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.
Trading below issue: SME IPOs listed in 2023
Showing 72 of 179 · latest listing 29 Dec 2023
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Indifra | 29 Dec 2023 | ₹65.00 | ₹72.00 | +10.77% | ₹10.30 | −84.15% |
| Electro Force (India) | 27 Dec 2023 | ₹93.00 | ₹100.00 | +7.53% | ₹17.75 | −80.91% |
| Shanti Spintex | 27 Dec 2023 | ₹70.00 | ₹76.00 | +8.57% | ₹32.11 | −54.13% |
| Sahara Maritime | 26 Dec 2023 | ₹81.00 | ₹81.00 | 0.00% | ₹20.10 | −75.19% |
| Benchmark Computer Solutions | 21 Dec 2023 | ₹66.00 | ₹80.00 | +21.21% | ₹37.50 | −43.18% |
| Shree OSFM E-Mobility | 21 Dec 2023 | ₹65.00 | ₹65.00 | 0.00% | ₹51.00 | −21.54% |
| Siyaram Recycling Industries | 21 Dec 2023 | ₹46.00 | ₹55.00 | +19.57% | ₹34.44 | −25.13% |
| Presstonic Engineering | 18 Dec 2023 | ₹72.00 | ₹140.00 | +94.44% | ₹41.95 | −41.74% |
| Graphisads | 13 Dec 2023 | ₹111.00 | ₹111.50 | +0.45% | ₹27.65 | −75.09% |
| Marinetrans India | 8 Dec 2023 | ₹26.00 | ₹30.00 | +15.38% | ₹11.35 | −56.35% |
| Net Avenue Technologies | 8 Dec 2023 | ₹18.00 | ₹42.00 | +133.33% | ₹5.25 | −70.83% |
| Swashthik Plascon | 5 Dec 2023 | ₹86.00 | ₹120.10 | +39.65% | ₹17.20 | −80.00% |
| Arrowhead Seperation Engineering SME | 28 Nov 2023 | ₹233.00 | ₹250.00 | +7.30% | ₹71.00 | −69.53% |
| Sunrest Lifescience | 20 Nov 2023 | ₹84.00 | ₹84.00 | 0.00% | ₹35.50 | −57.74% |
| ROX Hi-Tech | 16 Nov 2023 | ₹83.00 | ₹135.00 | +62.65% | ₹64.80 | −21.93% |
| Baba Food Processing India | 15 Nov 2023 | ₹76.00 | ₹76.00 | 0.00% | ₹23.00 | −69.74% |
| Micropro Software Solutions | 10 Nov 2023 | ₹81.00 | ₹80.00 | −1.23% | ₹17.00 | −79.01% |
| Mish Designs | 7 Nov 2023 | ₹122.00 | ₹160.00 | +31.15% | ₹37.40 | −69.34% |
| Vrundavan Plantation | 6 Nov 2023 | ₹108.00 | ₹107.00 | −0.93% | ₹33.05 | −69.40% |
| Paragon Fine and Speciality Chemical | 3 Nov 2023 | ₹100.00 | ₹225.00 | +125.00% | ₹50.10 | −49.90% |
| Shanthala FMCG Products | 3 Nov 2023 | ₹91.00 | ₹108.00 | +18.68% | ₹11.15 | −87.75% |
| Rajgor Castor Derivatives | 31 Oct 2023 | ₹50.00 | ₹59.00 | +18.00% | ₹18.75 | −62.50% |
| Womancart | 27 Oct 2023 | ₹86.00 | ₹117.00 | +36.05% | ₹73.75 | −14.24% |
| Arvind Port & Infra | 25 Oct 2023 | ₹45.00 | ₹80.00 | +77.78% | ₹29.00 | −35.56% |
| Plada Infotech Services | 13 Oct 2023 | ₹48.00 | ₹59.00 | +22.92% | ₹11.75 | −75.52% |
| Canarys Automations | 11 Oct 2023 | ₹31.00 | ₹43.45 | +40.16% | ₹23.90 | −22.90% |
| Kontor Space | 10 Oct 2023 | ₹93.00 | ₹122.00 | +31.18% | ₹47.00 | −49.46% |
| Inspire Films | 5 Oct 2023 | ₹59.00 | ₹67.00 | +13.56% | ₹13.45 | −77.20% |
| Newjaisa Technologies | 5 Oct 2023 | ₹47.00 | ₹71.00 | +51.06% | ₹15.95 | −66.06% |
| Digikore Studios | 4 Oct 2023 | ₹171.00 | ₹270.00 | +57.89% | ₹31.00 | −63.74% |
| Mangalam Alloys | 4 Oct 2023 | ₹80.00 | ₹80.00 | 0.00% | ₹2.16 | −97.30% |
| Marco Cables & Conductors | 28 Sep 2023 | ₹36.00 | ₹38.70 | +7.50% | ₹35.05 | −2.64% |
| Chavda Infra | 25 Sep 2023 | ₹65.00 | ₹91.00 | +40.00% | ₹46.05 | −29.15% |
| Jiwanram Sheoduttrai Industries | 18 Sep 2023 | ₹23.00 | ₹30.00 | +30.43% | ₹3.60 | −84.35% |
| Kahan Packaging | 15 Sep 2023 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹10.44 | −86.95% |
| Saroja Pharma Industries India | 13 Sep 2023 | ₹84.00 | ₹65.00 | −22.62% | ₹38.80 | −53.81% |
| Mono Pharmacare | 7 Sep 2023 | ₹28.00 | ₹29.00 | +3.57% | ₹9.65 | −65.54% |
