Key Takeaways from IPOs listed in 2021 - IPO Stack
Welcome to IPO Stack’s complete tracker for all IPOs listed in India in 2021. This page follows the full lifecycle of every public issue from that landmark 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 held one of these IPOs through the bull market and its aftermath, are researching the new-age technology listing wave of 2021, or are building a long-term picture of how India’s primary market has performed across different vintages, this page is your definitive reference for the 2021 cohort.
2021 was the most active year for Indian IPOs in over a decade — and arguably the most consequential. 66 companies went public, raising unprecedented capital and attracting retail participation at a scale the country had never seen before.
The COVID-19 pandemic had paradoxically turbocharged equity markets globally: zero interest rates, surplus household savings, and the rise of discount broking drove millions of first-time investors into Indian equity markets. IPO subscriptions reached astronomical levels week after week, listing pops became routine, and the new-age internet and technology sector — led by Paytm, Nykaa, Zomato, and PolicyBazaar — dominated financial news throughout the year.
One critical note on Glenmark Life Sciences (GLS): Glenmark Life Sciences was delisted from Indian stock exchanges following a buyback/delisting offer by its promoter, Glenmark Pharmaceuticals. Investors who tendered at the delisting offer price received significantly more than the current residual market price.
POWERGRID Infrastructure Investment Trust and Brookfield India Real Estate Trust are Infrastructure Investment Trusts (InvITs) and REITs, respectively — not conventional equity IPOs. Total return for unitholders should include regular distributions received since listing, not unit price appreciation alone.
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 2021 by IPOStack:
2021 is the year that most conclusively separates IPO hype from IPO value creation. Sixty-six companies went public. The new-age technology and consumer internet names — Paytm, Nykaa, Zomato, Nazara, Go Fashion, EaseMyTrip, Sapphire Foods — dominated the financial news cycle and generated the greatest social media excitement. Almost every single one of them has subsequently delivered catastrophic losses from listing prices that were set at the peak of a global liquidity bubble.
The best performing IPOs of 2021 are a precision engineering and quiet financial services cluster. Craftsman Automation (+439%), Kalyan Jewellers (+427%), Anand Rathi Wealth (+424%), Data Patterns (+263%), IRFC (+294%), MTAR Technologies (+235%), S.J.S. Enterprises (+207%), RailTel (+156%), Sansera (+165%) — these businesses share almost nothing with the technology IPO narratives of the same year. They are manufacturers, jewellery retailers, wealth managers, railway financiers, and auto component suppliers. They were subscribed modestly, listed quietly, and have compounded through genuine earnings growth.
The most subscribed IPO of 2021 — Paras Defence at 304× — has delivered a positive but modest return. This is one of only two instances across nine years of this tracker (alongside CDSL in 2017) where the most subscribed IPO of the year has not been a long-term loss-maker. In both cases, the business had genuine institutional support based on a monopoly or sole-source position — not retail frenzy alone.
Three IPOs lost more than 95% of their listing-price value. Sigachi (−96.59%), EaseMyTrip (−96.35%), and HP Adhesives (−89.21%) represent the extreme end of the destruction spectrum. In every case, the listing price — inflated by the 2021 liquidity bubble — bore no relationship to the underlying business’s earnings capacity. These are not businesses that failed operationally. They were simply mispriced at listing to a degree that made any long-term positive return from the listing price nearly impossible.
Healthcare and diagnostics delivered positive returns for the seventh consecutive year. Vijaya Diagnostic (+72.98%), Krishna Institute of Medical Sciences (−30.62% — the sole negative healthcare entry), and Krsnaa Diagnostics (−39.54%) show a more mixed picture than in prior years, with some diagnostics names struggling as COVID-era earnings peaks unwound. But the broader healthcare compounders — KIMS, Vijaya Diagnostic, Medplus — continue the sector’s status as the most consistent wealth creator across every year of this tracker.
The new-age technology listings of 2021 are a defining cautionary tale for Indian IPO history. Paytm (−46.48%), Nykaa (−87.33%), Nazara (−87.84%), Go Fashion (−76.64%), EaseMyTrip (−96.35%), and MapmyIndia (−35.46%) — listed within weeks of each other at the peak of global interest rate zero — represent a cohort whose listing prices were set in conditions that are almost certainly unrepeatable. Every one of these businesses may eventually find its level and compound from current prices. But for investors who entered on listing day in late 2021, the losses have been severe and, in several cases, permanent.
66 IPOs tracked — the most active year in over a decade. Four important editorial flags in the introduction and data table:
- Glenmark Life Sciences — Delisting context fully explained (the −99.74% does NOT reflect actual investor returns)
- POWERGRID InvIT & Brookfield REIT — Total return includes distributions
Top performers since listing:
Craftsman Automation — +438.82% (3.82× subscribed, listed at a discount — best of class)- Kalyan Jewellers — +427.34% (2.61× subscribed, listed at −15% discount!)
- Anand Rathi Wealth — +423.52% (9.78× subscribed)
- IRFC — +294.02% (3.49× subscribed, listed at a discount)
- Data Patterns — +262.71%
- MTAR Technologies — +234.76%
Worst performers since listing:
Sigachi Industries — −96.59% (subscribed 102×, listed at +250%!)- Easy Trip Planners — −96.35% (subscribed 159×)
- HP Adhesives — −89.21%
- Nykaa — −87.33% (listed at ₹2,018 — now ₹255)
- Nazara Technologies — −87.84% (subscribed 175×)
- Paytm — −46.48% (India’s largest-ever IPO at ₹18,300 Cr
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.