Mumbai: According to a report, 18 of the top 30 IPOs by size have failed to deliver returns in excess of those from the CNX500 index. Wealth management firm Capitalmind Financial Services said in a report that 8 out of 30 have given negative returns, including the most high-profile Reliance Power, which was also the largest at that time. Only two of the top 10 have delivered returns above the CNX500. Coal India's price has almost doubled in 14 years, but its dividend has improved significantly. Nevertheless, it almost matches the index. “Zomato is the only top 10 IPO that has delivered meaningful excess returns. Other big winners among the top 30 are Hindustan Aeronautics, Indian Railway Finance Corp, Sona BLW Precision Forgings and ICICI Lombard,” a report said. The report further said that five of the top 10 IPOs are from the last two years. Most of these have performed well, including Bajaj Housing Finance, Bharti Hexacom and Brainbees (First Cry), largely thanks to the favorable market.
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