IPO Listing Gains in 2023
Final for 2023: every mainboard and SME IPO that listed in the year.
- IPOs listed
- 179
- ₹4,823 Cr raised
- Median listing gain
- +12.46%
- average +34.46%
- Listed above issue
- 79.9%
- 143 above · 20 at · 16 below
- Trading below issue now
- 72
- 42.9% of 168 priced
- Median return since issue
- +26.04%
- 61 doubled · 45 halved
179 SME IPOs listed on NSE and BSE in 2023. Across them, the average listing-day gain was +34.46% (median +12.46%), and 143 of the 179 IPOs with a listing price (79.9%) listed above their issue price.
72 of the 168 SME IPOs with a current price (42.9%) traded below their issue price at the close of 4 Nov 2026, 53 of them after listing above it. The median return since issue is +26.04%; 61 have doubled or more and 45 have lost half or more.
Opened at SME price limit: SME IPOs listed in 2023
Showing 11 of 179 · latest listing 29 Dec 2023
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Amic Forging | 6 Dec 2023 | ₹126.00 | ₹239.40 | SME cap +90.00% | ₹2,055.25 | +1,531.15% |
| Deepak Chemtex | 6 Dec 2023 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹89.50 | +11.87% |
| Kalyani Cast-Tech | 17 Nov 2023 | ₹139.00 | ₹264.10 | SME cap +90.00% | ₹1,003.35 | +621.83% |
| Meson Valves India | 21 Sep 2023 | ₹102.00 | ₹193.80 | SME cap +90.00% | ₹179.70 | +76.18% |
| Kahan Packaging | 15 Sep 2023 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹10.44 | −86.95% |
| Bondada Engineering | 30 Aug 2023 | ₹75.00 | ₹142.50 | SME cap +90.00% | — | — |
| Shoora Designs | 29 Aug 2023 | ₹48.00 | ₹91.20 | SME cap +90.00% | ₹101.81 | +112.10% |
| Asarfi Hospital | 26 Jul 2023 | ₹52.00 | ₹98.80 | SME cap +90.00% | ₹176.40 | +239.23% |
| Kaka Industries | 19 Jul 2023 | ₹58.00 | ₹110.20 | SME cap +90.00% | ₹207.00 | +256.90% |
| Hemant Surgical Industries | 5 Jun 2023 | ₹90.00 | ₹171.00 | SME cap +90.00% | ₹608.10 | +575.67% |
| Innokaiz India | 11 May 2023 | ₹78.00 | ₹148.20 | SME cap +90.00% | ₹11.50 | −85.26% |
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 SME IPOs listed
Listing-day gain of the 179 issues with a listing price, in fixed bands.
- −20% or worse 5 2.8%
- −20% to −10% 3 1.7%
- −10% to 0% 8 4.5%
- At issue price 20 11.2%
- 0% to 10% 45 25.1%
- 10% to 25% 25 14.0%
- 25% to 50% 24 13.4%
- 50% to 90% 20 11.2%
- 90% or more 29 16.2%
Hatched: opened at the SME price limit (+90% cap or −20% floor).
11 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 | 153 | +16.67% | 81.0% | 63 of 146 |
| ₹50 Cr to ₹250 Cr | 26 | +4.40% | 73.1% | 9 of 22 |
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% |
| SME | 179 | +34.46% | +12.46% | 143 / 20 / 16 | 79.9% |
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 | 10 | +39.91% | +29.81% | 10 of 10 |
| Feb 2023 | 7 | +8.77% | +10.00% | 5 of 7 |
| Mar 2023 | 21 | +8.96% | +2.74% | 13 of 21 |
| Apr 2023 | 8 | +9.13% | +4.21% | 5 of 8 |
| May 2023 | 7 | +55.00% | +50.82% | 5 of 7 |
| Jun 2023 | 17 | +28.69% | +11.67% | 12 of 17 |
| Jul 2023 | 15 | +32.66% | +21.67% | 13 of 15 |
| Aug 2023 | 15 | +54.87% | +33.03% | 12 of 15 |
| Sep 2023 | 20 | +38.53% | +6.88% | 17 of 20 |
| Oct 2023 | 24 | +36.55% | +20.46% | 22 of 24 |
| Nov 2023 | 16 | +43.16% | +25.84% | 12 of 16 |
| Dec 2023 | 19 | +48.61% | +21.21% | 17 of 19 |
Highest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Goyal Salt SME | 11 Oct 2023 | ₹38.00 | ₹130.00 | +242.11% |
| Sungarner Energies SME | 31 Aug 2023 | ₹83.00 | ₹250.00 | +201.20% |
| Trident Techlabs SME | 29 Dec 2023 | ₹35.00 | ₹98.15 | +180.43% |
| Basilic Fly Studio SME | 11 Sep 2023 | ₹97.00 | ₹271.00 | +179.38% |
| Oriana Power SME | 11 Aug 2023 | ₹118.00 | ₹302.00 | +155.93% |
Lowest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Saroja Pharma Industries India SME | 13 Sep 2023 | ₹84.00 | ₹65.00 | −22.62% |
| Indong Tea Company SME SME | 21 Feb 2023 | ₹26.00 | ₹20.80 | −20.00% |
| Cosmic CRF SME | 30 Jun 2023 | ₹314.00 | ₹251.20 | −20.00% |
| Yasons Chemex Care SME | 3 Aug 2023 | ₹40.00 | ₹32.00 | −20.00% |
| Vivaa Tradecom SME | 12 Oct 2023 | ₹51.00 | ₹40.80 | −20.00% |
Highest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Sancode Technologies SME | 18 Apr 2023 | ₹47.00 | ₹1,183.20 | +2,417.45% |
| Gayatri Rubbers and Chemicals SME SME | 7 Feb 2023 | ₹30.00 | ₹648.10 | +2,060.33% |
| Kody Technolab SME | 27 Sep 2023 | ₹160.00 | ₹1,546.30 | +1,832.88% |
| Amic Forging SME | 6 Dec 2023 | ₹126.00 | ₹2,055.25 | +1,531.15% |
| Macfos SME SME | 1 Mar 2023 | ₹102.00 | ₹1,061.35 | +1,044.59% |
Lowest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Mangalam Alloys SME | 4 Oct 2023 | ₹80.00 | ₹2.16 | −97.30% |
| Patron Exim SME SME | 6 Mar 2023 | ₹27.00 | ₹1.80 | −93.33% |
| Shanthala FMCG Products SME | 3 Nov 2023 | ₹91.00 | ₹11.15 | −87.75% |
| Kahan Packaging SME | 15 Sep 2023 | ₹80.00 | ₹10.44 | −86.95% |
| Cell Point (India) SME | 28 Jun 2023 | ₹100.00 | ₹14.10 | −85.90% |
SME 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.
- 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 2023?
How many 2023 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