IPO Listing Gains in 2022
Final for 2022: every mainboard and SME IPO that listed in the year.
- IPOs listed
- 148
- 39 mainboard · 109 SME
- Median listing gain
- +7.22%
- average +23.95%
- Listed above issue
- 75.7%
- 112 above · 13 at · 23 below
- Trading below issue now
- 59
- 42.4% of 139 priced
- Median return since issue
- +31.66%
- 52 doubled · 27 halved
148 IPOs listed on NSE and BSE in 2022: 39 mainboard and 109 SME. Across them, the average listing-day gain was +23.95% (median +7.22%), and 112 of the 148 IPOs with a listing price (75.7%) listed above their issue price.
59 of the 139 IPOs with a current price (42.4%) traded below their issue price at the close of 4 Nov 2026, 42 of them after listing above it. The median return since issue is +31.66%; 52 have doubled or more and 27 have lost half or more.
Opened at SME price limit: IPOs listed in 2022
Showing 3 of 148 · latest listing 30 Dec 2022
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| PNGS Gargi Fashion Jewellery SME SME | 20 Dec 2022 | ₹30.00 | ₹57.00 | SME cap +90.00% | ₹517.30 | +1,624.33% |
| DAPS Advertising SME SME | 14 Nov 2022 | ₹30.00 | ₹57.00 | SME cap +90.00% | ₹19.00 | −36.67% |
| Olatech Solutions SME SME | 29 Aug 2022 | ₹27.00 | ₹51.30 | SME cap +90.00% | ₹55.51 | +280.35% |
Listing price is the opening price on listing day. Current price is the latest close (4 Nov 2026); since issue is adjusted for any later split or bonus. Click a column to sort.
How 2022 IPOs listed
Listing-day gain of the 148 issues with a listing price, in fixed bands.
- −20% or worse 3 2.0%
- −20% to −10% 8 5.4%
- −10% to 0% 12 8.1%
- At issue price 13 8.8%
- 0% to 10% 42 28.4%
- 10% to 25% 19 12.8%
- 25% to 50% 21 14.2%
- 50% to 90% 16 10.8%
- 90% or more 14 9.5%
Hatched: opened at the SME price limit (+90% cap or −20% floor).
3 SME issues opened at exactly +90%, the most an SME listing may open above its issue price, and 0 at exactly −20%, the lowest it may open. An open at a limit is the cap, not the price trading would otherwise have settled on, which is one reason the median is a better guide to a typical listing than the average.
Listing gains by issue size
Total offer as disclosed.
| Issue size | IPOs | Median listing gain | Listed above issue | Now below issue |
|---|---|---|---|---|
| Under ₹50 Cr | 101 | +12.71% | 78.2% | 37 of 93 |
| ₹50 Cr to ₹250 Cr | 12 | +4.28% | 83.3% | 6 of 11 |
| ₹250 Cr to ₹1,000 Cr | 22 | +4.26% | 68.2% | 9 of 22 |
| ₹1,000 Cr to ₹5,000 Cr | 11 | +3.69% | 63.6% | 5 of 11 |
| ₹5,000 Cr and over | 2 | −3.69% | 50.0% | 2 of 2 |
Listing gains and "listed above issue" cover issues with a listing price; "now below issue" and the return since issue cover issues with a current price.
Mainboard vs SME IPO listing gains
Mainboard: 39 listings, average +10.25%, median +3.75%, 69.2% above issue price. SME: 109 listings, average +28.85%, median +10.07%, 78.0% above issue price.
| Segment | Listed | Average gain | Median gain | Above / at / below issue | Above issue |
|---|---|---|---|---|---|
| Mainboard | 39 | +10.25% | +3.75% | 27 / 2 / 10 | 69.2% |
| SME | 109 | +28.85% | +10.07% | 85 / 11 / 13 | 78.0% |
| All IPOs | 148 | +23.95% | +7.22% | 112 / 13 / 23 | 75.7% |
Listing gains by month
By listing date. Averages cover issues with a recorded listing price.
