IPO Listing Gains in 2023
Final for 2023: every mainboard and SME IPO that listed in the year.
- IPOs listed
- 61
- ₹52,959 Cr raised
- Median listing gain
- +16.43%
- average +26.56%
- Listed above issue
- 78.7%
- 48 above · 5 at · 8 below
- Trading below issue now
- 23
- 41.1% of 56 priced
- Median return since issue
- +27.51%
- 15 doubled · 7 halved
61 Mainboard IPOs listed on NSE and BSE in 2023. Across them, the average listing-day gain was +26.56% (median +16.43%), and 48 of the 61 IPOs with a listing price (78.7%) listed above their issue price.
23 of the 56 Mainboard IPOs with a current price (41.1%) traded below their issue price at the close of 4 Nov 2026, 15 of them after listing above it. The median return since issue is +27.51%; 15 have doubled or more and 7 have lost half or more.
Trading below issue: Mainboard IPOs listed in 2023
Showing 23 of 61 · latest listing 29 Dec 2023
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Credo Brands Marketing | 27 Dec 2023 | ₹280.00 | ₹282.00 | +0.71% | ₹78.47 | −71.97% |
| Muthoot Microfin | 26 Dec 2023 | ₹291.00 | ₹278.00 | −4.47% | ₹153.07 | −47.40% |
| Suraj Estate Developers | 26 Dec 2023 | ₹360.00 | ₹343.80 | −4.50% | ₹189.52 | −47.36% |
| Flair Writing Industries | 1 Dec 2023 | ₹304.00 | ₹503.00 | +65.46% | ₹239.13 | −21.34% |
| Protean eGov Technologies | 13 Nov 2023 | ₹792.00 | ₹792.00 | 0.00% | ₹657.30 | −17.01% |
| ESAF Small Finance Bank | 10 Nov 2023 | ₹60.00 | ₹71.90 | +19.83% | ₹41.35 | −31.08% |
| Cello World | 6 Nov 2023 | ₹648.00 | ₹831.00 | +28.24% | ₹351.55 | −45.75% |
| IRM Energy | 26 Oct 2023 | ₹505.00 | ₹479.00 | −5.15% | ₹231.18 | −54.22% |
| Plaza Wires | 12 Oct 2023 | ₹54.00 | ₹84.00 | +55.56% | ₹52.59 | −2.61% |
| Valiant Laboratories | 6 Oct 2023 | ₹140.00 | ₹161.00 | +15.00% | ₹120.87 | −13.66% |
| Updater Services | 4 Oct 2023 | ₹300.00 | ₹299.90 | −0.03% | ₹203.03 | −32.32% |
| Manoj Vaibhav Gems 'N' Jewellers | 3 Oct 2023 | ₹215.00 | ₹215.00 | 0.00% | ₹174.80 | −18.70% |
| Yatra Online | 28 Sep 2023 | ₹142.00 | ₹130.00 | −8.45% | ₹76.51 | −46.12% |
| Sai Silks (Kalamandir) | 27 Sep 2023 | ₹222.00 | ₹230.10 | +3.65% | ₹73.70 | −66.80% |
| Vishnu Prakash R Punglia | 5 Sep 2023 | ₹99.00 | ₹163.30 | +64.95% | ₹27.34 | −72.38% |
| Pyramid Technoplast | 29 Aug 2023 | ₹166.00 | ₹185.00 | +11.45% | ₹150.47 | −9.36% |
| TVS Supply Chain Solutions | 23 Aug 2023 | ₹197.00 | ₹206.30 | +4.72% | ₹116.65 | −40.79% |
| Concord Biotech | 18 Aug 2023 | ₹741.00 | ₹900.05 | +21.46% | ₹655.50 | −11.54% |
| Utkarsh Small Finance Bank | 21 Jul 2023 | ₹25.00 | ₹39.95 | +59.80% | ₹11.72 | −53.12% |
| IKIO Lighting | 16 Jun 2023 | ₹285.00 | ₹391.00 | +37.19% | ₹173.94 | −38.97% |
| Udayshivakumar Infra | 3 Apr 2023 | ₹35.00 | ₹35.00 | 0.00% | ₹17.65 | −49.57% |
| Global Surfaces | 23 Mar 2023 | ₹140.00 | ₹163.00 | +16.43% | ₹22.71 | −83.78% |
| Radiant Cash Management | 4 Jan 2023 | ₹94.00 | ₹99.30 | +5.64% | ₹33.00 | −64.89% |
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 2023 Mainboard IPOs listed
Listing-day gain of the 61 issues with a listing price, in fixed bands.
- −20% or worse 0 0.0%
- −20% to −10% 0 0.0%
- −10% to 0% 8 13.1%
- At issue price 5 8.2%
- 0% to 10% 13 21.3%
- 10% to 25% 11 18.0%
- 25% to 50% 10 16.4%
- 50% to 90% 12 19.7%
- 90% or more 2 3.3%
Listing gains by issue size
Total offer as disclosed.
| Issue size | IPOs | Median listing gain | Listed above issue | Now below issue |
|---|---|---|---|---|
| ₹50 Cr to ₹250 Cr | 9 | +16.43% | 77.8% | 5 of 8 |
| ₹250 Cr to ₹1,000 Cr | 34 | +5.39% | 73.5% | 15 of 31 |
| ₹1,000 Cr to ₹5,000 Cr | 17 | +20.37% | 88.2% | 3 of 17 |
| Not disclosed | 1 | +56.25% | 100.0% | 0 of 0 |
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: 61 listings, average +26.56%, median +16.43%, 78.7% above issue price. SME: 179 listings, average +34.46%, median +12.46%, 79.9% above issue price.
