Key Takeaways from IPOs listed in 2016 - IPO Stack
Welcome to IPO Stack’s complete tracker for all IPOs listed in India in 2016. This page documents the full lifecycle of every public issue from that year — from the offer price during the subscription window, through the opening price on listing day, all the way to the current market price.
If you applied to any of these IPOs and want to know where your investment stands today, or if you are studying how different sectors have rewarded investors over time, this page gives you the complete, unfiltered record.
2016 was a landmark year for Indian IPOs. 27 went public — the most active primary market the country had seen in years — across an exceptionally wide range of sectors, including pharmaceuticals, insurance, auto components, banking, logistics, diagnostics, staffing, food and beverages, and healthcare.
The year delivered some extraordinary long-term wealth creators alongside some severe disappointments, and several fascinating case studies in the disconnect between subscription euphoria and actual business performance.
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 2016 by IPOStack:
The two most subscribed IPOs of 2016 are among the worst long-term performers. Quess Corp (143.99×, −61.93%) and Advanced Enzyme Technologies (116.02×, −77.07%) were the first and second most subscribed issues of the year — and both are deep in the red since listing. Together with VRL Logistics from 2015, these data points form one of the most consistent findings across the IPO Stack tracker: extreme oversubscription is a measure of market euphoria, not business quality.
The 2 best performers — L&T Infotech (renamed LTI Mindtree) at +520% and Narayana Hrudayalaya at +492.78% — were subscribed just 11.69 and 8.70 times respectively. And the third-best performer, L&T Technology Services at +263.49%, was subscribed just 2.52 times. Across 2013, 2014, 2015, and 2016, the pattern is strikingly consistent: the stocks that generate the most long-term wealth are rarely the most celebrated at the time of their IPO.
Two small, lightly subscribed IPOs have been extraordinary outperformers. Bharat Wire Ropes (₹70 Cr, 1.21×, +250.26%) and S P Apparels (₹239 Cr, 2.66×, +146.65%) attracted minimal attention at listing and have gone on to significantly outperform most of their high-profile peers. Across the 2013–2016 tracker, this is now a recurring pattern — small issue sizes and low subscription multiples consistently appear among the top long-term performers.
The banking and financial services IPOs of 2016 have been disappointing as a group. RBL Bank (+11.16%), PNB Housing Finance (−8.39%), Equitas (−59.28%), and Ujjivan (−76.27%) have all underperformed significantly. Only ICICI Prudential Life Insurance (+90.02%) has delivered meaningful returns. The structural risk and governance sensitivity of financial sector IPOs — particularly new-age banks and microfinance lenders — is a key lesson from this cohort.
Healthcare has again been the most reliable wealth-creating sector. Narayana Hrudayalaya (+492.78%), Healthcare Global Enterprises (+163.56%), and Laurus Labs (+108.88%) are all substantial gainers. This continues the pattern established in the 2015 class, where Alkem, Dr. Lal PathLabs, and Syngene were the most consistent performers. Healthcare businesses with defensible models, pricing power, and long runways for penetration growth in India remain among the most rewarding long-term IPO investments.
Infrastructure construction is a graveyard for IPO investors. Dilip Buildcon (−93.81%) joins Sadbhav Infrastructure (−97.10% in 2015) and MEP Infrastructure (−98.43% in 2015) as extreme destruction stories in the same sector. The government’s infrastructure push has created revenue — but the combination of working capital intensity, contract risks, leveraged balance sheets, and governance exposure in construction companies has made them consistently poor investments for public market investors across this decade.
Top performers since listing:
- 🟢 LTIMindree— +500.30% (just 11.69× subscribed!)
- 🟢 Narayana Hrudayalaya — +492.78% (just 8.70× subscribed!)
- 🟢 Endurance Technologies — +340.75%
- 🟢 L&T Technology Services — +263.49% (only 2.52× subscribed!)
- 🟢 Bharat Wire Ropes — +250.26% (₹70 Cr issue, 1.21× subscribed)
- 🟢 S P Apparels — +146.65%
Worst performers since listing:
- 🔴 Dilip Buildcon — −93.81% (worst of the class)
- 🔴 Advanced Enzyme Technologies — −77.07% (subscribed 116×!)
- 🔴 Ujjivan Financial — −76.27%
- 🔴 Quess Corp — −61.93% (subscribed a record 143.99×!)
- 🔴 Equitas Holdings — −59.28%
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.