Over the past 30 years, India’s primary market has seen hundreds of companies go public. While exact numbers for the entire period are hard to track, data since 2006 shows that over 650 IPOs (mainboard and SME) have hit the market.
However, not all IPOs have been success stories. In fact, more than 50% of them have traded below their issue price, resulting in losses for investors. This highlights the risks involved and the importance of careful stock selection.
That said, the market has also produced some remarkable winners. These are the multibaggers—IPOs that have multiplied investor wealth several times over.
These rare success stories show that, with the right pick, the IPO market can be a powerful wealth creator:
Info Edge Ltd.
Listing year: 2007 (18 years)
Growth: 96X
CAGR: 29.2%
Info Edge is a powerhouse in India’s internet landscape, building and scaling premier online platforms. The company commands key markets with its leading brands: Naukri.com (recruitment), 99acres.com (real estate), Jeevansathi.com (matrimony), and Shiksha.com (education). Beyond its core operations, Info Edge is a sharp strategic investor, cultivating a dynamic portfolio of promising digital startups and shaping the future of India’s online ecosystem.
Page Industries Ltd.
Listing year: 2007 (18 years)
Growth: 176X
CAGR: 32%
Incorporated in 1995, Page Industries Limited is the exclusive licensee of JOCKEY International Inc. for manufacturing, distribution, and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, and the UAE. Page Industries is also the exclusive licensee of Speedo International Ltd. for the manufacturing, marketing, and distribution of the Speedo brand in India.
Astral Ltd.
Listing year: 2007 (18 years)
Growth: 358X
CAGR: 37.4%
Astral Poly Technik Ltd was established in 1996, with the aim to manufacture pro-India plumbing and drainage systems in the country. It has also forayed into adhesive business over years.
KPR Mills Ltd.
Listing year: 2007 (18 years)
Growth: 68X
CAGR: 26.8%
K.P.R. Mill is engaged in one of the largest vertically integrated apparel manufacturing Companies in India. The Company produces Yarn, Knitted Fabric, Readymade Garments and Wind power
Polycab Ltd.
Listing year: 2019 (6 years)
Growth: 10X
CAGR: 46%
Polycab is India’s leading manufacturers of cables and wires and allied products such as uPVC conduits and lugs and glands. We have a range of cables and wires for practically every application. More recently Polycab has also launched a wide range of consumer electrical products like Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps.
MazagonDock Shipbuilders
Listing year: 2020 (5 years)
Growth: 44X
CAGR: 104%
Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines, cargo/passenger ships, and offshore platforms.
BSE Ltd.
Listing year: 2017 (8 years)
Growth: 23x
CAGR: 48.5%
Bombay Stock Exchange (BSE Ltd) is an Indian Stock Exchange located at Dalal Street in Mumbai. The Co. facilitates a market for trading in equity, currencies, debt instruments, derivatives, and mutual funds.
CDSL Ltd.
Listing year: 2017 (8 years)
Growth: 13X
CAGR: 38.3%
CDSL is providing services to all market participants—exchanges, clearing corporations, depository participants (DPs), issuers, and investors. It facilitates the holding of securities in dematerialised form and facilitates securities transactions.
Persistent Systems
Listing year: 2010 (15 years)
Growth: 56x
CAGR: 32%
Persistent provides software engineering and strategy services to help companies implement and modernize their businesses. It has its own software and frameworks with pre-built integration and acceleration. It also has partnership with providers such as Salesforce and AWS
Kaynes Tech India
Listing year: 2022 (3 years)
Growth: 46X
CAGR: 265%
Kaynes is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things.
