Best and worst performing IPOs of 2022

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Best and worst performing IPOs of 2022
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  • The number of initial public offerings (IPO) in 2022 have halved from a year ago.
  • 25 out of the 31 IPOs listed this year have delivered positive returns to subscribers.
  • 2022 IPOs have delivered an average return on investment of 32% so far, with four stocks more than doubling investor wealth during the year.
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The number of initial public offerings (IPOs) in 2022 have halved to 31 from 65 a year ago, but overall they have delivered a healthy average return of 32% to their subscribers.

So far in 2022, only 31 IPOs have been listed compared to 65 IPOs in 2021. Two IPOs – Dharmaj Crop Guard and Uniparts India are expected to list soon, while two new IPOs – Abans Holdings and Sula Vineyards, are expected to open later this month.

In total, companies have mopped up ₹58,346 crore in 2022 through IPOs, compared to ₹1.31 lakh crore last year. The average issue size of IPOs in 2022 has also come down to ₹1,844 crore, from ₹2,022 crore last year.

Interestingly, only five IPOs this year are trading below their issue price, while 25 have gained. One stock – Keystone Realtors – has delivered neither gains or losses. The Keystone Realtors IPO listed at a 2.6% premium on November 24.

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IPOs in FY23 have been fewer but many have fared better than the previous year

IPOs in FY23 have been fewer but many have fared better than the previous year

The number of initial public offerings (IPO) in 2022 have halved from a year ago. 25 out of the 31 IPOs listed this year have delivered positive returns to subscribers. 2022 IPOs have delivered an average return on investment of 32% so far, with four stocks more than doubling investor wealth during the year.

Best performing IPOs of 2022


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Adani Wilmar has emerged as the best performing IPO of 2022, delivering returns of 183% till date, compared to its issue price. The second-best performer, at a distant second, is Hariom Pipe Industries, with returns of 137%.

Overall, out of the 31 fresh listings on the stock exchanges this year, four stocks have managed to double the wealth of investors with returns of over 100%. A vast majority – 18 out of 31 stocks – have delivered double-digit returns over their issue prices. These returns range between 12-59%.

Here are the best performing IPOs of 2022



NameIssue priceCMPChange
Adani Wilmar₹230₹651.7183%
Hariom Pipe Industries₹153₹362.3137%
Venus Pipes & Tubes₹326₹720.4121%
Veranda Learning Solutions₹137₹274.2100%
Prudent Corporate Advisory₹630₹1005.960%
Vedant Fashions₹866₹1339.855%
Campus Activewear₹292₹451.455%
Electronics Mart India₹59₹8544%
Aether Industries₹642₹914.542%
Paradeep Phosphates₹42₹58.439%

Note: Current market price as on December 7, 2022

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Worst performing IPOs of 2022



Among the worst performing IPOs of 2022 is Life Insurance Corporation of India – the ₹21,000 crore IPO listed at a discount of 8.1% over the issue price. The state-owned insurer’s shares are now down 31% over the issue price.

NameIssue priceCMPChange
AGS Transact Technologies₹175₹73.8-58%
Life Insurance Corporation of India₹949₹654.2-31%
Delhivery₹487₹334.5-31%
Uma Exports₹68₹47.8-30%
Inox Green Energy Services₹65₹57.8-11%
Keystone Realtors₹541₹542.50%

Note: Current market price as on December 7, 2022

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IPOs in FY23 have been fewer but many have fared better than the previous year

IPOs in FY23 have been fewer but many have fared better than the previous year

The number of initial public offerings (IPO) in 2022 have halved from a year ago. 25 out of the 31 IPOs listed this year have delivered positive returns to subscribers. 2022 IPOs have delivered an average return on investment of 32% so far, with four stocks more than doubling investor wealth during the year.