This Article is From Dec 20, 2019

From Coal India To IRCTC: These IPOs Saw Bumper Demand In 2010s

These companies' IPOs or initial public offers saw blockbuster investor interest, with subscription ranging from five times to as high as 243 times.

From Coal India To IRCTC: These IPOs Saw Bumper Demand In 2010s

From Jubilant FoodWorks and Coal India in 2010 to IRCTC and Ujjivan Small Finance Bank in 2019, a number of companies have forayed into the Indian capital markets in the past 10 years. These companies' IPOs or initial public offers saw blockbuster investor interest, with subscription ranging from five times to as high as 243 times. Out of these, at least eight companies received subscription of more than 100 times since July 2016: Quess Corp, Avenue Supermarts, Dixon Technologies, Capacit'e Infraprojects, MAS Financial Services, Astron Paper & Board Mills, IRCTC and Ujjivan Small Finance Bank, stock exchange data shows.


Here's a brief description of some of the bumper IPOs of 2010s:


CompanyIssue PriceSubscription (X Times)
Jubilant FoodWorksRs 135 to Rs 14531
United Bank of IndiaRs 60 to Rs 6633.377
Persistent SystemsRs 290 to Rs 31093.6037
Talwalkars Better Value FitnessRs 123 to Rs 12828.387
Engineers IndiaRs 270 to Rs 29013.36
SKS MicrofinanceRs 850 to Rs 98513.69
Bajaj CorpRs 630 to Rs 66019.29
Gujarat Pipavav Port Rs 42 to Rs 4819.94
VA Tech WabaghRs 1,230 to Rs 1,31036.22
Ashoka BuildconRs 297 to Rs 32415.94
Oberoi RealtyRs 253 to Rs 26012.13
Coal IndiaRs 225 to Rs 24515.14
Power Grid CorporationRs 85 to Rs 9014.88
MOILRs 340 to Rs 37556.43
Punjab & Sind BankRs 113 to Rs 12050.75

The year 2010 started with the Rs 329-crore IPO of fast food chain operator Jubilant FoodWorks which was subscribed more than 31 times. The company, which runs the Dominos Pizza chain in the country, offered shares in the range of Rs 135-145 in the IPO.

In the following October, the Rs 15,200-crore public offer of state-run mining behemoth Coal India was subscribed more than 15 times. At the time, Kolkata-based Coal India accounted for nearly 80 per cent of coal output in the country.


CompanyIssue PriceSubscription (X Times)
Lovable LingerieRs 195 to Rs 20535.21
Muthoot FinanceRs 160 to Rs 17524.55

Lovable Lingerie's IPO worth Rs 93 crore was subscribed more than 35 times in March 2011. The Rs 901-crore IPO of Muthoot Finance the next month saw subscription of nearly 25 times.


CompanyIssue PriceSubscription (X Times)
Multi Commodity Exchange of IndiaRs 860 to Rs 1,03254.13
Credit Analysis and ResearchRs 700 to Rs 75040.98
PC JewellerRs 125 to Rs 1356.85

The public offer of Multi Commodity Exchange (MCX) in February 2012 received bids more than 54 times the 64.27 lakh shares on offer. In the same year, the Rs 609-crore IPO of PC Jeweller was subscribed nearly seven times.


In May 2013, local search engine Just Dial's IPO to raise Rs 950 crore was subscribed 11.63 times. Shares were sold in the price range of Rs 470-Rs 543.


The IPO of amusement park operator Wonderla Holidays in April 2014 was subscribed more than 38 times. In the Wonderla IPO, shares were priced between Rs 115 and Rs 125.


CompanyIssue PriceSubscription (X Times)
Inox WindRs 315 to Rs 32518.6
VRL LogisticsRs 195 to Rs 20574.26
Syngene InternationalRs 240 to Rs 25032.05
InterGlobe AviationRs 700 to Rs 7656.15
S H Kelkar and CompanyRs 173 to Rs 18027.08
Dr. Lal PathLabsRs 540 to Rs 55033.41
Alkem LaboratoriesRs 1,020 to Rs 1,05044.29
Narayana HrudayalayaRs 245 to Rs 2508.7

Three major IPOs launched in 2015 by Inox Wind (Rs 1,021 crore), Alkem Laboratories (Rs 1,350 crore) and Dr Lal PathLabs (Rs 638 crore) were subscribed more than 74 times, 44 times and 33 times respectively. 

