Investment: Top 7 IPOs that are delivering multibagger returns in FY24

What are IPOs?

IPO, commonly known as going public, is the process of an initial public offering(IPO) by which a private firm sells shares of stock to the general public for the first time. It essentially signifies the transfer of a companys ownership from private to public.

FY24 has seen a surge in IPOs

There has been a prominent hike in the number of IPOs in the primary market in FY24. This strong demand can be attributed to the rise of domestic investors in the bullish stock market. 

1. IREDA

IREDA is the second public sector undertaking(PSU) to enter the primary market and is off to a fantastic start for FY25. IREDAs share price has surged by 324.7% from ₹32. A new issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares made up the ₹2,150.21 crore IREDA IPO.

2. Signature Global (India)

Signature Global has gained 253% from its IPO price of ₹385 and is ranked second on the list of soaring multibaggers in FY24. Despite a price increase in March, there has been a sturdy increase in demand with the company selling and acquiring properties.

3. Newteb Technologies

Newteb Technologies is third on the multibagger list with its 221.5% return from its IPO price of ₹500.

4. Motisons Jwellers

Following the increase in gold prices, the demand for investments in gold has increased. Consequently, Motisons Jewellers has ranked fourth on the list, as it soared by 191.0% from its IPO price of ₹55.

5. Cyient DLM

The companys revenue has increased by 10% QoQ to ₹321 crore in Q3 FY24. It has jumped 171.8% from its IPO price of ₹265 to rank fifth on the list.

6. Azad Engineering

Azad Engineering is ranked sixth with its 161.0% gains in FY24 from its IPO price of ₹524.

7. Senco Gold

Senco gold is ranked seventh with its 143.4% gains in FY24 from its IPO price of ₹317.