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 below issue: IPOs listed in 2023
Showing 95 of 240 · latest listing 29 Dec 2023
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Indifra SME | 29 Dec 2023 | ₹65.00 | ₹72.00 | +10.77% | ₹10.30 | −84.15% |
| Credo Brands Marketing Mainboard | 27 Dec 2023 | ₹280.00 | ₹282.00 | +0.71% | ₹78.47 | −71.97% |
| Electro Force (India) SME | 27 Dec 2023 | ₹93.00 | ₹100.00 | +7.53% | ₹17.75 | −80.91% |
| Shanti Spintex SME | 27 Dec 2023 | ₹70.00 | ₹76.00 | +8.57% | ₹32.11 | −54.13% |
| Muthoot Microfin Mainboard | 26 Dec 2023 | ₹291.00 | ₹278.00 | −4.47% | ₹153.07 | −47.40% |
| Sahara Maritime SME | 26 Dec 2023 | ₹81.00 | ₹81.00 | 0.00% | ₹20.10 | −75.19% |
| Suraj Estate Developers Mainboard | 26 Dec 2023 | ₹360.00 | ₹343.80 | −4.50% | ₹189.52 | −47.36% |
| Benchmark Computer Solutions SME | 21 Dec 2023 | ₹66.00 | ₹80.00 | +21.21% | ₹37.50 | −43.18% |
| Shree OSFM E-Mobility SME | 21 Dec 2023 | ₹65.00 | ₹65.00 | 0.00% | ₹51.00 | −21.54% |
| Siyaram Recycling Industries SME | 21 Dec 2023 | ₹46.00 | ₹55.00 | +19.57% | ₹34.44 | −25.13% |
| Presstonic Engineering SME | 18 Dec 2023 | ₹72.00 | ₹140.00 | +94.44% | ₹41.95 | −41.74% |
| Graphisads SME | 13 Dec 2023 | ₹111.00 | ₹111.50 | +0.45% | ₹27.65 | −75.09% |
| Marinetrans India SME | 8 Dec 2023 | ₹26.00 | ₹30.00 | +15.38% | ₹11.35 | −56.35% |
| Net Avenue Technologies SME | 8 Dec 2023 | ₹18.00 | ₹42.00 | +133.33% | ₹5.25 | −70.83% |
| Swashthik Plascon SME | 5 Dec 2023 | ₹86.00 | ₹120.10 | +39.65% | ₹17.20 | −80.00% |
| Flair Writing Industries Mainboard | 1 Dec 2023 | ₹304.00 | ₹503.00 | +65.46% | ₹239.13 | −21.34% |
| Arrowhead Seperation Engineering SME SME | 28 Nov 2023 | ₹233.00 | ₹250.00 | +7.30% | ₹71.00 | −69.53% |
| Sunrest Lifescience SME | 20 Nov 2023 | ₹84.00 | ₹84.00 | 0.00% | ₹35.50 | −57.74% |
| ROX Hi-Tech SME | 16 Nov 2023 | ₹83.00 | ₹135.00 | +62.65% | ₹64.80 | −21.93% |
| Baba Food Processing India SME | 15 Nov 2023 | ₹76.00 | ₹76.00 | 0.00% | ₹23.00 | −69.74% |
| Protean eGov Technologies Mainboard | 13 Nov 2023 | ₹792.00 | ₹792.00 | 0.00% | ₹657.30 | −17.01% |
| ESAF Small Finance Bank Mainboard | 10 Nov 2023 | ₹60.00 | ₹71.90 | +19.83% | ₹41.35 | −31.08% |
| Micropro Software Solutions SME | 10 Nov 2023 | ₹81.00 | ₹80.00 | −1.23% | ₹17.00 | −79.01% |
| Mish Designs SME | 7 Nov 2023 | ₹122.00 | ₹160.00 | +31.15% | ₹37.40 | −69.34% |
| Cello World Mainboard | 6 Nov 2023 | ₹648.00 | ₹831.00 | +28.24% | ₹351.55 | −45.75% |
| Vrundavan Plantation SME | 6 Nov 2023 | ₹108.00 | ₹107.00 | −0.93% | ₹33.05 | −69.40% |
| Paragon Fine and Speciality Chemical SME | 3 Nov 2023 | ₹100.00 | ₹225.00 | +125.00% | ₹50.10 | −49.90% |
| Shanthala FMCG Products SME | 3 Nov 2023 | ₹91.00 | ₹108.00 | +18.68% | ₹11.15 | −87.75% |
| Rajgor Castor Derivatives SME | 31 Oct 2023 | ₹50.00 | ₹59.00 | +18.00% | ₹18.75 | −62.50% |
| Womancart SME | 27 Oct 2023 | ₹86.00 | ₹117.00 | +36.05% | ₹73.75 | −14.24% |