| Month | Listed | Average gain | Median gain | Above issue |
|---|---|---|---|---|
| Jan 2022 | 6 | +29.61% | +8.40% | 6 of 6 |
| Feb 2022 | 9 | +17.72% | +2.45% | 6 of 9 |
| Mar 2022 | 10 | +8.04% | +2.99% | 6 of 10 |
| Apr 2022 | 10 | +25.95% | +16.13% | 10 of 10 |
| May 2022 | 14 | +1.01% | 0.00% | 6 of 14 |
| Jun 2022 | 8 | +12.20% | +5.02% | 7 of 8 |
| Jul 2022 | 11 | +0.34% | +1.47% | 8 of 11 |
| Aug 2022 | 5 | +70.79% | +78.21% | 5 of 5 |
| Sep 2022 | 22 | +31.98% | +28.41% | 16 of 22 |
| Oct 2022 | 20 | +40.47% | +26.43% | 18 of 20 |
| Nov 2022 | 15 | +24.35% | +12.71% | 12 of 15 |
| Dec 2022 | 18 | +28.87% | +8.02% | 12 of 18 |
Highest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Phantom Digital Effects SME SME | 21 Oct 2022 | ₹95.00 | ₹300.00 | +215.79% |
| Baheti Recycling SME SME | 8 Dec 2022 | ₹45.00 | ₹120.00 | +166.67% |
| Agni Green Power SME SME | 1 Aug 2022 | ₹10.00 | ₹25.00 | +150.00% |
| Virtuoso Optoelectronics SME SME | 15 Sep 2022 | ₹56.00 | ₹117.00 | +108.93% |
| Ameya Precision Engineers SME SME | 8 Sep 2022 | ₹34.00 | ₹68.40 | +101.18% |
Lowest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Bhatia Colour Chem SME SME | 24 Mar 2022 | ₹80.00 | ₹40.00 | −50.00% |
| Swastik Pipe SME SME | 12 Oct 2022 | ₹100.00 | ₹66.00 | −34.00% |
| Reetech International Cargo and Courier SME SME | 10 Oct 2022 | ₹105.00 | ₹82.00 | −21.90% |
| KCK Industries SME | 8 Jul 2022 | ₹30.00 | ₹25.00 | −16.67% |
| Naturo Indiabull SME SME | 2 Sep 2022 | ₹30.00 | ₹25.00 | −16.67% |
Highest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Insolation Energy SME | 10 Oct 2022 | ₹38.00 | ₹73.02 | +19,115.79% |
| Concord Control Systems SME SME | 10 Oct 2022 | ₹55.00 | ₹2,784.05 | +7,999.05% |
| Kesar India SME SME | 12 Jul 2022 | ₹170.00 | ₹1,205.00 | +4,861.76% |
| Krishna Defence SME SME | 6 Apr 2022 | ₹39.00 | ₹1,259.50 | +3,129.49% |
| Viviana Power Tech SME SME | 16 Sep 2022 | ₹55.00 | ₹728.30 | +2,018.69% |
Lowest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| AGS Transact Technologies Mainboard | 31 Jan 2022 | ₹175.00 | ₹2.26 | −98.73% |
| Evoq Remedies SME SME | 30 Mar 2022 | ₹27.00 | ₹1.54 | −94.30% |
| Global Longlife Hospital SME SME | 4 May 2022 | ₹140.00 | ₹13.95 | −90.04% |
| Dipna Pharmachem SME SME | 8 Sep 2022 | ₹38.00 | ₹3.99 | −89.50% |
| Pace E-Commerce Ventures SME SME | 20 Oct 2022 | ₹103.00 | ₹13.63 | −86.77% |
IPO listing gains, year by year
Listing-day figures for every year covered. The current year runs to date.
Methodology
- Covers every IPO whose shares were listed on NSE or BSE between 1 Jan 2022 and 31 Dec 2022, mainboard and SME, one row per issue. An issue listed on both exchanges counts once.
- Listing-day gain is the listing price (the price at which the shares opened on their first trading day) over the final issue price. The current price is the latest close; the return since issue is adjusted for any split or bonus after listing.
- Averages, medians and the share above issue price cover issues with a recorded listing price; an issue without one is counted in the listings total but not in the averages.
- Mainboard and SME are the two exchange segments; together they make up the total. An issue withdrawn before listing (no shares allotted or traded) is not counted, even if a listing date had been announced.
- Issue size is the total offer in ₹ crore as disclosed. Subscription is the overall times subscribed at the close of bidding; it is recorded for issues from 2026.
- Trading below issue counts issues whose latest close, adjusted for any later split or bonus, is under the issue price. An issue with no close in the last 30 days (suspended, or migrated) has no current price and is left out of those counts.
- On listing day an SME issue opens through a pre-open call auction whose price may be at most 90% above the issue price (NSE from July 2024, BSE likewise) and, since 2025, at most 20% below it. Rows that opened exactly at a limit are marked "SME cap" or "SME floor".
Frequently asked questions
How did IPOs perform on listing day in 2022?
How many 2022 IPOs are trading below their issue price?
How is the listing-day gain calculated?
Why do so many SME IPOs list at exactly +90% or −20%?
What does the IPO listing-gains report cover?
Is this investment advice?
By Sanjay Mehta, Research lead How we research these reports