IPO Listing Gains in 2023
Final for 2023: every mainboard and SME IPO that listed in the year.
- IPOs listed
- 240
- 61 mainboard · 179 SME
- Median listing gain
- +14.46%
- average +32.46%
- Listed above issue
- 79.6%
- 191 above · 25 at · 24 below
- Trading below issue now
- 95
- 42.4% of 224 priced
- Median return since issue
- +26.31%
- 76 doubled · 52 halved
240 IPOs listed on NSE and BSE in 2023: 61 mainboard and 179 SME. Across them, the average listing-day gain was +32.46% (median +14.46%), and 191 of the 240 IPOs with a listing price (79.6%) listed above their issue price.
95 of the 224 IPOs with a current price (42.4%) traded below their issue price at the close of 4 Nov 2026, 68 of them after listing above it. The median return since issue is +26.31%; 76 have doubled or more and 52 have lost half or more.
Trading above issue: IPOs listed in 2023
Showing 128 of 240 · latest listing 29 Dec 2023
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Innova Captab Mainboard | 29 Dec 2023 | ₹448.00 | ₹456.10 | +1.81% | ₹1,035.00 | +131.03% |
| Supreme Power Equipment SME | 29 Dec 2023 | ₹65.00 | ₹98.00 | +50.77% | ₹263.30 | +305.08% |
| Trident Techlabs SME | 29 Dec 2023 | ₹35.00 | ₹98.15 | +180.43% | ₹99.30 | +183.71% |
| Azad Engineering Mainboard | 28 Dec 2023 | ₹524.00 | ₹710.00 | +35.50% | ₹2,581.30 | +392.61% |
| Happy Forgings Mainboard | 27 Dec 2023 | ₹850.00 | ₹1,001.25 | +17.79% | ₹1,849.70 | +117.61% |
| RBZ Jewellers Mainboard | 27 Dec 2023 | ₹100.00 | ₹100.00 | 0.00% | ₹171.38 | +71.38% |
| Inox India Mainboard | 21 Dec 2023 | ₹660.00 | ₹933.15 | +41.39% | ₹1,936.70 | +193.44% |
| Doms Industries Mainboard | 20 Dec 2023 | ₹790.00 | ₹1,400.00 | +77.22% | ₹1,970.10 | +149.38% |
| India Shelter Finance Corporation Mainboard | 20 Dec 2023 | ₹493.00 | ₹612.70 | +24.28% | ₹638.30 | +29.47% |
| S J Logistics (India) SME | 19 Dec 2023 | ₹125.00 | ₹175.00 | +40.00% | ₹327.65 | +162.12% |
| Accent Microcell SME | 15 Dec 2023 | ₹140.00 | ₹300.00 | +114.29% | ₹603.30 | +330.93% |
| Sheetal Universal SME | 11 Dec 2023 | ₹70.00 | ₹75.00 | +7.14% | ₹384.90 | +449.86% |
| Amic Forging SME | 6 Dec 2023 | ₹126.00 | ₹239.40 | SME cap +90.00% | ₹2,055.25 | +1,531.15% |
| Deepak Chemtex SME | 6 Dec 2023 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹89.50 | +11.87% |
| Fedbank Financial Services Mainboard | 30 Nov 2023 | ₹140.00 | ₹137.75 | −1.61% | ₹157.93 | +12.81% |
| Gandhar Oil Refinery (India) Mainboard | 30 Nov 2023 | ₹169.00 | ₹295.40 | +74.79% | ₹269.81 | +59.65% |
