Multibagger Stocks: After reaching new all-time highs, the Indian stock market has been on a volatile path. However, investors have remained largely calm. This was quite evident earlier this week when Hindenburg Research released another report linked to the Adani firm. But this time it wasn't the Gautam Adani-owned conglomerate but Sebi's Chief Madhabi Puri Buch on the radar. Interestingly, it seemed like markets took no cues from the event and continued to trade in the green territory.
But as markets continue to take a slightly volatile tone, there is a stock that has managed to grab everyone's attention. The Saas-based company, Unicommerce, was up by more than 117 per cent on the bourses in just one day.
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Unicommerce IPO
Unicommerce was listed 117 times above its issue price on its listing day. At 2:50 pm, the shares of the company were trading at Rs 210.50 price level, up by more than 94 per cent on the National Stock Exchange,
The company, founded in 2012, largely caters to e-commerce firms through its Saas-based platform. Unicommerce's shares turned multibagger in just one single day.
Softbank-backed IPOs hitting D-street
Unicommerce, Firstcry and Ola Electric made robust D-street debuts this month. All these companies are backed by investment firm, Softbank.
When the first wave of new-age IPOs initially hit the market, companies like Zomato, Nykaa and Paytm were among the top entrants on the D-street. Notably, all these companies were listed above their issue price.
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However, as investors grew wary of balance sheets and bottom-line, the shares of these companies started declining.
Even so, Zomato was able to turn around the sentiment by delivering profit. mamaearth also followed a similar trail.
As the second wave of IPOs enters the D-street, it would be interesting to look at how the investor sentiment plays off in the longer run.
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