India’s stock market witnessed a record-breaking surge in interest as multiple Initial Public Offerings (IPOs) garnered substantial demand, reflecting strong investor confidence despite volatile global market conditions. Among these, Mamata Machinery, Transrail Lighting, and DAM Capital Advisors stood out with unprecedented oversubscription levels, setting a new benchmark in the primary market.
Mamata Machinery’s IPO, valued at ₹179.38 crore, was subscribed 194.95 times by investors, highlighting immense demand for the packaging machinery manufacturer’s shares. With a price band of ₹230-243 per share, retail investors drove a significant portion of the interest, subscribing 138.08 times. This overwhelming response was complemented by the company commanding a Grey Market Premium (GMP) of ₹260, indicating a potential 90% gain on listing day.
Similarly, Transrail Lighting’s ₹838.91 crore IPO saw strong participation, with a total subscription of 80.80 times. The most notable demand came from qualified institutional buyers (QIBs), who oversubscribed their portion by 201.06 times. Retail investors and non-institutional investors (NIIs) also played key roles, with subscriptions of 22.07 times and 76.41 times, respectively. The price band for Transrail Lighting was set at ₹410-432 per share, with its listing date slated for December 27, 2024.
DAM Capital Advisors’ ₹840.25 crore IPO, entirely an Offer for Sale (OFS), attracted robust interest, achieving an overall subscription of 81.88 times. The QIB segment dominated once again, reflecting strong institutional faith in the company’s growth trajectory, with a 166.33 times oversubscription. This demand was further supported by a Grey Market Premium (GMP) of ₹170, predicting a 60% listing gain.
These IPOs, alongside Concord Enviro and Sanathan Textiles, culminated in a frenzy among investors, especially on December 24, 2024, when share allotments for all five offerings were finalized. Social media platforms like X (formerly Twitter) were flooded with humorous memes and discussions, reflecting both the anxiety and excitement surrounding the allotments.
For investors who subscribed, allotment statuses can be checked via registrar websites, such as Link Intime India and Kfin Technologies, using PAN card details. Refund processes for unallocated shares began on December 26, while shares were credited to successful applicants’ demat accounts the same day. All five IPOs are set for listing on December 27, 2024.
These IPOs signify the growing appetite for investment opportunities in India, showcasing the market’s resilience and the increasing confidence in companies across various sectors, from heavy machinery to capital advisory. This enthusiasm underscores the evolving dynamics of India’s financial ecosystem, promising significant opportunities for both institutional and retail investors.