| Rockingdeals Circular Economy SME | 30 Nov 2023 | ₹140.00 | ₹300.00 | +114.29% | ₹221.20 | +58.00% |
| Tata Technologies Mainboard | 30 Nov 2023 | ₹500.00 | ₹1,199.95 | +139.99% | ₹652.45 | +30.49% |
| IREDA Mainboard | 29 Nov 2023 | ₹32.00 | ₹50.00 | +56.25% | ₹106.00 | +231.25% |
| Kalyani Cast-Tech SME | 17 Nov 2023 | ₹139.00 | ₹264.10 | SME cap +90.00% | ₹1,003.35 | +621.83% |
| ASK Automotive Mainboard | 15 Nov 2023 | ₹282.00 | ₹304.90 | +8.12% | ₹579.55 | +105.51% |
| SAR Televenture SME SME | 8 Nov 2023 | ₹55.00 | ₹105.00 | +90.91% | ₹77.35 | +40.64% |
| Honasa Consumer Mainboard | 7 Nov 2023 | ₹324.00 | ₹324.00 | 0.00% | ₹461.75 | +42.52% |
| Maitreya Medicare SME | 7 Nov 2023 | ₹82.00 | ₹162.55 | +98.23% | ₹120.20 | +46.59% |
| Transteel Seating Technologies SME | 6 Nov 2023 | ₹70.00 | ₹88.90 | +27.00% | ₹88.95 | +27.07% |
| Blue Jet Healthcare Mainboard | 1 Nov 2023 | ₹346.00 | ₹359.90 | +4.02% | ₹531.85 | +53.71% |
| On Door Concepts SME | 1 Nov 2023 | ₹208.00 | ₹214.00 | +2.88% | ₹249.00 | +19.71% |
| Committed Cargo Care SME | 18 Oct 2023 | ₹77.00 | ₹82.00 | +6.49% | ₹324.00 | +320.78% |
| Karnika Industries SME | 12 Oct 2023 | ₹76.00 | ₹81.00 | +6.58% | ₹134.95 | +787.83% |
| Sharp Chucks and Machines SME | 12 Oct 2023 | ₹58.00 | ₹66.00 | +13.79% | ₹91.80 | +58.28% |
| Vivaa Tradecom SME | 12 Oct 2023 | ₹51.00 | ₹40.80 | −20.00% | ₹135.00 | +164.71% |
| Goyal Salt SME | 11 Oct 2023 | ₹38.00 | ₹130.00 | +242.11% | ₹95.00 | +150.00% |
| OneClick Logistics India SME | 11 Oct 2023 | ₹99.00 | ₹140.00 | +41.41% | ₹317.40 | +220.61% |
| Sunita Tools SME | 11 Oct 2023 | ₹145.00 | ₹155.00 | +6.90% | ₹1,084.70 | +648.07% |
| City Crops Agro SME | 10 Oct 2023 | ₹25.00 | ₹25.50 | +2.00% | ₹70.76 | +183.04% |
| Vishnusurya Projects and Infra SME | 10 Oct 2023 | ₹68.00 | ₹73.00 | +7.35% | ₹146.35 | +115.22% |
| Arabian Petroleum SME | 9 Oct 2023 | ₹70.00 | ₹77.40 | +10.57% | ₹110.00 | +57.14% |
| E Factor Experiences SME | 9 Oct 2023 | ₹75.00 | ₹115.00 | +53.33% | ₹184.00 | +145.33% |
| Organic Recycling Systems SME | 6 Oct 2023 | ₹200.00 | ₹215.00 | +7.50% | ₹219.25 | +9.62% |
| Vinyas Innovative Technologies SME | 6 Oct 2023 | ₹165.00 | ₹330.00 | +100.00% | ₹1,595.50 | +866.97% |
| JSW Infrastructure Mainboard | 3 Oct 2023 | ₹119.00 | ₹143.00 | +20.17% | ₹345.25 | +190.13% |
| Saakshi Medtech & Panels SME | 3 Oct 2023 | ₹97.00 | ₹146.00 | +50.52% | ₹374.35 | +285.93% |
