In a year marked by successful Initial Public Offerings (IPOs), eight entrepreneurs from various Indian companies joined the Hurun India Rich List, contributing to an 8.5% increase in cumulative wealth within 2023. This surge was led by Ramesh Kunhikannan from Kaynes Technology, Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries, Ajay P Thakker & family from Jupiter Life Line Hospitals, Pavan Kumar Bajaj and Karan Bajaj from Electronics Mart India, and Harish Rangwala and Rajendra Shantilal Shah from Harsha Engineers International.
The BSE Capital Index reached an all-time high with a 40% return this year, propelled by increased government infrastructure spending. The industrial products sector saw the entry of 33 new entrepreneurs, further underlining the robust growth in the Indian market.
Notably, Electronics Mart India's public issue received significant attention with a 72-fold subscription rate. The majority of IPOs during the year also produced double-digit listing gains, highlighting the strong investor interest in these companies.
Some companies staged impressive comebacks in 2023. Zomato and PB Fintech were among these, with their founders Deepinder Goyal and Yashish Dahiya witnessing over a 70% wealth increase. Additionally, Mankind Pharma's public debut resulted in a substantial 107% increase in its promoters' wealth.
Despite these successes, there were also instances of negative listing gains. Four companies experienced this downturn, leading to a collective wealth dip of ₹85,000 crore (INR100 crore = approx. USD12 million) for their founders. However, this did not significantly dampen the overall positive trend seen in the year's IPO performance.
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