| IRM Energy Mainboard | 26 Oct 2023 | ₹505.00 | ₹479.00 | −5.15% | ₹231.18 | −54.22% |
| Arvind Port & Infra SME | 25 Oct 2023 | ₹45.00 | ₹80.00 | +77.78% | ₹29.00 | −35.56% |
| Plada Infotech Services SME | 13 Oct 2023 | ₹48.00 | ₹59.00 | +22.92% | ₹11.75 | −75.52% |
| Plaza Wires Mainboard | 12 Oct 2023 | ₹54.00 | ₹84.00 | +55.56% | ₹52.59 | −2.61% |
| Canarys Automations SME | 11 Oct 2023 | ₹31.00 | ₹43.45 | +40.16% | ₹23.90 | −22.90% |
| Kontor Space SME | 10 Oct 2023 | ₹93.00 | ₹122.00 | +31.18% | ₹47.00 | −49.46% |
| Valiant Laboratories Mainboard | 6 Oct 2023 | ₹140.00 | ₹161.00 | +15.00% | ₹120.87 | −13.66% |
| Inspire Films SME | 5 Oct 2023 | ₹59.00 | ₹67.00 | +13.56% | ₹13.45 | −77.20% |
| Newjaisa Technologies SME | 5 Oct 2023 | ₹47.00 | ₹71.00 | +51.06% | ₹15.95 | −66.06% |
| Digikore Studios SME | 4 Oct 2023 | ₹171.00 | ₹270.00 | +57.89% | ₹31.00 | −63.74% |
| Mangalam Alloys SME | 4 Oct 2023 | ₹80.00 | ₹80.00 | 0.00% | ₹2.16 | −97.30% |
| Updater Services Mainboard | 4 Oct 2023 | ₹300.00 | ₹299.90 | −0.03% | ₹203.03 | −32.32% |
| Manoj Vaibhav Gems 'N' Jewellers Mainboard | 3 Oct 2023 | ₹215.00 | ₹215.00 | 0.00% | ₹174.80 | −18.70% |
| Marco Cables & Conductors SME | 28 Sep 2023 | ₹36.00 | ₹38.70 | +7.50% | ₹35.05 | −2.64% |
| Yatra Online Mainboard | 28 Sep 2023 | ₹142.00 | ₹130.00 | −8.45% | ₹76.51 | −46.12% |
| Sai Silks (Kalamandir) Mainboard | 27 Sep 2023 | ₹222.00 | ₹230.10 | +3.65% | ₹73.70 | −66.80% |
| Chavda Infra SME | 25 Sep 2023 | ₹65.00 | ₹91.00 | +40.00% | ₹46.05 | −29.15% |
| Jiwanram Sheoduttrai Industries SME | 18 Sep 2023 | ₹23.00 | ₹30.00 | +30.43% | ₹3.60 | −84.35% |
| Kahan Packaging SME | 15 Sep 2023 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹10.44 | −86.95% |
| Saroja Pharma Industries India SME | 13 Sep 2023 | ₹84.00 | ₹65.00 | −22.62% | ₹38.80 | −53.81% |
| Mono Pharmacare SME | 7 Sep 2023 | ₹28.00 | ₹29.00 | +3.57% | ₹9.65 | −65.54% |
| Vishnu Prakash R Punglia Mainboard | 5 Sep 2023 | ₹99.00 | ₹163.30 | +64.95% | ₹27.34 | −72.38% |
| Pyramid Technoplast Mainboard | 29 Aug 2023 | ₹166.00 | ₹185.00 | +11.45% | ₹150.47 | −9.36% |
| TVS Supply Chain Solutions Mainboard | 23 Aug 2023 | ₹197.00 | ₹206.30 | +4.72% | ₹116.65 | −40.79% |
| Concord Biotech Mainboard | 18 Aug 2023 | ₹741.00 | ₹900.05 | +21.46% | ₹655.50 | −11.54% |
| Yudiz Solutions SME | 17 Aug 2023 | ₹165.00 | ₹185.00 | +12.12% | ₹25.60 | −84.48% |
| Zeal Global Services SME | 9 Aug 2023 | ₹103.00 | ₹147.00 | +42.72% | ₹63.00 | −38.83% |
| Shri Techtex SME | 4 Aug 2023 | ₹61.00 | ₹81.15 | +33.03% | ₹56.30 | −7.70% |
| Yasons Chemex Care SME | 3 Aug 2023 | ₹40.00 | ₹32.00 | −20.00% | ₹8.80 | −78.00% |
| Service Care SME | 26 Jul 2023 | ₹67.00 | ₹70.90 | +5.82% | ₹56.10 | −16.27% |
| Ahasolar Technologies SME | 21 Jul 2023 | ₹157.00 | ₹203.00 | +29.30% | ₹57.31 | −63.50% |
| Drone Destination SME | 21 Jul 2023 | ₹65.00 | ₹107.45 | +65.31% | ₹31.75 | −51.15% |
