New Delhi

Overall public equity fundraising increased by a huge 142 per cent to Rs. 1.86 lakh crore in 2023-24 from Rs. 76,911 crore in 2022-23. Pranav Haldea, Managing Director, Prime Database, said 76 Indian corporates raised Rs. 61,915 crore through main board IPOs in financial year 2023-24, 19 per cent higher than the Rs. 52,116 crore mobilised by 37 IPOs in 2022-23.

The largest IPO in 2023-24 was from Mankind Pharma (Rs. 4,326 crore). This was followed by Tata Technologies (Rs. 3,043 crore) and JSW Infrastructure (Rs. 2,800 crore).

The overall response from the public, according to Prime Database was excellent. Of the 75 IPOs for which response data is available, 54 IPOs received a mega response of more than 10 times (of which 22 IPOs more than 50 times) while 11 IPOs were oversubscribed by more than 3 times. The balance 10 IPOs were oversubscribed between 1 to 3 times.

51 of the 75 IPOs are trading above the issue price, as per the closing price of March 21, with an average return of 65 per cent.

According to Pranav Haldea, IPO response was further buoyed by strong listing performance. Average listing gain (based on closing price on listing date) increased to 29 per cent, in comparison to 9 per cent in 2022-23. Of the 75 IPOs, 48 gave a return of over 10 per cent. Vibhor Steel gave a stupendous return of 193 per cent followed BLS E-Services (175 per cent) and Tata Technologies (163 per cent).