Billion-dollar IPOs grabbed headlines in 2024, yet 7 of the best performing ones are under Rs 6,000 cr market cap

India's IPO activity has been unprecedented this year raising record amounts of capital, driven by strong investor demand and impressive returns on debut and later.

In a year where some of the big boys like Swiggy, Hyundai, Bajaj Housing Finance, NTPC Green and several others entered the market, small companies -- with market cap of less than Rs 10,000 crore -- make up almost the entire best 10 performing IPOs of this year.

Out of over 100 companies that tapped the primary market this year, 10 turned out to be multibaggers, delivering returns upwards of 300%. Jyoti CNC Automation has been the standout performer among all the IPOs this year with a return of 302% from the IPO price.


Jyoti CNC Automation is a leading Indian manufacturer of computer numerical control (CNC) machines, specializing in precision engineering solutions for industries like automotive, aerospace, and defense.

Of the 10 multibagger IPOs, which are also the best performing ones, seven of them have a market cap of less than Rs 10,000 crore. This is an interesting trend because the mega IPOs grabbed all the headlines and investor attention and proves that a big offer doesn't necessarily guarantee better returns.


The big ticket IPOs are often pulled back by their own strengths, experts say, as overvaluation and hype creation are the common pitfalls that can turn promising listings into disappointing investments.

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Big IPOs often create massive hype in the market through extensive roadshows and marketing promotions, which makes retail investors face the fear of missing out (FOMO). However, this leads to possibility of overvaluation, where companies tend to overestimate their future growth earnings prospects and hence lofty valuations.

"For retail investors, it’s essential to look beyond the hype and examine a company’s fundamentals, competitive position, and path to profitability before making investment decisions," said Jaspreet Singh Arora, Chief Investment Officer – Research, Equentis.

The seven small companies that rewarded the investors' include KRN Heat Exchanger, Enviro Infra Engineers, Platinum Industries, Orient Technologies, Gala Precision Engineering, Diffusion Engineers and Epack Durables.

This is not to say that the big IPOs don't do well post listing or even in the long run. It is just that 2024 has been a year where smaller companies, with relatively less hype, have exceeded expectations and performed better than the rest.

Bharti Hexacom, with a backing of Bharti Group, is one sole exception in the best performing IPOs list. The issue was launched with a lot of hype and even met the expectations, by delivering a return of 163% till date.

Going forward, there's a lot to look forward to in 2025 as some more of the big size mega IPOs are being planned from the likes of Tata Group, LG and NSE. It will be interesting to see how these stack up to the scrutiny of a larger investor base in the secondary market.

[With data inputs from Ritesh Presswala]

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)