IPO Listing Gains in 2024
Final for 2024: every mainboard and SME IPO that listed in the year.
- IPOs listed
- 248
- ₹9,422 Cr raised
- Median listing gain
- +37.50%
- average +56.91%
- Listed above issue
- 87.9%
- 217 above · 9 at · 21 below
- Trading below issue now
- 143
- 58.4% of 245 priced
- Median return since issue
- −18.94%
- 47 doubled · 71 halved
248 SME IPOs listed on NSE and BSE in 2024. Across them, the average listing-day gain was +56.91% (median +37.50%), and 217 of the 247 IPOs with a listing price (87.9%) listed above their issue price.
143 of the 245 SME IPOs with a current price (58.4%) traded below their issue price at the close of 4 Nov 2026, 119 of them after listing above it. The median return since issue is −18.94%; 47 have doubled or more and 71 have lost half or more.
Opened at SME price limit: SME IPOs listed in 2024
Showing 54 of 248 · latest listing 27 Dec 2024
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Nacdac Infrastructure | 24 Dec 2024 | ₹35.00 | ₹66.50 | SME cap +90.00% | ₹22.80 | −34.86% |
| Hamps Bio Limited | 20 Dec 2024 | ₹51.00 | ₹96.90 | SME cap +90.00% | ₹25.50 | 0.00% |
| Yash Highvoltage | 19 Dec 2024 | ₹146.00 | ₹277.40 | SME cap +90.00% | ₹1,240.95 | +749.97% |
| Jungle Camps India | 17 Dec 2024 | ₹72.00 | ₹136.80 | SME cap +90.00% | ₹38.71 | −46.24% |
| Toss The Coin | 17 Dec 2024 | ₹182.00 | ₹345.80 | SME cap +90.00% | ₹172.40 | −5.27% |
| Dhanlaxmi Crop Science | 16 Dec 2024 | ₹55.00 | ₹104.50 | SME cap +90.00% | ₹27.75 | −49.55% |
| Emerald Tyre Manufacturers | 12 Dec 2024 | ₹95.00 | ₹180.50 | SME cap +90.00% | ₹65.00 | −31.58% |
| Ganesh Infraworld | 6 Dec 2024 | ₹83.00 | ₹157.70 | SME cap +90.00% | ₹77.55 | −6.57% |
| Apex Ecotech | 4 Dec 2024 | ₹73.00 | ₹138.70 | SME cap +90.00% | ₹241.05 | +230.21% |
| C2C Advanced Systems | 3 Dec 2024 | ₹226.00 | ₹429.40 | SME cap +90.00% | ₹141.80 | −37.26% |
| Rajputana Biodiesel | 3 Dec 2024 | ₹130.00 | ₹247.00 | SME cap +90.00% | ₹190.00 | +46.15% |
| Rajesh Power Services | 2 Dec 2024 | ₹335.00 | ₹636.50 | SME cap +90.00% | ₹822.80 | +145.61% |
| Lakshya Powertech | 23 Oct 2024 | ₹180.00 | ₹342.00 | SME cap +90.00% | ₹100.00 | −44.44% |
| Sahasra Electronic Solutions | 4 Oct 2024 | ₹283.00 | ₹537.70 | SME cap +90.00% | ₹434.40 | +53.50% |
| Envirotech Systems | 24 Sep 2024 | ₹56.00 | ₹106.40 | SME cap +90.00% | ₹57.70 | +3.04% |
| Innomet Advanced Materials | 18 Sep 2024 | ₹100.00 | ₹190.00 | SME cap +90.00% | ₹304.65 | +204.65% |
| Namo eWaste Management | 11 Sep 2024 | ₹85.00 | ₹161.50 | SME cap +90.00% | ₹336.50 | +295.88% |
| Indian Phosphate | 3 Sep 2024 | ₹99.00 | ₹188.10 | SME cap +90.00% | ₹77.90 | −21.31% |
| Jay Bee Laminations | 3 Sep 2024 | ₹146.00 | ₹277.40 | SME cap +90.00% | ₹86.25 | −40.92% |
| Brace Port Logistics | 26 Aug 2024 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹68.85 | −13.94% |
| Forcas Studio | 26 Aug 2024 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹189.00 | +136.25% |
| Broach Lifecare Hospital | 21 Aug 2024 | ₹25.00 | ₹47.50 | SME cap +90.00% | ₹12.70 | −49.20% |
| Positron Energy | 20 Aug 2024 | ₹250.00 | ₹475.00 | SME cap +90.00% | ₹206.00 | −17.60% |
| Sunlite Recycling Industries | 20 Aug 2024 | ₹105.00 | ₹199.50 | SME cap +90.00% | ₹628.95 | +499.00% |
| Aesthetik Engineers | 16 Aug 2024 | ₹58.00 | ₹110.20 | SME cap +90.00% | ₹71.00 | +22.41% |
| Afcom Holdings | 9 Aug 2024 | ₹108.00 | ₹205.20 | SME cap +90.00% | ₹1,262.75 | +1,069.21% |
| Rajputana Industries | 6 Aug 2024 | ₹38.00 | ₹72.20 | SME cap +90.00% | ₹61.60 | +62.11% |