| Master Components SME | 29 Sep 2023 | ₹140.00 | ₹140.40 | +0.29% | ₹410.00 | +192.86% |
| Hi-Green Carbon SME | 28 Sep 2023 | ₹75.00 | ₹77.00 | +2.67% | ₹125.85 | +67.80% |
| Kody Technolab SME | 27 Sep 2023 | ₹160.00 | ₹170.00 | +6.25% | ₹1,546.30 | +1,832.88% |
| SignatureGlobal India Mainboard | 27 Sep 2023 | ₹385.00 | ₹445.00 | +15.58% | ₹707.10 | +83.66% |
| Techknowgreen Solutions SME | 27 Sep 2023 | ₹86.00 | ₹87.00 | +1.16% | ₹117.10 | +36.16% |
| Kundan Edifice SME | 26 Sep 2023 | ₹91.00 | ₹75.00 | −17.58% | ₹116.65 | +28.19% |
| Madhusudan Masala SME | 26 Sep 2023 | ₹70.00 | ₹120.00 | +71.43% | ₹265.15 | +278.79% |
| Holmarc Opto-Mechatronics SME | 25 Sep 2023 | ₹40.00 | ₹65.25 | +63.13% | ₹129.00 | +222.50% |
| Samhi Hotels Mainboard | 22 Sep 2023 | ₹126.00 | ₹130.55 | +3.61% | ₹158.18 | +25.54% |
| Zaggle Prepaid Ocean Services Mainboard | 22 Sep 2023 | ₹164.00 | ₹162.00 | −1.22% | ₹165.11 | +0.68% |
| EMS Mainboard | 21 Sep 2023 | ₹211.00 | ₹281.55 | +33.44% | ₹304.70 | +44.41% |
| Meson Valves India SME | 21 Sep 2023 | ₹102.00 | ₹193.80 | SME cap +90.00% | ₹179.70 | +76.18% |
| Unihealth Hospitals SME | 21 Sep 2023 | ₹132.00 | ₹135.00 | +2.27% | ₹543.85 | +312.01% |
| R R Kabel Mainboard | 20 Sep 2023 | ₹1,035.00 | ₹1,179.00 | +13.91% | ₹2,017.60 | +94.94% |
| Pramara Promotions SME | 13 Sep 2023 | ₹63.00 | ₹111.00 | +76.19% | ₹81.60 | +29.52% |
| Basilic Fly Studio SME | 11 Sep 2023 | ₹97.00 | ₹271.00 | +179.38% | ₹171.60 | +76.91% |
| Ratnaveer Precision Engineering Mainboard | 11 Sep 2023 | ₹98.00 | ₹128.00 | +30.61% | ₹380.50 | +288.27% |
| Rishabh Instruments Mainboard | 11 Sep 2023 | ₹441.00 | ₹460.00 | +4.31% | ₹640.55 | +45.25% |
| C P S Shapers SME | 7 Sep 2023 | ₹185.00 | ₹450.00 | +143.24% | ₹1,000.00 | +440.54% |
| Aeroflex Industries Mainboard | 31 Aug 2023 | ₹108.00 | ₹197.40 | +82.78% | ₹567.20 | +425.19% |
| Sungarner Energies SME | 31 Aug 2023 | ₹83.00 | ₹250.00 | +201.20% | ₹237.05 | +185.60% |
| Crop Life Science SME | 30 Aug 2023 | ₹52.00 | ₹55.95 | +7.60% | ₹92.00 | +76.92% |
| Shoora Designs SME | 29 Aug 2023 | ₹48.00 | ₹91.20 | SME cap +90.00% | ₹101.81 | +112.10% |
| Shelter Pharma SME | 23 Aug 2023 | ₹42.00 | ₹39.97 | −4.83% | ₹49.00 | +16.67% |
| Srivari Spices & Foods SME | 18 Aug 2023 | ₹42.00 | ₹101.50 | +141.67% | ₹286.85 | +582.98% |
| Sangani Hospitals SME | 17 Aug 2023 | ₹40.00 | ₹44.00 | +10.00% | ₹59.75 | +49.37% |
| SBFC Finance Mainboard | 16 Aug 2023 | ₹57.00 | ₹81.99 | +43.84% | ₹88.25 | +54.82% |
