By ipomarket.in Editorial Team · Last reviewed: 2026-09-29
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
Every IPO season brings talk of "multi-baggers" — shares that multiply investor money several times over. Some Indian IPOs did exactly that in recent years. But the headline returns hide an important detail: many of these winners did not hold on to their gains, and picking them in advance was never as simple as the numbers suggest afterwards.
This article gathers the verified performance figures from reputable brokerage and financial media sources, looks at what the top performers had in common, and flags where the data gets murky. It is a research piece, not a recommendation to buy anything.
The standout performers of FY 2023-24
Financial year 2023-24 (April 2023 to March 2024) produced some of the strongest IPO returns in recent memory. Four names stand out in the data.
IREDA (Indian Renewable Energy Development Agency) topped the list. The state-run renewable energy financier issued shares at ₹32 and the stock reportedly reached about ₹135.9 by end-March 2024 — a gain of roughly 356%. The public issue was subscribed around 38 times, and it listed with a first-day gain of about 87%. IREDA lends to clean energy projects, so it rode both a heavily subscribed issue and strong sector sentiment around India's renewable energy push.
Signature Global (India) came second. The affordable housing developer priced its issue at ₹385, and the stock reportedly climbed to about ₹1,359.2 by 28 March 2024 — around 252%. Its issue was subscribed roughly 11 times, with a more modest listing-day gain of about 19%. Here, most of the return came after listing rather than on debut day, which is a useful distinction.
Motisons Jewellers delivered around 191% since its December 2023 listing, with the stock reportedly moving from ₹55 to about ₹160.1 by 28 March 2024. It is an established jewellery retailer with a spread of showrooms and a broad product range.
Cyient DLM, a design-led manufacturing solutions provider serving engineering and automotive customers, reportedly returned about 171% in FY24, rising from ₹265 to about ₹720.4.
All four figures are sourced from financial media and brokerage reports rather than a single official SEBI document, so treat them as reported rather than audited.
Other multi-baggers by listing gain
Separate from the FY24 point-to-point returns above, some IPOs are frequently cited for their listing-day pops:
- Sigachi Industries — reportedly around 270.4% listing gain. Sigachi manufactures microcrystalline cellulose used in pharma, food and nutraceuticals.
- Vibhor Steel Tubes — reportedly around 192.72% listing gain.
- Paras Defence and Space Technologies — reportedly around 185% listing gain. Paras makes defence and space engineering products for government agencies.
A word of caution on this group: listing gain measures the pop on debut day, not what a holder eventually earned. The two numbers can diverge sharply.
The catch: gains that did not last
The cleanest example is BLS E-Services. Its ₹310.9 crore IPO in February 2024 was priced at ₹135 and listed near ₹305 — a listing gain of about 125.93%. By December 2024, the stock had reportedly fallen about 34.2% to ₹204. Anyone who assumed the listing euphoria would continue was proved wrong within months.
This pattern matters. Many FY24 top performers did not maintain their peak levels in later trading. A stock that is up 300% at one snapshot can give a large part of that back. Listing-day and point-in-time returns are not a promise of what a long-term holder receives. If you want a framework for thinking past the first day, our guide on when to sell or hold on listing day walks through the trade-offs.
What the winners had in common
Looking across the data, a few patterns show up. These are observations, not a formula — and they are reported with moderate confidence.
Heavy oversubscription. IREDA (about 38x) and Signature Global (about 11x) both saw strong demand. High subscription signals interest, though it does not guarantee post-listing performance. If you are new to reading these numbers, see IPO subscription status explained: QIB, NII, retail.
Sector tailwinds. Renewable energy (IREDA), affordable housing (Signature Global), defence and space (Paras), and manufacturing (Cyient DLM, Sigachi) were all sectors with visible policy support or demand growth during the period.
A supportive market. 2023 and 2024 were strong years for Indian equities generally. Favourable secondary-market conditions lift IPO sentiment, and part of these returns reflects the broader tide rather than company-specific brilliance alone.
Underlying financials. In cases like Cyient DLM, reported profit and revenue growth backed the price gains rather than pure speculation.
None of these on their own predicts a winner. Plenty of heavily subscribed IPOs in hot sectors have disappointed.
The scale of the IPO boom
The returns arrived alongside a genuine surge in issuance. In 2024, India saw 91 mainboard IPOs raising a combined ₹1,59,676 crore, while the SME segment saw 240 IPOs raising about ₹8,753 crore. For context, in 2023, around 57 companies raised roughly ₹49,000 crore through mainboard IPOs.
More issues means more choice, but also more low-quality offerings competing for attention. The difference in risk between mainboard and SME listings is worth understanding before comparing their returns — our note on mainboard vs SME IPO differences covers this.
How to use this data sensibly
Three takeaways for a retail investor reading a list of past winners:
- Survivorship bias is real. Lists of top performers only show the ones that worked. The many IPOs that listed flat or fell rarely make the headlines, so the average outcome is far less exciting than the top of any table.
- Snapshot returns mislead. A 356% figure at one date is not the same as a locked-in gain. BLS E-Services shows how quickly a listing pop can reverse.
- Past patterns do not repeat on demand. Sector strength and hot market conditions in 2023-24 will not necessarily be present in the next IPO you look at.
The honest conclusion is that top-performer lists are useful for studying what strong demand and supportive sectors looked like, not as a shopping list.
FAQ
Which IPO gave the highest return in the last three years?
By the reported FY24 figures, IREDA led with roughly 356% (from ₹32 to about ₹135.9 by end-March 2024). By listing-day gain, Sigachi Industries is often cited near 270%. These are two different measures, so the "top" answer depends on how you count. All figures here come from brokerage and financial media reports, not an official consolidated SEBI dataset.
Did these IPOs keep their gains?
Not all of them. BLS E-Services listed with a gain of about 126% but had reportedly fallen around 34% by December 2024. Several FY24 top performers did not hold their peak levels in later trading. Listing euphoria and long-term value are different things.
Does a high subscription number mean an IPO will perform well?
No. IREDA and Signature Global were both heavily oversubscribed and did well, but oversubscription only reflects demand at the time of the issue. Many oversubscribed IPOs have still disappointed after listing.
Where can I track upcoming IPOs and their subscription?
You can follow live issues and demand on our IPO section and the upcoming IPO calendar. For grey-market chatter and why it should be read carefully, see what is IPO GMP and how does it work.
Is this article recommending any of these stocks?
No. This is a data and research piece. It does not recommend buying, applying for, or holding any security. Consult a SEBI-registered investment advisor before making decisions.
Last reviewed: 2026-09-29 by the ipomarket.in Editorial Team.