than the IPO price!

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

#8 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 682.4per share (Up 264.92% from IPO price)

#9 MTAR Technologies IPO: Precision Engineering Triumph

• 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)

#10 HariOm Pipe IPO: Piping Success

• 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)

#11 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)

#12 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)

#13 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)

#14 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 752 per share (up 76.94% from IPO price)
• Price after 1 year on NSE: INR 1,239.85 per share (Up 191.73% from IPO price)

#15 Venus Pipes IPO: Piping Momentum

• Issue dates: 11 – 13 May 2022
• Issue size: INR 157.3 – 160.34 crore
• Price: INR 310 – 326 per share
• Listing date: 24 May 2022
• Listing Performance on NSE: INR 354.35 per share (up 8.70% from IPO price)
• Price after 1 year on NSE: INR 950.4 per share (Up 191.53% from IPO price)

#16 Quess Corp IPO: Staffing Success

Quess Corp, backed by Ajit Isaac, emerged as a high-performing staffing solutions firm. Impressive operating performance and remarkable subscription rates (81.5 times) underscore its position 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: INR 503.1 per share (Up 58.7% from IPO price)
• Price after 1 year on NSE: INR 918.75 per share (Up 189.8% from IPO price)

Despite reaching its peak in 2018, the stock encountered challenges due to deteriorating business conditions, trading at a small premium to its IPO price.

#17 Salasar Techno Engineering IPO: Engineering Excellence

Salasar Techno Engineering achieved a remarkable feat in 2017, with its stock price doubling on its debut day. In fact, it is the one with the highest listing gains on this list. The steel fabrication and infrastructure solutions company garnered immense interest, resulting in a final subscription rate of nearly 272 times.

• Issue dates: 12 – 17 July 2017
• Issue size: 3,321,000 shares (INR 35.95 crore)
• Price: INR 108 per share
• Listing date: 25 July 2017
• Listing Performance on NSE: INR 262.5 per share (Up 143.1% from IPO price)
• Price after 1 year on NSE: INR 294.4 per share (Up 172.6% from IPO price)

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

#18 Syrma SGS IPO

• Issue dates: 12 – 18 August 2022
• Issue size: 38,187,541 shares (INR 840.1 crore)
• Price: INR 209 – 220 per share
• Listing date: 26 August 2022
• Listing Performance on NSE: INR 312 per share (Up 41.82% from IPO price)
• Price after 1 year on NSE: INR 537.75 per share (Up 144.43% from IPO price)

#19 Affle IPO

• Issue dates: 29 – 31 July 2019
• Issue size: INR 456.52 – 459 crore
• Price: INR 740 – 745 per share
• Listing date: 8 August 2019
• Listing Performance on NSE: INR 873.65 per share (Up 17.27% from IPO price)
• Price after 1 year on NSE: INR 1,805.75 per share (Up 142.38% from IPO price)

#20 RBL Bank IPO: Banking Transformation

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: INR 224 – 225 per share
• Listing date: 31 August 2016
• Listing Performance on NSE: INR 299.4 per share (Up 33.1% from IPO price)
• Price after 1 year on NSE: INR 544.6 per share (Up 142% from IPO price)

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

PSP Projects, an infrastructure company located in Ahmedabad, also stands out as one of the top-performing IPOs over a one-year period. Given its involvement in the construction and infrastructure sector, the IPO lacked novelty. Reviewing the roster of the highest listing gains might lead to confusion regarding this inclusion, considering that the stock initially entered the market at a reduced price. However, it underwent a reevaluation due to robust financial results.

• Issue dates: 16 – 19 May 2017
• Issue size: 10,080,000 shares (INR 211.68 crore)
• Price: INR 205 – 210 per share
• Listing date: 29 May 2017
• Listing Performance on NSE: INR 199.5 per share (Down 5% from IPO price)
• Price after 1 year on NSE: INR 505.1 per share (Up 140.5% from IPO price)

#22 Sheela Foam IPO: Mattress Marvel

Next on our roster of top IPOs that doubled investors’ capital is Sheela Foam, the manufacturer of Sleepwell mattresses, which faced challenges in attracting sufficient participation from the retail segment. The company launched its IPO towards the conclusion of 2016, and it encountered significant obstacles due to the demonetization of INR 1,000 notes. Although the company had allocated 35% of the total IPO shares for retail investors, it received subscriptions of less than half of the category, failing to meet the intended target.

• Issue dates: 29 November – 1 December 2016
• Issue size: 6,986,301 shares (INR 510 crore)
• Price: INR 680 – 730 per share
• Listing date: 9 December 2016
• Listing Performance on NSE: INR 1,032 per share (Up 41.4% from IPO price)
• Price after 1 year on NSE: INR 1,752.3 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.

#23 Dilip Buildcon IPO: Road to Success

Dilip Buildcon, specializing in road-focused EPC contracts, embarked on a successful journey during its IPO launch. Overcoming challenges including low margins and a high debt-equity ratio, the company achieved remarkable gains within the first year.

• Issue dates: 1 – 3 August 2016
• Issue size: 29,861,976 shares (INR 653.98 crore)
• Price: INR 214 – 219 per share
• Listing date: 11 August 2016
• Listing Performance on NSE: INR 251.75 per share (Up 14.9% from IPO price)
• Price after 1 year on NSE: INR 521.45 per share (Up 138.1% from IPO price)

#24 Powergrid InvIT IPO: Powerhouse Performance

Powergrid InvIT demonstrated its prowess as an infrastructure investment trust, showcasing substantial gains within the one-year period. Listing with smart gains, the stock continued its upward trajectory, closing its first year with significant gains.

• Issue dates: 29 April – 3 May 2021
• Issue size: INR 7,734.99 crore
• Price: INR 99 – 100 per share
• Listing date: 14 May 2021
• Listing Performance on NSE: INR 102.99 per share (up 2.99% from IPO price)
• Price after 1 year on NSE: INR 236.3 per share (Up 136.30% from IPO price)

After listing with smart gains, the stock continued to move up and closed its first year with 136% gains from IPO levels!

#25 Barbeque Nation IPO: Sizzling Success

• Issue dates: 24 – 26 March 2021
• Issue size: INR 451.78 – 452.87 crore
• Price: INR 498 – 500 per share
• Listing date: 7 April 2021
• Listing Performance on NSE: INR 587.80 per share (up 17.56% from IPO price)
• Price after 1 year on NSE: INR 1,181.05 per share (Up 136.21% from IPO price)

After listing with smart gains, the stock continued to move up and closed its first year with 136% gains from IPO levels!

#26 Mahanagar Gas IPO: PSU among the top IPOs that doubled

Mahanagar Gas – 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 a 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: INR 380 – 421 per share
• Listing date: 1 July 2016
• Listing Performance on NSE: INR 520.3 per share (Up 23.6% from IPO price)
• Price after 1 year on NSE: INR 992.4 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!

#27 Apex Frozen Foods IPO: Frozen Triumph

Apex Frozen Foods, an integrated producer and exporter of aquaculture products, defied expectations with its discounted IPO pricing. The stock’s rapid rerating and strong performance within the first year highlighted its success.

• Issue dates: 22 – 24 August 2017
• Issue size: 8,700,000 shares (INR 152.25 crore)
• Price: INR 171 – 175 per share
• Listing date: 4 September 2017
• Listing Performance on NSE: INR 212.1 per share (Up 21.2% from IPO price)
• Price after 1 year on NSE: INR 409.1 per share (Up 133.8% from IPO price)

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

#29 Devyani International (One year return: 125.94%)

#30 Stove Kraft (One year return: 125.77%)

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.