Key Takeaways from IPOs listed in 2022 - IPO Stack
Welcome to IPO Stack’s complete tracker for all IPOs listed in India in 2022. This page follows the full lifecycle of every public issue from that year — from the offer price set during the subscription window, through the opening price on listing day, all the way to where each stock trades today.
Whether you are an investor revisiting a 2022 holding, a researcher studying how India’s primary market navigated a sharp macro reversal, or someone building a long-term picture of IPO performance across different market environments, this page is your complete reference for the 2022 cohort.
2022 was a year of dramatic recalibration for the Indian primary market. After the euphoria of 2021 — with its 66 IPOs, record subscription multiples, and new-age technology listings at eye-watering valuations — the market in 2022 was sobered by rising global interest rates, the Russia-Ukraine war, inflation concerns, and a sustained correction in growth and internet stocks globally.
IPO activity slowed meaningfully. Only 39 companies went public — just over half the volume of 2021 — and investor appetite was considerably more disciplined. Several high-profile IPOs struggled to even get fully subscribed, and the listing premium frenzy of 2021 gave way to more measured, and sometimes muted, debuts.
Yet within this reset environment, 2022 quietly produced some of the most extraordinary long-term performers in the history of this tracker. A small electronics manufacturer that nobody was watching has delivered over 1,000% returns since its listing date. A luxury watch retailer that listed below its issue price has more than tripled since.
A wealth management company that subscribed barely above its issue count has become a near-4× compounder. The 2022 class is a masterclass in how a more disciplined primary market environment — stripped of the 2021 frenzy — still produces extreme winners and extreme losers, with the winners almost always being the businesses that attracted the least excitement at the time of listing.
How to Read this:
Issue Price is the per-share price at which the company offered its shares to the public during the IPO.
Listing Price is the stock exchange opening price on the day the company was officially listed. Comparing this with the Issue Price tells you whether the IPO had a strong debut (listing above issue price) or a weak one (listing below issue price).
CMP (Current Market Price) is the latest available trading price of the stock. This tells you where the stock price is today, years after the listing.
Chg Since Listing is arguably the most important column on this page. It shows the percentage change between the Listing Price and the CMP — meaning how much an investor who bought at the listing and held until today has gained or lost. This is the core metric IPO Stack tracks across every year.
Subscribed tells you how many times the issue was oversubscribed during the bidding period. A higher subscription multiple means stronger investor demand at the time of the IPO. A lower subscription means low demand.
52-Week High / Low gives you context on recent price action — whether a stock is currently trading near its annual peak or its annual bottom. This allows investors to make up their minds to invest or not.
CHG 1D points at the change that occurred in 1 day. It is the comparision on the price of stock on CMP (current market price) vs pClose (previous day price at market close) %CHG indicates the percentage of change that occurred in 1 day.
Key Takeaways from IPO 2022 by IPOStack:
The electronics manufacturing services sector produced three multi-baggers in a single year. Elin Electronics (+1,055%), Kaynes Technology (+375.71%), and Syrma SGS Technology (+182.37%) are all EMS companies that listed in 2022 and have compounded dramatically since. Together they represent the clearest single-year confirmation that India’s emergence as a global electronics manufacturing hub is translating into genuine, sustained equity value creation. Readers who tracked Dixon Technologies from the 2017 class will recognise the pattern.
The three most subscribed IPOs of 2022 — Electronics Mart (71.93×), Campus Activewear (51.75×), and Harsha Engineers (74.70×) — have all underperformed significantly. Electronics Mart is up just 2.99%. Campus is down 31.94%. Harsha is down 21.11%. 2022 is the tenth consecutive year on this tracker where extreme oversubscription has failed to predict strong long-term returns. The data is, at this point, overwhelming.
The best performers were almost uniformly subscribed under 10×. Elin Electronics (3.09×), Prudent Corporate (1.22×), Ethos (1.04×), KFin Technologies (2.59×), Paradeep Phosphates (1.75×), Inox Green (1.55×) — every one of these 100%+ gainers was subscribed in the single digits. The market’s systematic under-enthusiasm for these businesses at listing is now indistinguishable from a signal — not of poor quality, but of mispricing that long-term investors can exploit.
Five Star Business Finance was the only undersubscribed IPO of 2022 — subscribed just 0.70× — and is down 14.78% from its listing price, a manageable decline. However, unlike Sterling and Wilson Solar (2019, 0.85×, −74.28%) which was completely justified in its investor rejection, Five Star’s undersubscription reflected macro NBFC anxiety more than fundamental weakness — and the stock has shown signs of recovery that Sterling and Wilson never did.
LIC’s listing disappointment is a landmark moment for Indian retail investors. India’s largest-ever IPO, backed by the country’s most trusted insurance brand, remains below both its issue price and listing price. The millions of small investors who applied to be part of a historic listing — and are still sitting on losses — represent the most concrete evidence that the narrative of an IPO is never a substitute for the valuation discipline of the price paid.
Healthcare delivered positive returns for the tenth consecutive year. Global Health — Medanta (+176.98%) and Rainbow Children’s Medicare (+135.41%) continue the unbroken streak of healthcare IPOs delivering positive long-term gains across every year from 2013 to 2022 on this tracker. No other sector in the Indian primary market has matched this record across a full decade.
39 IPOs tracked. Two important data flags raised upfront and in their dedicated sections — Archean Chemical (−96%) and Tamilnad Mercantile Bank (−95%) — both appear anomalous and readers are advised to verify independently. Ruchi Soya flagged as an FPO, not a traditional IPO.
Top performers since listing:
- 🟢 Elin Electronics — +1,055.65% (3.09× subscribed, listed at a discount — 11× from listing!)
- 🟢 Kaynes Technology — +375.71% (EMS sector powerhouse)
- 🟢 Prudent Corporate — +243.08% (1.22× subscribed — barely covered!)
- 🟢 Venus Pipes & Tubes — +203.73% (small ₹165 Cr issue)
- 🟢 Syrma SGS Technology — +182.37%
- 🟢 Ethos Limited — +181.82% (1.04× subscribed, listed below issue price!)
- 🟢 Global Health — Medanta — +176.98%
Worst performers since listing:
- 🔴 AGS Transact Technologies — −98.15% (disrupted by UPI/digital payments)
- 🔴 Dreamfolks Services — −84.96% (subscribed 56.68×)
- 🔴 Vedant Fashions — −60.43%
- 🔴 Tracxn Technologies — −61.89%
- 🔴 LIC — −4.94% (India’s largest-ever IPO, still below listing price)
About IPOStack:
IPOStack is a blog dedicated to tracking the complete lifecycle of Indian IPOs — from the DRHP filing stage, through the subscription period and listing day, all the way to the current market price years later. Every year has its own dedicated tracker page so you can study IPO performance step by step.
Use these pages to build a historical understanding of how the Indian primary market has evolved, which sectors have rewarded investors, and how listing-day price action compares to long-term value creation.
Disclaimer: All data on this page is for informational and educational purposes only. IPO Stack does not provide investment advice. Please do your own due diligence before making any investment decisions. Market prices are subject to change.