Despite the Indian stock market witnessing a sharp volatility during last week, the activity in the primary market remained robust, with companies across sectors, from financial services to pharmaceuticals, making their debut on Dalal Street, reflecting sustained investor interest in new listings.
Following their fundraising programs, 15 companies, including 10 from the SME segment, entered the exchanges last week, while many of them received grand listings, others made a subdued start, as per the data from Trendlyne.
In terms of investor response, the mainboard IPOs received healthy subscription levels, with some issues being crossing 100 times across all investor categories.
With an addition of 15 fresh issues, the total listings in December have already surpassed 37, higher than the 35 listed in December 2024 and 31 in 2023.
According to the exchange data, 10 other companies have lined up to make their entry into the Indian stock market, which could potentially take the total number of December listings close to 50.
ICICI Prudential AMC, Corona Remedies and Wakefit Innovations among five mainboard issues
Wakefit Innovations was among the first mainboard issues to be listed last week, but it made a muted debut, with shares listing at the issue price of ₹195 apiece. The subdued listing mirrored the weak response to the IPO, which was subscribed just 2.52 times, the lowest among December listings so far.
The company raised ₹1,288.9 crore, offering shares in the price band of ₹185-195 per share. The stock is currently trading at ₹192.3 apiece.
In contrast, the Corona Remedies IPO witnessed a solid debut on both NSE and BSE, listing at a 38% premium at ₹1,470 per share. The strong listing followed robust demand for the IPO across investor categories during the three-day bidding period, particularly from institutional investors.
The Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) segments were subscribed 293 times and 220 times, respectively, while the retail investor segment was subscribed 15.56 times, resulting in an overall subscription of 144.54 times. At current levels, the stock trades 29.4% higher than its issue price at ₹1,062 apiece.
Similarly, the ICICI Prudential Asset Management Company IPO, a subsidiary of ICICI Bank, also received a strong response from investors, despite the issue being one of the largest in 2025 so far.
The ₹10,602 crore issue, which was open for subscription between December 12 and December 16, was subscribed 39.2 times, with the QIB portion booked 124 times. The shares debuted on December 19 at ₹2,600, marking a 20% premium over the issue price of ₹2,165 per share.
Meanwhile, the other two mainboard issues, Park Medi World and Nephrocare Health Services, were also listed last week. Park Medi World debuted at a 2% discount to its issue price, while Nephrocare Health Services listed at a 6.5% premium to the IPO price.
10 SME IPOs make debut, three list with over 20% premiums
Issues from the small and medium enterprise (SME) segment continued to dominate the primary market as another 10 companies made their way to the exchanges, with three of them listing at premiums of over 20%.
KV Toys topped the chart, listing at ₹320 apiece, a 34% premium over the issue price of ₹202. The IPO received strong demand, with the issue subscribed 159 times.
HRS Aluglaze, which saw healthy investor interest with the issue subscribed 42 times, listed at a 31.3% premium over the issue price of ₹267.8 apiece. Exim Routes also debuted at a 25% premium over its IPO price of ₹43.7 per share.