Monday, April 30, 2018

Recent IPO Performances

There has been flurry of activity on the IPO front recently and in my last post I already covered that there has been mixed results from two companies in auto ancillary sectors. I want to extend it to now cover all the IPOs between 2013-2018 and show where they stack. Here is the result:

CompanyIPO DateIssue PriceCurrent PriceGain/Loss
Repco HomeApril 2013172598247.7%
Just DialJune 2013483448-7.5%
WonderlaMay 2014125365192%
Snowman LogisticsSept 20144749.455.2%
Sharda CropchemSept 2014156406.7160.7%
Shemaroo EntertainmentOct 2014170479181.76%
Monte CarloDec 2014645532-17.5%
Ortel CommunicationMarch 201518121.75-88%
Adlabs EntertainmentApril 201518050.35-72%
Inox WindApril 2015325108.7-66.55%
VRL LogisticsApril 2015205424.3106.7%
MEP InfraMay 2015638331.75%
UFO MoviezMay 2015625394.7-36.85%
PNC Infratech26 May 2015378 (Pre split 5:1)166.8120.6%
Manpasand BeveragesJuly 2015320 (Pre bonus 1:1)395.4147.1%
Syngene InternationalAugust 2015250615.6146.25%
Power Mech ProjectsAugust 20156401028.9560.75
Navkar CorpSeptember 2015155179.5515.8%
Pennar EngSeptember 201517883.95-52.85%
Shree Pushkar ChemSeptember 201565219.45237.6%
Sadbhav InfraSeptember 2015103134.4530.5%
Prabhat DairySeptember 2015115179.9556.25%
Coffee DayNovember 2015328332.91.5%
Interglobe AviationNovember 20157651407.884%
S H KelkarNovember 2015180240.6533.7%
Dr Lal Path LabDecember 2015550847.754.1%
Alkem LabDecember 20151050196987.5%
Narayana HrudayalayJanuary 2016250274.510%
Precision CamshaftFebruary 2016186101-45.7%
Teamlease ServicesFebruary 20168502647.9211.5%
Quick HealFebruary 2016321333.24%
Bharat Wire RopeApril 201645124.75177.25%
Equitas HoldingsApril 201611015641.8%
ThyrocareMay 2016446668.7550%
Ujjivan FinancialMay 2016210405.3593%
Parag Milk FoodsMay 2016215314.4546.25%
Mahanagar GasJuly 2016421894.8112.5%
Quess CorpJuly 20163171162.7266.8%
L&T InfotechJuly 20167101592.9124.35%
Advanced EnzymeAugust 2016896 (Pre split 5:1)254.642%
Dilip BuildconAugust 20162191163431%
S P ApparelsAugust 2016268369.737.95%
RBL BankAugust 2016225537.65138.95%
L&T TechnologySept 20168601337.0555.5%
GNA AxlesSept 2016207555.15168.2%
ICICI PrudentialSept 2016334433.229.7%
HPL ElectricOct 2016202114.45-43.35%
Endurance TechnoOct 20164721285.95172.45%
PNB Housing FinNov 20167751364.776.1%
Varun BeveragesNov 2016445645.0544.95%
Sheela FoamDec 20167301517.55107.9%
Laurus LabsDec 201642850818.7%
BSE LimitedFeb 2017806812.051%
Music BroadcastMar 2017333387.816.45%
Avenue SupermartsMar 20172991483396%
CL EducateMar 2017500211.55-57.7%
Shankara BuildingApril 20174601948.4323.5%
S Chand and CoMay 2017670401.6-40%
HUDCOMay 20175865.9513.7
PSP ProjectsMay 2017210574.75173.7
Tejas NetworksJune 2017257336.3530.9%
Eris LifeJune 2017603765.3526.9%
CDSLJune 2017149293.8597.2%
GTPL HathwayJuly 2017170152.75-10.15%
AU Small Finance BankJuly 2017358731.65104.4%
Salasar TechnoJuly 2017108388.55259.77%
Security & IntelligenceAugust 20178151180.6544.9%
Cochin ShipyardAugust 2017432530.9522.9%
Apex Frozen FoodsSept 2017175646.7269.55%
Bharat Road NetworkSept 2017205179.75-12.3%
Dixon TechnologiesSept 201717663463.296.1%
Matrimony.comSept 2017985836.65-15%
Capacite InfraSept 2017250361.3544.55%
ICICI LombardSept 2017661752.9513.9%
SBI Life InsuranceOct 2017700758.858.4%
Pratap SnacksOct 20179381359.845%
Godrej AgrovetOct 2017460703.2552.9%
Indian Energy ExchangeOct 201716501631.95-1.1%
General InsuranceOct 2017912711.9-22%
Reliance NipponNov 2017252252.950%
Mahindra LogisticsNov 2017429487.213.5%
Khadim IndiaNov 2017750776.53.5%
HDFC Standard LifeNov 2017290519.1579%
ShalbyDec 2017248217.55-12.3%
Future Supply ChainDec 2017664700.155.5%
Astron PaperDec 201750137.85175.7%
Apollo Micro SystemsJan 2018275232.3-15.5%
Newgen SoftwareJan 2018245239.3-2.3%
Amber EnterprisesJan 20188591073.5525%
Galaxy SurfactantsJan 201814801446-2.3%
Aster DM HealthFeb 2018190170.95-10%
HG Infra EngMar 2018270336.3524.6%
Bharat DynamicsMar 2018428405-5.4%
Bandhan BankMar 2018375506.4535%
Hindustan AeronauticsMar 201812151125.8-7.35%
Mishra Dhatu NigamApr 201890146.4562.7%
ICICI SecuritiesApr 2018520422.75-18.7%

The table clearly shows that it has been a mixed bag for investors. Especially after October 2017, there has been 13 listings in green and 10 in red so 40% of the total IPO are in negative since last 6 months. This clearly tells that there is a froth in the primary market offerings.

The one that are in negative or very small gain but looks attractive from investment perspective to me are following:
  • Just Dial
  • Monte Carlo
  • UFO Moviez
  • Pennar Engineered Building Systems
  • Precision Camshaft
  • Quick Heal
  • Advanced Enzyme
  • BSE
  • Music Broadcast
  • GTPL Hathway
There has been listings of many insurance companies including ICICI Lombard, Reliance Nippon, HDFC Standard Life, SBI Life Insurance and I see very high valuations for them currently except for General Insurance.

There has been some good listings such as Sharda Crop Chem, Mahanagar Gas, Manpasand Beverages, CDSL which happened at slight gains to the issue price and then based on performance, stock price ran away. In Warren Buffett's  language, I was thumb-sucking at that time and lost these opportunities. I did buy some like L&T Infotech at around 650, which is below IPO issue price, and now I am handsomely rewarded as the stock price is hovering around 1600.

Among all the companies, the most stellar of them is Avenue Supermart (DMart) which came with issue price of 299, listed at 590 and now trading at 1500. Some of the good returns has happened due to heavy overvaluation such as that in Dilip Buildcon, Teamlease Services, Quess Corp, PSP Projects, Shankara Building Products, Apex Frozen Foods, Astron Paper and many others from the above list including Avenue Supermart too. Many are trading at stratospheric valuation and would give big heartache to investors when the tide turns.

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