The Indian IPO market demonstrated a strong performance despite declining global economic performance.The year has been historical for the Indian IPO market, with the largest Indian life insurance PSU, the Life Insurance Company of India, making its debut on the exchange. Since April 2022, twenty three mainboard IPOs have hit Dalal Street and seven of them have generated listing gains of more than 25%. Let’s look at the list of the best IPOs in 2022 that yielded the highest IPO listing gain.
| IPO Name | Listing date | Offer size in ₹ cr | Offer price ₹ | Listing day closing price ₹ | Listing day gain/loss % | Oversubscription size |
| DCX System Ltd | November 11, 2022 | 500 | 207 | 308.80 | 49.18 | 69.79 |
| Harsha Engineers International Ltd | September 26, 2022 | 755 | 330 | 485 | 47.24 | 74.70 |
| Hariom Pipe Industries Ltd | April 13, 2022 | 130 | 153 | 224 | 46.86 | 7.93 |
| Electronics Mart India Ltd | October 17, 2022 | 500 | 59 | 84.45 | 43.14 | 71.93 |
| Syrma SGS Technology Ltd | August 26,2022 | 840 | 220 | 313.50 | 42.30 | 32.61 |
| Ruchi Soya Industries Ltd | April 8, 2022 | 4300 | 650 | 924.85 | 42.28 | 3.60 |
| Dreamfolks Services Ltd | September 6, 2022 | 562.10 | 326 | 462.65 | 41.92 | 56.68 |
| Campus Activewear Ltd | May 9, 2022 | 1400.14 | 292 | 378.60 | 29.66 | 51.75 |
| Global Health Ltd | November 16, 2022 | 2205.57 | 336 | 415.65 | 23.71 | 9.58 |
| Uma Exports Ltd | April 07, 2022 | 60 | 68 | 84 | 23.53 | 7.67 |
They are a leading manufacturer of electronic subsystems and cable harnesses. They are the preferred Indian offset partners for foreign original part manufacturers (OEMs) executing defence manufacturing projects.
The company primarily engages in the defence sector, where global spending is increasing. The top five spenders in the segment are India, China, Russia, the USA and the United Kingdom. Global defence spending is expected to grow at 4.06% CAGR between 2021-2026.
Revenue from Operation in FY21 (in ₹): 6,411.63 million
Total Income in FY21 (in ₹): 6,832.42 million
Profit % of total Income 2021: 4.33
Current ratio in FY21: 1.04
They are the largest in the country in manufacturing precision bearing cages. The company offers a diversified product suite of precision engineering products across geographies. India’s bearing cage industry is expected to grow at 8.3% CAGR between 2021-2029, supported by favourable policy and regulatory framework.
Revenue from Operation in FY22 (in ₹): 13,214.81 million
Total Income in FY22 (in ₹): 13,389.99 million
Profit % of total Income 2022: NA
Current ratio in FY22: 1.64
The company produces iron and steel products, including Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron. It offers a diverse product suite to its end-users.
The company is ready to capitalise on the solid growth of the global steel industry. Global crude steel production has grown by 3% from the previous year.
Revenue from Operation in FY21 (in ₹): 25,413.89 million
Total Income in FY21 (in ₹): 25,482.31 million
Profit % of total Income 2021: 5.94
Current ratio in FY21: NA
Electronics Mart has the fourth largest market share in the electronics retail segment. They were the largest player in the south region in revenue in 2020. The company recorded a 25.06% CAGR in revenue from 2015 to 2020.
Revenue from Operation in FY21 (in ₹): 32,018.76 million
Total Income in FY21 (in ₹): 32,037.68 million
Profit % of total Income 2021: 1.83
Current ratio in FY21: NA
They are engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-user industries. They are one of the fastest-growing players in the EMS segment in India, according to an F&S report.
The EMS segment in India is slated for rapid growth as the industry demand expands. The EMS companies are expected to offer a bouquet of services in designing, prototyping, testing services, manufacturing capabilities, microelectronics, optoelectronics, and radio frequency or wireless services.
Revenue from Operation in FY21 (in ₹): 4,383.03 million
Total Income in FY21 (in ₹): 4444.80 million
Profit % of total Income 2021: 7.20
Current ratio in FY21: 1.38
Ruchi Soya is an FMCG and FMHG-focused company with a diverse product base. They are one of the largest players in the edible oil segment, manufacturing and marketing soya foods under the flagship brand Nutrela.
The oil palm plantation business has high barriers, which give these companies an edge over the competition.
Revenue from Operation in FY20 (in ₹): 13,11, 778.81million
Total Income in FY20 (in ₹): 1,317,536.56 million
Profit % of total Income 2021: 58.55
Current ratio in FY20: NA
They are the largest Indian airport service aggregator platform. By leveraging technology, they facilitate enhanced passenger airport experience by integrating global card networks operating in India.
Revenue from Operation in FY21 (in ₹): 2,824.98 million
Total Income in FY21 (in ₹): 2,839.89 million
Profit % of total Income 2021:
Current ratio in FY21: 5.72
They are the largest brand in India in sports and athleisure footwear according to value and volume data in 2021. The company increased its market share in 2021 to 17% in the branded sports and athleisure footwear industry from 15% in 2020.
ROCE is a better gauge of a company’s profitability over a long period, and in terms of ROCE, Campus has performed better than its peers.
Revenue from Operation in FY21 (in ₹): 7,112.84 million
Total Income in FY21 (in ₹): 1,389.25 million
Profit % of total Income 2021: 6.47
Current ratio in FY21: NA
Global Health is a leader in providing multi-speciality tertiary care in India’s North and East regions. The company operates in all critical areas of health with specialisation in cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology.
After COVID, there is a renewed emphasis on enhancing the healthcare system in the country. A significant growth potential and transformation awaits the players in the segment.
Revenue from Operation in FY21 (in ₹): 14,467.43 million
Total Income in FY21 (in ₹): 14,781.58 million
Profit % of total Income 2021: 1.94
Current ratio in FY21: NA
The company started as a building material exporter to the neighbouring country of Bangladesh. From there, they begin exporting agricultural items. Currently, they export to Sri Lanka, Malaysia, and Bangladesh.
The India food industry is poised for huge growth in its importance in the global economy as a critical player in the food processing segment. India’s food and grocery market are the sixth largest in the world.
Revenue from Operation in FY21 (in ₹): 74,215.52 lakhs
Total operating Income in FY21 (in ₹): 75,202.64
Profit % of total Income in FY21: 1.62
Current ratio in FY21: 1.31
Also read: Upcoming IPOs in India
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Disclaimer: This article has been written for educational purposes only. The securities quoted are only examples and not recommendations.
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