| Yudiz Solutions | 17 Aug 2023 | ₹165.00 | ₹185.00 | +12.12% | ₹25.60 | −84.48% |
| Zeal Global Services | 9 Aug 2023 | ₹103.00 | ₹147.00 | +42.72% | ₹63.00 | −38.83% |
| Shri Techtex | 4 Aug 2023 | ₹61.00 | ₹81.15 | +33.03% | ₹56.30 | −7.70% |
| Yasons Chemex Care | 3 Aug 2023 | ₹40.00 | ₹32.00 | −20.00% | ₹8.80 | −78.00% |
| Service Care | 26 Jul 2023 | ₹67.00 | ₹70.90 | +5.82% | ₹56.10 | −16.27% |
| Ahasolar Technologies | 21 Jul 2023 | ₹157.00 | ₹203.00 | +29.30% | ₹57.31 | −63.50% |
| Drone Destination | 21 Jul 2023 | ₹65.00 | ₹107.45 | +65.31% | ₹31.75 | −51.15% |
| Synoptics Technologies | 13 Jul 2023 | ₹237.00 | ₹238.00 | +0.42% | ₹65.50 | −72.36% |
| Tridhya Tech | 13 Jul 2023 | ₹42.00 | ₹42.00 | 0.00% | ₹6.10 | −85.48% |
| Greenchef Appliances | 6 Jul 2023 | ₹87.00 | ₹104.00 | +19.54% | ₹63.90 | −26.55% |
| Aatmaj Healthcare | 30 Jun 2023 | ₹60.00 | ₹56.00 | −6.67% | ₹22.55 | −62.42% |
| Cell Point (India) | 28 Jun 2023 | ₹100.00 | ₹100.00 | 0.00% | ₹14.10 | −85.90% |
| Bizotic Commercial | 23 Jun 2023 | ₹175.00 | ₹180.00 | +2.86% | ₹83.00 | −52.57% |
| Spectrum Talent Management | 22 Jun 2023 | ₹173.00 | ₹155.00 | −10.40% | ₹56.60 | −67.28% |
| Kore Digital | 14 Jun 2023 | ₹180.00 | ₹201.00 | +11.67% | ₹29.10 | −51.50% |
| Comrade Appliances | 13 Jun 2023 | ₹54.00 | ₹87.00 | +61.11% | ₹39.73 | −26.43% |
| Crayons Advertising | 2 Jun 2023 | ₹65.00 | ₹90.00 | +38.46% | ₹29.10 | −55.23% |
| Auro Impex & Chemicals | 23 May 2023 | ₹78.00 | ₹78.00 | 0.00% | ₹30.85 | −60.45% |
| Innokaiz India | 11 May 2023 | ₹78.00 | ₹148.20 | SME cap +90.00% | ₹11.50 | −85.26% |
| Retina Paints | 3 May 2023 | ₹30.00 | ₹29.05 | −3.17% | ₹26.35 | −12.17% |
| Quicktouch Technologies | 2 May 2023 | ₹61.00 | ₹92.00 | +50.82% | ₹13.05 | −78.61% |
| A G Universal | 24 Apr 2023 | ₹60.00 | ₹60.00 | 0.00% | ₹58.80 | −2.00% |
| Command Polymers | 29 Mar 2023 | ₹28.00 | ₹26.75 | −4.46% | ₹20.00 | −28.57% |
| Nirman Agri Genetics | 28 Mar 2023 | ₹99.00 | ₹102.00 | +3.03% | ₹24.90 | −74.85% |
| Quality Foils (India) | 24 Mar 2023 | ₹60.00 | ₹100.00 | +66.67% | ₹47.00 | −21.67% |
| MCON Rasayan India | 20 Mar 2023 | ₹40.00 | ₹48.00 | +20.00% | ₹39.50 | −1.25% |
| Prospect Consumer Products | 20 Mar 2023 | ₹61.00 | ₹61.00 | 0.00% | ₹38.00 | −37.70% |
| Vertexplus Technologies | 15 Mar 2023 | ₹96.00 | ₹101.00 | +5.21% | ₹70.10 | −26.98% |
| Resgen | 13 Mar 2023 | ₹47.00 | ₹49.00 | +4.26% | ₹45.01 | −4.23% |
| Patron Exim SME | 6 Mar 2023 | ₹27.00 | ₹28.40 | +5.19% | ₹1.80 | −93.33% |
| Agarwal Float Glass India SME | 23 Feb 2023 | ₹42.00 | ₹44.00 | +4.76% | ₹24.30 | −42.14% |
| Indong Tea Company SME | 21 Feb 2023 | ₹26.00 | ₹20.80 | −20.00% | ₹6.03 | −76.81% |
| Earthstahl Alloys SME | 8 Feb 2023 | ₹40.00 | ₹55.00 | +37.50% | ₹14.00 | −65.00% |
| SVS Ventures SME | 12 Jan 2023 | ₹20.00 | ₹20.50 | +2.50% | ₹5.49 | −72.55% |
| Homesfy Realty SME | 2 Jan 2023 | ₹197.00 | ₹275.05 | +39.62% | ₹140.55 | −28.65% |
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?
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.
How many 2023 IPOs are trading below 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.
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.
Why do so many SME IPOs list at exactly +90% or −20%?
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".
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