New Delhi, September 17 (HS): The Indian stock market witnessed a flurry of IPO listings on wednesday bringing both cheers and disappointments to investors. While Urban Company, Shringar House of Mangalsutra, Jay Ambe Supermarkets, and Dev Accelerator delivered strong to moderate gains on their market debut, Galaxy Medicare left investors disappointed with a weak start and immediate downside pressure.
Urban Company: Blockbuster Debut
Home and beauty services platform Urban Company made a stellar stock market entry, rewarding IPO investors with gains of over 67 percent. Issued at ₹103 per share, the stock listed at ₹161 on the BSE and ₹162.25 on the NSE, eventually rallying further to ₹172.15 by 10:30 am.
-The ₹1,900.24 crore IPO was subscribed 108.98 times, with demand led by QIBs (147.35x), NIIs (77.82x), and retail investors (41.49x).
-Proceeds will fund new technology, cloud infrastructure, lease payments, marketing, and corporate purposes.
-Financials: From a net loss of ₹312.48 crore in FY23, the company reported a ₹239.77 crore profit in FY25, supported by a 31% CAGR revenue growth to ₹1,260.68 crore.
Shringar House of Mangalsutra: Strong Listing
Jewellery maker Shringar House of Mangalsutra listed at a 14% premium, with shares priced at ₹165 IPO debuting at ₹187.70 on BSE and ₹188.50 on NSE. The stock touched ₹191 before slipping to ₹184.40 by 11 am, giving investors an 11.76% gain.
-The ₹401 crore IPO was oversubscribed 60.29 times and had raised ₹120.18 crore from anchor investors.
-Financials: Net profit surged from ₹23.36 crore in FY23 to ₹61.11 crore in FY25, though reserves saw a slight dip in FY25.
Jay Ambe Supermarkets: Modest Gains, Strong Subscription
Retail chain Jay Ambe Supermarkets had a mild listing at ₹79 versus the IPO price of ₹78, a mere 1.28% premium. However, buying momentum quickly pushed the stock to its upper circuit of ₹82.95, delivering 6.35% first-day gains to investors.
-The ₹18.45 crore IPO was subscribed 64.13 times, with massive demand from NIIs (110.24x) and retail investors (71.39x).
-Financials: Net profit jumped from ₹35 lakh in FY23 to ₹2.75 crore in FY25, while revenues saw 20% CAGR growth to ₹47.40 crore. However, debt levels also rose to ₹8.71 crore by FY25.
Dev Accelerator: Positive Turnaround Story
Office space provider Dev Accelerator debuted flat at ₹61 on NSE and ₹61.30 on BSE, but soon hit its upper circuit at ₹64.36, giving investors a 5.51% gain.
-The ₹143.35 crore issue was subscribed 64 times, with retail investors bidding 164.89x.
-Financials: The company turned around from a loss of ₹12.83 crore in FY23 to a profit of ₹1.74 crore in FY25. Revenues grew at a strong 58% CAGR to ₹178.89 crore, but debt ballooned to ₹130.67 crore.
Galaxy Medicare: Disappoints with Weak Listing
In sharp contrast, Galaxy Medicare, a medical equipment firm, opened flat at ₹54, its IPO price, but quickly fell to ₹51.30, hitting the lower circuit and eroding 5% of investor wealth.
-The ₹22.31 crore IPO was weakly subscribed at 1.83 times, with lackluster response from institutional and retail investors.
-Financials: After reporting ₹3.71 crore profit in FY24, earnings slipped slightly to ₹3.37 crore in FY25, though debt reduced significantly to ₹4.61 crore.
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Hindusthan Samachar / Jun Sarkar
