Key Takeaways from IPOs listed in 2023 - IPO Stack
Welcome to IPO Stack’s complete tracker for all IPOs listed in India in 2023. This page follows 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 where each stock trades today.
Whether you applied to one of these IPOs, are studying how the primary market rebounded from the 2022 slowdown, or are building a comprehensive year-by-year understanding of Indian IPO performance, this page is your definitive reference for the 2023 cohort.
2023 was a year of strong recovery and renewed confidence for the Indian primary market. 60 companies went public — up significantly from 2022’s 39 — as the broader equity market climbed steadily and investor appetite for new listings returned.
It landed in a productive middle ground: IPOs were priced with more discipline, listing premiums were generally more rational, and long-term outcomes — while still sharply divergent — reflect an improving quality of selection across the cohort.
The 2023 class is anchored by some of the finest emerging businesses to have debuted in the Indian market in recent years. A high-performance computing and IT infrastructure company delivered over 265% returns from its listing price. A green energy PSU listed at ₹50 and has become a near-3× compounder. A precision engineering company and an electronics contract manufacturer have both more than doubled.
The year also produced its share of severe disappointments — a jeweller subscribed 173 times is down nearly 87%, a small finance bank subscribed 111 times has lost two-thirds of its listing value, and two companies require special attention from readers due to their anomalous current prices.
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 2023 by IPOStack:
The electronics manufacturing services sector delivered its fourth consecutive multi-bagger. Avalon Technologies (+138.91%) in 2023 joins Elin Electronics (+1,056%), Kaynes Technology (+376%), and Syrma SGS (+182%) from 2022, Dixon Technologies from 2017, and Netweb Technologies from this same 2023 class as an extraordinary compounder. Across six years and six different companies, every EMS business that has listed on Indian exchanges has delivered strong long-term returns. This is the single most consistent sector-level pattern across the entire IPO Stack archive.
The most subscribed IPO of 2023 — Motisons Jewellers at 173.23× — is the worst performer of the year. Down 86.74% from its listing price, Motisons is the eleventh consecutive year on this tracker in which the most subscribed issue has either been the worst performer or among the bottom performers. Across 2013 to 2023, this pattern has appeared without a single exception. The evidence is now overwhelming: subscription mania in small, underfollowed businesses with limited institutional coverage is a nearly perfect contrary indicator of long-term returns.
Tata Technologies is the most important valuation lesson of 2023. A world-class engineering R&D company, carrying the full weight of Tata brand prestige, has lost 52.34% from its listing price — not because the business failed, but because the listing price was set at a level that the business cannot grow into in any reasonable near-term timeframe. Business quality cannot compensate for excessive entry price. This lesson has now appeared in different forms in every single year of this tracker.
Healthcare delivered positive returns for the eleventh consecutive year. Yatharth Hospital (+115.13%), Concord Biotech (+35.70%), and Blue Jet Healthcare (−1.84%, essentially flat) continue the unbroken record. Even in a year where much of the broader market was cautious and many sectors disappointed, the healthcare sector once again delivered the tracker’s most consistent and reliable wealth creation.
The small finance bank and microfinance sector has now produced seven consecutive losing IPOs across 2016–2023. Equitas, Ujjivan (2016), Ujjivan SFB, Spandana Sphoorty (2019), Fusion Micro Finance (2022), Utkarsh SFB, ESAF SFB (2023) — every single microfinance or small finance bank IPO on this tracker has lost money for listing-day investors. No other sector has a more consistent losing record. The structural risks of this business model — borrower over-leverage, regulatory sensitivity, political interference, and cyclical credit stress — have made it repeatedly uninvestable at listing-day valuations.
Infrastructure construction remains the graveyard of IPO investors. Vishnu Prakash R Punglia (−71.52%) adds another chapter to the infrastructure contractor story that has produced losses in every single year it has appeared on this tracker since 2015. Eight years of data. Zero exceptions. The government builds the roads; the contractors lose the money for their IPO investors.
60 IPOs tracked — the most since 2021. Four important editorial flags were raised clearly in the introduction, table, and dedicated sections:
Top performers since listing:
- 🟢 Netweb Technologies — +265.89% (AI/HPC servers — India’s compute infrastructure play)
- 🟢 Avalon Technologies — +138.91% (2.34× subscribed, listed at a discount)
- 🟢 Azad Engineering — +127.50% (defence/aerospace precision components)
- 🟢 IREDA — +126.98% (green energy PSU lender)
- 🟢 Yatharth Hospital — +115.13% (healthcare’s 11th consecutive positive year!)
- 🟢 Signatureglobal — +107.88%
- 🟢 JSW Infrastructure — +71.47%
Worst performers since listing:
- 🔴 Motisons Jewellers — −86.74% (subscribed 173× — most of 2023 — now near zero)
- 🔴 ideaForge Technology — −65.16% (subscribed 106×)
- 🔴 Utkarsh Small Finance Bank — −67.08% (subscribed 111×)
- 🔴 Credo Brands / Mufti — −70.76%
- 🔴 Tata Technologies — −52.34% (140% listing premium on a quality business = poor IPO investment)
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.