| Vinsys IT Services India SME | 11 Aug 2023 | ₹128.00 | ₹207.25 | +61.91% | ₹621.70 | +385.70% |
| Khazanchi Jewellers SME | 7 Aug 2023 | ₹140.00 | ₹142.30 | +1.64% | ₹710.25 | +407.32% |
| Yatharth Hospital & Trauma Care Services Mainboard | 7 Aug 2023 | ₹300.00 | ₹304.00 | +1.33% | ₹1,027.90 | +242.63% |
| Netweb Technologies India Mainboard | 27 Jul 2023 | ₹500.00 | ₹942.50 | +88.50% | ₹4,062.30 | +712.46% |
| Asarfi Hospital SME | 26 Jul 2023 | ₹52.00 | ₹98.80 | SME cap +90.00% | ₹176.40 | +239.23% |
| Kaka Industries SME | 19 Jul 2023 | ₹58.00 | ₹110.20 | SME cap +90.00% | ₹207.00 | +256.90% |
| Alphalogic Industries SME | 14 Jul 2023 | ₹96.00 | ₹96.00 | 0.00% | ₹131.00 | +172.92% |
| Cyient DLM Mainboard | 10 Jul 2023 | ₹265.00 | ₹401.00 | +51.32% | ₹753.65 | +184.40% |
| Global Pet Industries SME | 10 Jul 2023 | ₹49.00 | ₹52.00 | +6.12% | ₹157.50 | +221.43% |
| Ideaforge Technology Mainboard | 7 Jul 2023 | ₹672.00 | ₹1,305.10 | +94.21% | ₹713.30 | +6.15% |
| Pentagon Rubber SME | 7 Jul 2023 | ₹70.00 | ₹130.00 | +85.71% | ₹77.20 | +10.29% |
| Essen Speciality Films SME | 6 Jul 2023 | ₹107.00 | ₹140.00 | +30.84% | ₹100.10 | +12.26% |
| Magson Retail and Distribution SME | 6 Jul 2023 | ₹65.00 | ₹91.15 | +40.23% | ₹176.00 | +170.77% |
| Veefin Solutions SME | 5 Jul 2023 | ₹82.00 | ₹86.05 | +4.94% | ₹238.75 | +191.16% |
| Cosmic CRF SME | 30 Jun 2023 | ₹314.00 | ₹251.20 | −20.00% | ₹960.35 | +205.84% |
| Vilin Bio Med SME | 30 Jun 2023 | ₹30.00 | ₹30.00 | 0.00% | ₹53.15 | +77.17% |
| Urban Enviro Waste Management SME | 22 Jun 2023 | ₹100.00 | ₹141.00 | +41.00% | ₹91.80 | +83.60% |
| Sonalis Consumer Products SME | 19 Jun 2023 | ₹30.00 | ₹38.00 | +26.67% | ₹31.05 | +3.50% |
| CFF Fluid Control SME SME | 12 Jun 2023 | ₹165.00 | ₹175.00 | +6.06% | ₹983.00 | +495.76% |
| Sahana Systems SME | 12 Jun 2023 | ₹135.00 | ₹163.00 | +20.74% | ₹929.60 | +588.59% |
| Infollion Research Services SME | 8 Jun 2023 | ₹82.00 | ₹209.00 | +154.88% | ₹132.00 | +60.98% |
| Hemant Surgical Industries SME | 5 Jun 2023 | ₹90.00 | ₹171.00 | SME cap +90.00% | ₹608.10 | +575.67% |
| Proventus Agrocom SME | 5 Jun 2023 | ₹771.00 | ₹821.00 | +6.49% | ₹1,939.95 | +151.61% |
| Vasa Denticity SME | 2 Jun 2023 | ₹128.00 | ₹211.00 | +64.84% | ₹445.95 | +248.40% |
| Remus Pharmaceuticals SME | 29 May 2023 | ₹1,229.00 | ₹1,711.25 | +39.24% | ₹819.55 | +433.47% |
| Krishca Strapping Solutions SME | 26 May 2023 | ₹54.00 | ₹118.80 | +120.00% | ₹193.00 | +257.41% |
