Tell someone you are invested in ‘Page Industries’ and chances are they would ask what business the company is into.
Say ‘Jockey’ and they will instantly recognise the brand popular for producing top-quality innerwear products.
The brand ‘Jockey’ is American, Page Industries has the exclusive rights to manufacture and sell ‘Jockey’ products in several countries including India, Sri Lanka, UAE, Bangladesh, Oman, Qatar, Maldives, Nepal and Bhutan.
Initial Public Offering: The response to the IPO of Page Industries was below expectations. The IPO was under-subscribed in the retail and NII category, QIB (Qualified Institutional Buyers) came to the rescue ensuring the IPO was fully subscribed.
Listing Day: Like the IPO, the response on the listing day was disastrous. The Page Industries stock price opened at 329, down 8.6% from the IPO price of ₹ 360. It went to a low of ₹ 261 and closed its first trading day at ₹ 271.80.
Think about it. A company that became one of the biggest wealth creators, came up with its IPO during a roaring bull market in early 2007. Yet, investors had no confidence in the future business prospects of the company.
The IPO market cap was approximately ₹ 325 crore – 17 years later in 2024 the company stands at nearly ₹ 50,000 crore. More than 150x.
1 lakh invested during the IPO, would be 1.5 crore in 2024.
Post-Listing, the share price quickly doubled and did not correct during the 2008 financial crisis when almost all listed companies fell by more than 50%.
The correction came in the later half of 2008 and early 2009 when shares of Page Industries went back to test 300 level before beginning one of the biggest wealth creation journies in the listed space.
From 2009 to 2015, the share price rose almost in a straight line from ₹ 300 to ₹ 17,000 (56x) – hardly giving any meaningful corrections in between.
For a long-term investor, a one-way rally upwards like this can be more terrifying than a major 50% fall.
During falls, a investor sees his wealth go down by 50%. A one-lakh investment can become 50,000. If the quality of the company is good, the investor decides to hold-on to his shares.
When a stock becomes 5x, 10x and 50x. The emotions are completely different. Think about it. An investment of 1 lakh becomes 5 lakhs, 10 lakhs and 50 lakhs.
There is constant fear the stock will fall, the market will crash and all the gains accumulated will evaporate. The portfolio allocation also begins to become a cause for concern. A small allocation of 3-5% can become as large as 25-50% as some stocks (like Page Industries) can outperform others by a large margin.
Too many questions arise:
- Should gains be booked?
- Should positions be trimmed to bring the weightage down?
- Stocks like these during the growing phase will also have exceptionally high PE. This makes the investor think if the stock is over-valued and if there are other better opportunities in the market.
Experienced long-term investors, who understand the business and story (future growth potential) tend to do the most difficult thing – doing nothing, simply holding on to the shares.
This is how Rakesh Jhunjhunwala created generational wealth in stocks like Titan. Doing nothing is the most difficult thing in investing and same has been the case with Page Industries too.
The stock will test the confidence of investors. The journey after 2015 hasn’t been easy – the stock fell from highs of 17,000 to below 10,000 – almost 40% of the gains made between 2009 and 2015 was lost in 7 months.
Page Industries went back to its highs and crashed 25% again. Almost 2 years had passed before momentum was back once again. This time, the stock price went from 12,500 in November 2016 to highs of 36,000 in August 2018 – before once again crashing to 17,000 levels in March 2020.
Remember the number 17,000? Yes, it was the highs the stock made in June 2015.
5 years of no returns. Who said long-term investing is easy?
Those who lost patience or hope and sold, missed out on yet another strong rally as share price of Page Industries galloped from below 17,000 to highs of 54,000 in 2 years. That high has not been tested in the last 2 years until the time of writing this in 2024.
Page Industries Share Price History
| Year | Share Price | Gain / Loss |
|---|---|---|
| IPO | ₹ 360.00 | |
| Listing | ₹ 271.80 | - 24.5% |
| 2007 | ₹ 480.10 | + 76.6% |
| 2008 | ₹ 349.00 | - 27.3% |
| 2009 | ₹ 874.25 | + 150.5% |
| 2010 | ₹ 1,525.05 | + 74.4% |
| 2011 | ₹ 2,373.27 | + 55.6% |
| 2012 | ₹ 3,406.70 | + 43.5% |
| 2013 | ₹ 5,124.90 | + 50.4% |
| 2014 | ₹ 11,647.60 | + 127.3% |
| 2015 | ₹ 13,241.70 | + 13.7% |
| 2016 | ₹ 13,619.10 | + 2.9% |
| 2017 | ₹ 25,270.70 | + 85.6% |
| 2018 | ₹ 25,075.70 | - 0.8% |
| 2019 | ₹ 23,369.00 | - 6.8% |
| 2020 | ₹ 27,611.40 | + 18.2% |
| 2021 | ₹ 40,429.70 | + 46.4% |
| 2022 | ₹ 42,861.90 | + 6.0% |
| 2023 | ₹ 38,512.75 | - 10.1% |
| 2024 | ₹ 41,363.40 | + 7.4% |
Page Industries Share Price Chart
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- During 2007, the share price of Page Industries was ₹ 360.00.
- If you had bought shares worth ₹ 2500 in 2007, you would have 69 shares today.
- At the end of 2024, the current value of your shares would be ₹ 2872458.
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