In the same year, the IPO of Biocon subsidiary Syngene International to raise Rs 550 crore was subscribed 32 times.


CompanyIssue PriceSubscription (X Times)
TeamLease ServicesRs 785 to Rs 85066.02
Quick Heal TechnologiesRs 311 to Rs 32110.8
Equitas HoldingsRs 109 to Rs 11017.21
Thyrocare TechnologiesRs 420 to Rs 44673.55
Ujjivan Financial ServicesRs 207 to Rs 21040.68
Mahanagar GasRs 380 to Rs 42164.54
Quess CorpRs 310 to Rs 317144.5
Larsen & Toubro InfotechRs 705 to Rs 71011.69
Dilip BuildconRs 214 to Rs 21920.95
S.P. ApparelsRs 258 to Rs 26820.95
RBL BankRs 224 to Rs 22569.62
ICICI Prudential Life Insurance CompanyRs 300 to Rs 33410.48
Endurance TechnologiesRs 467 to Rs 47243.84
PNB Housing FinanceRs 750 to Rs 77529.55
Laurus LabsRs 426 to Rs 4284.57

Business services provider Quess Corp's Rs 400-crore IPO in July 2016 was subscribed nearly 145 times. 

Other hit IPOs that year included Thyrocare Technologies, RBL Bank, TeamLease Services and Mahanagar Gas which saw subscription of at least 65 times each.


CompanyIssue PriceSubscription (X Times)
BSERs 805 to Rs 80651.22
Music BroadcastRs 324 to Rs 33339.67
Avenue SupermartsRs 295 to Rs 299104.59
AU Small Finance BankRs 355 to Rs 35853.6
Cochin ShipyardRs 424 to Rs 43276.19
Dixon Technologies (India)Rs 1,760 to Rs 1,766117.83
Capacit'e InfraprojectsRs 245 to Rs 250183.03
Prataap SnacksRs 930 to Rs 93847.39
Godrej AgrovetRs 450 to Rs 46095.41
MAS Financial ServicesRs 456 to Rs 459128.39
Reliance Nippon Life Asset ManagementRs 247 to Rs 25281.54
Mahindra LogisticsRs 425 to Rs 4297.9
HDFC Standard Life Insurance CompanyRs 275 to Rs 2904.9
Astron Paper & Board MillsRs 45 to Rs 50243.29

The IPO of Astron Paper & Board Mills in 2017 to raise Rs 70 crore was subscribed 243 times. Ahmedabad-based Astron Paper was followed by Capacit'e Infraprojects (size: Rs 400 crore; subscribed 183 times), MAS Financial Services (Rs 227 crore; 128 times), Dixon Technologies (Rs 600 crore; 118 times) and Avenue Supermarts (Rs 1,870 crore; 105 times). 


CompanyIssue PriceSubscription (X Times)
Newgen Software TechnologiesRs 240 to Rs 2458.25
Bandhan BankRs 370 to Rs 37514.63
RITESRs 180 to Rs 18567.24
HDFC Asset Management CompanyRs 1,095 to Rs 1,10083.06

HDFC AMC's mega Rs 2,800-crore IPO in 2018 received strong investor interest with a subscription of 83 times.


Mumbai-based diagnostics company Metropolis Healthcare's IPO to raise Rs 1,200 crore was subscribed nearly six times in January 2019.

CompanyIssue PriceSubscription (X Times)
Metropolis HealthcareRs 877 to Rs 8805.84
Polycab IndiaRs 533 to Rs 53851.96
Neogen ChemicalsRs 212 to Rs 21541.18
IndiaMART InterMESHRs 970 to Rs 97336.21
Affle IndiaRs 740 to Rs 74586.49
Indian Railway Catering and Tourism Corporation (IRCTC)Rs 315 to Rs 320111.95
CSB BankRs 193 to Rs 19586.93
Ujjivan Small Finance BankRs 36 to Rs 37165.68

Launched in September 2019, the IPO of IRCTC - the catering and online ticketing arm of state-run Indian Railways - to raise Rs 645 crore was subscribed 112 times with bids worth a whopping Rs 72,000 crore.