Following the listing of three major initial public offerings (IPOs) on the domestic exchanges today, Zerodha founder Nithin Kamath emphasized the need for more homegrown companies to list in order for India’s markets to grow.
Kamath congratulated the three companies and noted that investor response indicates satisfaction. He stated, “For our markets to grow, we need more homegrown companies to list and ensure that IPO investors benefit. Successful IPOs are beneficial because they encourage more companies to pursue public listings and attract more retail and institutional investors.”
Referring to Securities and Exchange Board of India (SEBI) whole-time member Ananth Narayan, Kamath mentioned that India faces a challenge with the supply of new securities, especially at a time when domestic flows are increasing.
Congrats to Ola Electric, Unicommerce, and First Cry on the listing. Based on the listing, it looks like investors are happy 😉
If our markets have to grow, we need more homegrown companies to list and also leave something on the table for IPO investors.
IPOs doing well are…
— Nithin Kamath (@Nithin0dha) August 13, 2024
IPO Listings
Unicommerce eSolutions had an outstanding debut on the stock market Today, with its shares listing at ₹235 on the NSE, reflecting a premium of 117.59 percent over its IPO price of ₹108. The stock reached a high of ₹256.15, marking an increase of over 137 percent from the issue price, before closing 94.5 percent higher at ₹210.05.
Brainbees Solutions, the parent company of FirstCry, also had a strong stock market debut today, with shares listing at ₹651 on the NSE, a 40 percent premium over its IPO price of ₹465 per share. The stock reached a high of ₹707.05, marking a 52 percent increase from the issue price, and closed 45.86 percent higher at ₹678.25.
Shares of Ola Electric Mobility extended their strong upward momentum today, surging 18.82 percent to reach a record high of ₹130 before closing 1.22 percent lower at ₹108.07. Since its IPO debut, the stock has climbed 42 percent from its issue price of ₹76. Following a flat initial listing, Ola shares have hit the upper circuit limit on two consecutive trading days.
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