The recent initial public offer frenzy has left not only investors laughing all the way to the bank but also helped about 10 promoters to debut on the 360 One Wealth Hurun India Rich list this year.
Of the 59 IPOs that hit the market in the year ended August, only promoters of 10 companies made it to acclaimed rich list as most them used the primary offerings route to dilute their holdings.
Topping the list that was composed by Hurun India for the first time was Ramesh Kunhikannan, Managing Director of Kaynes Technology with a wealth of ₹8,200 crore.
He holds a 64 per cent stake in the Mysore-based company which is an integrated electronics manufacturing and ESDM (Electronics System Design and Manufacturing) with end-to-end and IoT solutions.
The share price of the company has spiked multi-fold to ₹2,667 on Friday from the issue price of ₹587 last November. The issue had raised ₹858 crore.
Similarly, Ranjit Pendurthi made his debut on the list with a wealth of ₹4,700 crore, propelled by the IPO of Archean Chemical Industries, a prominent specialty chemicals manufacturer, which was oversubscribed 32 times. The share price is trading at a premium of ₹651 on Friday against the issue price of ₹407 last November.
Ajay P Thakker & family made their debut with ₹3,000 crore in wealth, backed by the stock market debut of Jupiter Life Line Hospitals, a multi-specialty hospital chain.
Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said interestingly even some of the IPOs that stumbled in the previous year made a comeback led by Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70 per cent, suggesting that startup wealth creation will persist, albeit within a changing landscape.
The pipeline for IPOs continues to remain strong with 28 companies getting SEBI approval to raise ₹38,000 crore while another 41 companies waiting for SEBI approval to raise about ₹44,000 crore.
Out of 69 companies waiting to hit the market, 3 are new age technology companies looking to raise about ₹12,000 crore. Notwithstanding the present volatility in the secondary market, the next 4-5 months are likely to see several IPOs being launched before a pause kicks-in on the back of forthcoming general elections.