| Nexus Select Trust Mainboard | 19 May 2023 | ₹100.00 | ₹102.27 | +2.27% | ₹160.08 | +59.95% |
| De Neers Tools SME | 11 May 2023 | ₹101.00 | ₹190.00 | +88.12% | ₹171.50 | +69.80% |
| Mankind Pharma Mainboard | 9 May 2023 | ₹1,080.00 | ₹1,300.00 | +20.37% | ₹2,537.90 | +134.99% |
| Pattech Fitwell Tube Components SME | 21 Apr 2023 | ₹50.00 | ₹55.00 | +10.00% | ₹109.15 | +118.30% |
| Avalon Technologies Mainboard | 18 Apr 2023 | ₹436.00 | ₹431.00 | −1.15% | ₹2,041.00 | +368.12% |
| Sancode Technologies SME | 18 Apr 2023 | ₹47.00 | ₹64.00 | +36.17% | ₹1,183.20 | +2,417.45% |
| Exhicon Events Media Solutions SME | 17 Apr 2023 | ₹64.00 | ₹64.00 | 0.00% | ₹476.70 | +644.84% |
| Infinium Pharmachem SME | 17 Apr 2023 | ₹135.00 | ₹141.50 | +4.81% | ₹271.60 | +302.37% |
| Sotac Pharmaceuticals SME | 13 Apr 2023 | ₹111.00 | ₹115.00 | +3.60% | ₹128.95 | +16.17% |
| Maiden Forgings SME | 6 Apr 2023 | ₹63.00 | ₹63.00 | 0.00% | ₹90.00 | +42.86% |
| Dev Labtech Venture SME | 29 Mar 2023 | ₹51.00 | ₹51.00 | 0.00% | ₹23.50 | +84.31% |
| Labelkraft Technologies SME | 23 Mar 2023 | ₹55.00 | ₹56.00 | +1.82% | ₹63.00 | +14.55% |
| Systango Technologies SME | 15 Mar 2023 | ₹90.00 | ₹98.00 | +8.89% | ₹214.05 | +137.83% |
| Divgi Torqtransfer Systems Mainboard | 14 Mar 2023 | ₹590.00 | ₹600.00 | +1.69% | ₹937.85 | +58.96% |
| ITCONS E-Solutions SME | 13 Mar 2023 | ₹51.00 | ₹46.99 | −7.86% | ₹229.75 | +350.49% |
| SVJ Enterprises SME SME | 9 Mar 2023 | ₹36.00 | ₹38.00 | +5.56% | ₹174.50 | +384.72% |
| Srivasavi Adhesive Tapes SME SME | 9 Mar 2023 | ₹41.00 | ₹40.00 | −2.44% | ₹94.25 | +129.88% |
| Macfos SME SME | 1 Mar 2023 | ₹102.00 | ₹184.00 | +80.39% | ₹1,061.35 | +1,044.59% |
| Sealmatic India SME SME | 1 Mar 2023 | ₹225.00 | ₹225.00 | 0.00% | ₹481.70 | +156.91% |
| Viaz Tyres SME SME | 1 Mar 2023 | ₹62.00 | ₹68.00 | +9.68% | ₹91.00 | +46.77% |
| Lead Reclaim and Rubber Products SME SME | 21 Feb 2023 | ₹25.00 | ₹27.50 | +10.00% | ₹111.00 | +344.00% |
| Shera Energy SME SME | 17 Feb 2023 | ₹57.00 | ₹64.10 | +12.46% | ₹184.85 | +224.30% |
| Gayatri Rubbers and Chemicals SME SME | 7 Feb 2023 | ₹30.00 | ₹35.00 | +16.67% | ₹648.10 | +2,060.33% |
| Transvoy Logistics India SME SME | 2 Feb 2023 | ₹71.00 | ₹71.00 | 0.00% | ₹95.50 | +34.51% |
| DHARNI Capital Services SME SME | 31 Jan 2023 | ₹20.00 | ₹21.00 | +5.00% | ₹55.05 | +175.25% |
| Aristo Bio-Tech and Lifescience SME SME | 30 Jan 2023 | ₹72.00 | ₹80.00 | +11.11% | ₹90.00 | +25.00% |