| Utkarsh Small Finance Bank Mainboard | 21 Jul 2023 | ₹25.00 | ₹39.95 | +59.80% | ₹11.72 | −53.12% |
| Synoptics Technologies SME | 13 Jul 2023 | ₹237.00 | ₹238.00 | +0.42% | ₹65.50 | −72.36% |
| Tridhya Tech SME | 13 Jul 2023 | ₹42.00 | ₹42.00 | 0.00% | ₹6.10 | −85.48% |
| Greenchef Appliances SME | 6 Jul 2023 | ₹87.00 | ₹104.00 | +19.54% | ₹63.90 | −26.55% |
| Aatmaj Healthcare SME | 30 Jun 2023 | ₹60.00 | ₹56.00 | −6.67% | ₹22.55 | −62.42% |
| Cell Point (India) SME | 28 Jun 2023 | ₹100.00 | ₹100.00 | 0.00% | ₹14.10 | −85.90% |
| Bizotic Commercial SME | 23 Jun 2023 | ₹175.00 | ₹180.00 | +2.86% | ₹83.00 | −52.57% |
| Spectrum Talent Management SME | 22 Jun 2023 | ₹173.00 | ₹155.00 | −10.40% | ₹56.60 | −67.28% |
| IKIO Lighting Mainboard | 16 Jun 2023 | ₹285.00 | ₹391.00 | +37.19% | ₹173.94 | −38.97% |
| Kore Digital SME | 14 Jun 2023 | ₹180.00 | ₹201.00 | +11.67% | ₹29.10 | −51.50% |
| Comrade Appliances SME | 13 Jun 2023 | ₹54.00 | ₹87.00 | +61.11% | ₹39.73 | −26.43% |
| Crayons Advertising SME | 2 Jun 2023 | ₹65.00 | ₹90.00 | +38.46% | ₹29.10 | −55.23% |
| Auro Impex & Chemicals SME | 23 May 2023 | ₹78.00 | ₹78.00 | 0.00% | ₹30.85 | −60.45% |
| Innokaiz India SME | 11 May 2023 | ₹78.00 | ₹148.20 | SME cap +90.00% | ₹11.50 | −85.26% |
| Retina Paints SME | 3 May 2023 | ₹30.00 | ₹29.05 | −3.17% | ₹26.35 | −12.17% |
| Quicktouch Technologies SME | 2 May 2023 | ₹61.00 | ₹92.00 | +50.82% | ₹13.05 | −78.61% |
| A G Universal SME | 24 Apr 2023 | ₹60.00 | ₹60.00 | 0.00% | ₹58.80 | −2.00% |
| Udayshivakumar Infra Mainboard | 3 Apr 2023 | ₹35.00 | ₹35.00 | 0.00% | ₹17.65 | −49.57% |
| Command Polymers SME | 29 Mar 2023 | ₹28.00 | ₹26.75 | −4.46% | ₹20.00 | −28.57% |
| Nirman Agri Genetics SME | 28 Mar 2023 | ₹99.00 | ₹102.00 | +3.03% | ₹24.90 | −74.85% |
| Quality Foils (India) SME | 24 Mar 2023 | ₹60.00 | ₹100.00 | +66.67% | ₹47.00 | −21.67% |
| Global Surfaces Mainboard | 23 Mar 2023 | ₹140.00 | ₹163.00 | +16.43% | ₹22.71 | −83.78% |
| MCON Rasayan India SME | 20 Mar 2023 | ₹40.00 | ₹48.00 | +20.00% | ₹39.50 | −1.25% |
| Prospect Consumer Products SME | 20 Mar 2023 | ₹61.00 | ₹61.00 | 0.00% | ₹38.00 | −37.70% |
| Vertexplus Technologies SME | 15 Mar 2023 | ₹96.00 | ₹101.00 | +5.21% | ₹70.10 | −26.98% |
| Resgen SME | 13 Mar 2023 | ₹47.00 | ₹49.00 | +4.26% | ₹45.01 | −4.23% |
| Patron Exim SME SME | 6 Mar 2023 | ₹27.00 | ₹28.40 | +5.19% | ₹1.80 | −93.33% |
| Agarwal Float Glass India SME SME | 23 Feb 2023 | ₹42.00 | ₹44.00 | +4.76% | ₹24.30 | −42.14% |
| Indong Tea Company SME SME | 21 Feb 2023 | ₹26.00 | ₹20.80 | −20.00% | ₹6.03 | −76.81% |
| Earthstahl Alloys SME SME | 8 Feb 2023 | ₹40.00 | ₹55.00 | +37.50% | ₹14.00 | −65.00% |
| SVS Ventures SME SME | 12 Jan 2023 | ₹20.00 | ₹20.50 | +2.50% | ₹5.49 | −72.55% |
| Radiant Cash Management Mainboard | 4 Jan 2023 | ₹94.00 | ₹99.30 | +5.64% | ₹33.00 | −64.89% |
| Homesfy Realty SME 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 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