Key Takeaways from IPOs listed in 2017 - IPO Stack
Welcome to IPO Stack’s complete tracker for all IPOs listed in India in 2017. 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, right up to where each stock trades today.
Whether you invested in one of these issues, are researching how different sectors performed across the IPO cycle, or are building a long-term view of India’s primary market, this page is your definitive reference for the 2017 cohort.
2017 was one of the most active years for the Indian IPO market in a decade. Thirty-eight companies went public — the busiest year on this tracker so far — spanning a remarkable breadth of sectors, including insurance, financial services, consumer retail, technology, shipbuilding, diagnostics, infrastructure investment trusts, publishing, food processing, and more.
The year produced some of the greatest long-term wealth creators in Indian IPO history, alongside some of the most complete collapses. The extremes in the 2017 class are extraordinary — from one stock that has returned over 526% since listing to another that has lost nearly 99%.
One company — Future Supply Chain Solutions Ltd — has been delisted from the Indian stock exchanges and is excluded from the long-term performance analysis on this page. Its listing details are included in the data table for historical reference only.
A note on Indian Energy Exchange Ltd (IEX): The CMP and “Chg Since Listing” figures in the data reflect the stock’s current face-value-adjusted price following a stock split undertaken after listing. Readers tracking absolute returns should account for this corporate action when interpreting IEX’s performance figures.
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 2017 by IPOStack:
The two most subscribed IPOs of 2017 are two of the worst long-term performers. Salasar Techno Engineering (273.05×, −97.04%) and Astron Paper (241.75×, −96.61%) — the first and second most subscribed issues of 2017 — have both nearly ceased to exist as investable stocks. Capacit’e Infraprojects (183.03×) is also down nearly 44%. Across 2013, 2014, 2015, 2016, and 2017, the message from IPO Stack’s tracker is now unambiguous: the most subscribed IPOs are, as a group, the worst long-term investments. Subscription is a measure of crowd excitement — not business quality.
CDSL at 170.16× subscription is the rare exception. It is the only highly subscribed IPO in the 2017 class that has delivered exceptional long-term returns (+376.64%). CDSL’s subscription reflected genuine institutional conviction in a monopoly-like exchange infrastructure business — a fundamentally different kind of demand from the retail frenzy that drove Salasar, Astron, and Capacit’e. When studying subscription multiples, understanding who is subscribing — and why — matters as much as the headline number.
DMart is the defining Indian retail IPO of the decade. At +526.92% since listing, Avenue Supermarts is not just the best performer of 2017 — it is one of the best-performing large-cap IPOs in Indian market history. Its performance reflects a business built on principles that were visible in the DRHP — zero debt, owned stores, everyday low prices, disciplined expansion — but which required patience and conviction to hold through the volatility of subsequent years.
The insurance sector IPOs of 2017 have been uniformly strong performers. HDFC Life (+122.27%), SBI Life (+164.99%), ICICI Lombard (+185.84%), and Nippon India AMC (+191.70%) are all substantial gainers, and all four were modestly subscribed — between 2.98× and 81.54×. The private insurance and asset management sector in India has delivered consistent returns across this tracker, continuing the trend established by ICICI Prudential in 2016.
The government enterprise IPOs of 2017 have been uniformly poor. New India Assurance (−81.65%), GIC Re (−57.31%), and to a lesser extent HUDCO (positive but modest relative to its PSU peers) represent the recurring pattern of government-owned financial companies entering the market at peak valuations with limited operational autonomy. HUDCO is the exception — its infrastructure mandate and the housing sector tailwind have driven its return. New India Assurance and GIC Re remain warnings for investors who equate government ownership with safety.
Infrastructure remains the most dangerous sector for IPO investors. Bharat Road Network (−90.94%) joins Dilip Buildcon, Sadbhav Infrastructure, MEP Infrastructure, and IRB InvIT as the fifth major infrastructure-linked IPO on this tracker to deliver severe long-term losses. Across five consecutive years from 2013 to 2017, not a single road or construction sector IPO has delivered meaningful positive returns from its listing price. PSP Projects is the sole exception — and its outperformance is explained by a fundamentally different approach to project selection, client concentration, and balance sheet discipline.
Media and cable distribution have been completely disrupted. Music Broadcast (−98.57%), GTPL Hathway (−65.75%), Bharat Road Network, and S Chand (−78.73%) represent businesses whose core models were disrupted by digital technology after listing. This continues the pattern of Ortel, UFO Moviez, and Shemaroo from 2015 — the tracker consistently shows that technology-driven disruption is the single most reliable source of near-total value destruction in IPO investments.
Top performers since listing:
- 🟢 Avenue Supermarts (DMart) — +526.92% (defining IPO of the decade)
- 🟢 CDSL — +376.64% (170× subscribed and still a winner — rare exception)
- 🟢 PSP Projects — +265.71% (small issue, listed at discount)
- 🟢 Dixon Technologies — +260.18% (52w high of ₹18,471!)
- 🟢 Cochin Shipyard — +218.55%
- 🟢 Nippon India AMC — +191.70%
- 🟢 ICICI Lombard — +185.84%
Worst performers since listing:
- 🔴 Music Broadcast (Radio City) — −98.57% (worst of class, disrupted by streaming)
- 🔴 Salasar Techno — −97.04% (subscribed 273×! — most extreme example on the tracker)
- 🔴 Astron Paper — −96.61% (subscribed 241×)
- 🔴 Bharat Road Network — −90.94%
- 🔴 CL Educate — −89.78%
- 🔴 New India Assurance — −81.65% (2nd largest IPO of the year!)
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.