| Ducol Organics And Colours SME SME | 19 Jan 2023 | ₹78.00 | ₹111.95 | +43.53% | ₹126.75 | +62.50% |
| Eastern Logica Infoway SME SME | 17 Jan 2023 | ₹225.00 | ₹270.00 | +20.00% | ₹158.00 | +321.33% |
| Chaman Metallics SME SME | 16 Jan 2023 | ₹38.00 | ₹68.00 | +78.95% | ₹117.50 | +209.21% |
| Rex Sealing and Packing Industries SME SME | 12 Jan 2023 | ₹135.00 | ₹137.00 | +1.48% | ₹139.95 | +3.67% |
| Sah Polymers Mainboard | 12 Jan 2023 | ₹65.00 | ₹85.00 | +30.77% | ₹79.91 | +22.94% |
| Anlon Technology Solutions SME SME | 10 Jan 2023 | ₹100.00 | ₹251.10 | +151.10% | ₹524.95 | +424.95% |
| RBM Infracon SME SME | 4 Jan 2023 | ₹36.00 | ₹52.50 | +45.83% | ₹201.20 | +458.89% |
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 IPOs listed
Listing-day gain of the 240 issues with a listing price, in fixed bands.
- −20% or worse 5 2.1%
- −20% to −10% 3 1.3%
- −10% to 0% 16 6.7%
- At issue price 25 10.4%
- 0% to 10% 58 24.2%
- 10% to 25% 36 15.0%
- 25% to 50% 34 14.2%
- 50% to 90% 32 13.3%
- 90% or more 31 12.9%
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 | 35 | +7.50% | 74.3% | 14 of 30 |
| ₹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% |
| All IPOs | 240 | +32.46% | +14.46% | 191 / 25 / 24 | 79.6% |
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 | 12 | +36.29% | +25.39% | 12 of 12 |
| Feb 2023 | 7 | +8.77% | +10.00% | 5 of 7 |
| Mar 2023 | 23 | +8.97% | +2.74% | 15 of 23 |
| Apr 2023 | 10 | +7.19% | +1.80% | 5 of 10 |
| May 2023 | 9 | +45.29% | +39.24% | 7 of 9 |
| Jun 2023 | 18 | +29.16% | +16.20% | 13 of 18 |
| Jul 2023 | 21 | +39.28% | +30.84% | 19 of 21 |
| Aug 2023 | 21 | +47.07% | +21.46% | 18 of 21 |
| Sep 2023 | 31 | +31.02% | +7.50% | 26 of 31 |
| Oct 2023 | 30 | +32.09% | +16.50% | 25 of 30 |
| Nov 2023 | 27 | +39.87% | +24.67% | 20 of 27 |
| Dec 2023 | 31 | +40.89% | +21.21% | 26 of 31 |
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% |
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?
240 IPOs listed on NSE and BSE in 2023: 61 mainboard and 179 SME. Across them, the average listing-day gain was +32.46% (median +14.46%), and 191 of the 240 IPOs with a listing price (79.6%) listed above their issue price.
How many 2023 IPOs are trading below their issue price?
95 of the 224 IPOs with a current price (42.4%) traded below their issue price at the close of 4 Nov 2026, 68 of them after listing above it. The median return since issue is +26.31%; 76 have doubled or more and 52 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