| Segment | Listed | Average gain | Median gain | Above / at / below issue | Above issue |
|---|---|---|---|---|---|
| Mainboard | 61 | +26.56% | +16.43% | 48 / 5 / 8 | 78.7% |
| SME | 179 | +34.46% | +12.46% | 143 / 20 / 16 | 79.9% |
| Mainboard | 61 | +26.56% | +16.43% | 48 / 5 / 8 | 78.7% |
Listing gains by month
By listing date. Averages cover issues with a recorded listing price.
| Month | Listed | Average gain | Median gain | Above issue |
|---|---|---|---|---|
| Jan 2023 | 2 | +18.20% | +18.20% | 2 of 2 |
| Mar 2023 | 2 | +9.06% | +9.06% | 2 of 2 |
| Apr 2023 | 2 | −0.57% | −0.57% | 0 of 2 |
| May 2023 | 2 | +11.32% | +11.32% | 2 of 2 |
| Jun 2023 | 1 | +37.19% | +37.19% | 1 of 1 |
| Jul 2023 | 6 | +55.82% | +55.56% | 6 of 6 |
| Aug 2023 | 6 | +27.60% | +16.45% | 6 of 6 |
| Sep 2023 | 11 | +17.36% | +13.91% | 9 of 11 |
| Oct 2023 | 6 | +14.26% | +7.50% | 3 of 6 |
| Nov 2023 | 11 | +35.08% | +19.83% | 8 of 11 |
| Dec 2023 | 12 | +28.68% | +21.04% | 9 of 12 |
Highest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Tata Technologies Mainboard | 30 Nov 2023 | ₹500.00 | ₹1,199.95 | +139.99% |
| Ideaforge Technology Mainboard | 7 Jul 2023 | ₹672.00 | ₹1,305.10 | +94.21% |
| Motisons Jewellers Mainboard | 26 Dec 2023 | ₹55.00 | ₹103.90 | +88.91% |
| Netweb Technologies India Mainboard | 27 Jul 2023 | ₹500.00 | ₹942.50 | +88.50% |
| Aeroflex Industries Mainboard | 31 Aug 2023 | ₹108.00 | ₹197.40 | +82.78% |
Lowest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Yatra Online Mainboard | 28 Sep 2023 | ₹142.00 | ₹130.00 | −8.45% |
| IRM Energy Mainboard | 26 Oct 2023 | ₹505.00 | ₹479.00 | −5.15% |
| Suraj Estate Developers Mainboard | 26 Dec 2023 | ₹360.00 | ₹343.80 | −4.50% |
| Muthoot Microfin Mainboard | 26 Dec 2023 | ₹291.00 | ₹278.00 | −4.47% |
| Fedbank Financial Services Mainboard | 30 Nov 2023 | ₹140.00 | ₹137.75 | −1.61% |
Highest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Netweb Technologies India Mainboard | 27 Jul 2023 | ₹500.00 | ₹4,062.30 | +712.46% |
| Aeroflex Industries Mainboard | 31 Aug 2023 | ₹108.00 | ₹567.20 | +425.19% |
| Azad Engineering Mainboard | 28 Dec 2023 | ₹524.00 | ₹2,581.30 | +392.61% |
| Avalon Technologies Mainboard | 18 Apr 2023 | ₹436.00 | ₹2,041.00 | +368.12% |
| Ratnaveer Precision Engineering Mainboard | 11 Sep 2023 | ₹98.00 | ₹380.50 | +288.27% |
Lowest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Global Surfaces Mainboard | 23 Mar 2023 | ₹140.00 | ₹22.71 | −83.78% |
| Vishnu Prakash R Punglia Mainboard | 5 Sep 2023 | ₹99.00 | ₹27.34 | −72.38% |
| Credo Brands Marketing Mainboard | 27 Dec 2023 | ₹280.00 | ₹78.47 | −71.97% |
| Sai Silks (Kalamandir) Mainboard | 27 Sep 2023 | ₹222.00 | ₹73.70 | −66.80% |
| Radiant Cash Management Mainboard | 4 Jan 2023 | ₹94.00 | ₹33.00 | −64.89% |
Mainboard 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 2023 and 31 Dec 2023, 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.
Frequently asked questions
How did IPOs perform on listing day in 2023?
61 Mainboard IPOs listed on NSE and BSE in 2023. Across them, the average listing-day gain was +26.56% (median +16.43%), and 48 of the 61 IPOs with a listing price (78.7%) listed above their issue price.
How many 2023 IPOs are trading below their issue price?
23 of the 56 Mainboard IPOs with a current price (41.1%) traded below their issue price at the close of 4 Nov 2026, 15 of them after listing above it. The median return since issue is +27.51%; 15 have doubled or more and 7 have lost half or more.
How is the listing-day gain calculated?
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.
What does the IPO listing-gains report cover?
Listing-day performance of Indian IPOs by year: average and median listing gain, how many listed above issue, mainboard against SME, and every issue's prices.
Is this investment advice?
Past listing-day performance says nothing about how a future IPO will list or trade. This is historical data, not investment advice and not a recommendation to apply for, buy or sell any security. Tapetide is not a SEBI-registered research analyst or investment adviser.
By Sanjay Mehta, Research lead How we research these reports