| S A Tech Software India | 2 Aug 2024 | ₹59.00 | ₹112.10 | SME cap +90.00% | ₹41.50 | −29.66% |
| Trom Industries | 1 Aug 2024 | ₹115.00 | ₹218.50 | SME cap +90.00% | ₹57.40 | −50.09% |
| Manglam Infra & Engineering | 31 Jul 2024 | ₹56.00 | ₹106.40 | SME cap +90.00% | ₹12.10 | −78.39% |
| V.L.Infraprojects | 30 Jul 2024 | ₹42.00 | ₹79.80 | SME cap +90.00% | ₹24.50 | −41.67% |
| VVIP Infratech | 30 Jul 2024 | ₹93.00 | ₹176.70 | SME cap +90.00% | ₹159.00 | +70.97% |
| RNFI Services | 29 Jul 2024 | ₹105.00 | ₹199.50 | SME cap +90.00% | ₹318.95 | +203.76% |
| Kataria Industries | 24 Jul 2024 | ₹96.00 | ₹182.40 | SME cap +90.00% | ₹128.55 | +33.91% |
| Prizor Viztech | 22 Jul 2024 | ₹87.00 | ₹165.30 | SME cap +90.00% | ₹1,318.55 | +1,415.57% |
| Sati Poly Plast | 22 Jul 2024 | ₹130.00 | ₹247.00 | SME cap +90.00% | ₹35.00 | −73.08% |
| Sahaj Solar | 19 Jul 2024 | ₹180.00 | ₹342.00 | SME cap +90.00% | ₹88.95 | −1.17% |
| Effwa Infra & Research | 12 Jul 2024 | ₹82.00 | ₹155.80 | SME cap +90.00% | ₹330.50 | +303.05% |
| Ganesh Green Bharat | 12 Jul 2024 | ₹190.00 | ₹361.00 | SME cap +90.00% | ₹207.50 | +9.21% |
| Nephro Care India | 5 Jul 2024 | ₹90.00 | ₹171.00 | SME cap +90.00% | ₹77.35 | −14.06% |
| Dindigul Farm Product | 27 Jun 2024 | ₹54.00 | ₹102.60 | SME cap +90.00% | ₹36.65 | −32.13% |
| Gem Enviro Management | 26 Jun 2024 | ₹75.00 | ₹142.50 | SME cap +90.00% | ₹38.22 | −49.04% |
| Amkay Products | 8 May 2024 | ₹55.00 | ₹104.50 | SME cap +90.00% | ₹53.50 | −2.73% |
| Sai Swami Metals and Alloys | 8 May 2024 | ₹60.00 | ₹114.00 | SME cap +90.00% | ₹7.90 | −86.83% |
| Storage Technologies & Automation | 8 May 2024 | ₹78.00 | ₹148.20 | SME cap +90.00% | ₹34.84 | −55.33% |
| Emmforce Autotech | 30 Apr 2024 | ₹98.00 | ₹186.20 | SME cap +90.00% | ₹186.00 | +89.80% |
| Varyaa Creations | 30 Apr 2024 | ₹150.00 | ₹285.00 | SME cap +90.00% | ₹26.50 | −82.33% |
| Greenhitech Ventures | 22 Apr 2024 | ₹50.00 | ₹95.00 | SME cap +90.00% | ₹32.60 | −34.80% |
| Royal Sense | 19 Mar 2024 | ₹68.00 | ₹129.20 | SME cap +90.00% | ₹67.70 | −0.44% |
| Rudra Gas Enterprise | 15 Feb 2024 | ₹63.00 | ₹119.70 | SME cap +90.00% | ₹68.99 | +9.51% |
| Euphoria Infotech (India) | 30 Jan 2024 | ₹100.00 | ₹190.00 | SME cap +90.00% | ₹28.90 | −71.10% |
| Qualitek Labs | 29 Jan 2024 | ₹100.00 | ₹190.00 | SME cap +90.00% | ₹500.00 | +400.00% |
| New Swan Multitech | 18 Jan 2024 | ₹66.00 | ₹125.40 | SME cap +90.00% | ₹37.99 | −42.44% |
| Shri Balaji Valve Components | 3 Jan 2024 | ₹100.00 | ₹190.00 | SME cap +90.00% | ₹128.60 | +28.60% |
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 2024 SME IPOs listed
Listing-day gain of the 247 issues with a listing price, in fixed bands.
- −20% or worse 3 1.2%
- −20% to −10% 6 2.4%
- −10% to 0% 12 4.9%
- At issue price 9 3.6%
- 0% to 10% 34 13.8%
- 10% to 25% 36 14.6%
- 25% to 50% 39 15.8%
- 50% to 90% 25 10.1%
- 90% or more 83 33.6%
Hatched: opened at the SME price limit (+90% cap or −20% floor).
54 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 | 185 | +36.36% | 88.1% | 116 of 183 |
| ₹50 Cr to ₹250 Cr | 61 | +41.83% | 86.9% | 26 of 61 |
| Not disclosed | 2 | +7.17% | 100.0% | 1 of 1 |
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: 93 listings, average +28.17%, median +15.94%, 77.4% above issue price. SME: 248 listings, average +56.91%, median +37.50%, 87.9% above issue price.
| Segment | Listed | Average gain | Median gain | Above / at / below issue | Above issue |
|---|---|---|---|---|---|
| Mainboard | 93 | +28.17% | +15.94% | 72 / 3 / 18 | 77.4% |
| SME | 248 | +56.91% | +37.50% | 217 / 9 / 21 | 87.9% |
| SME | 248 | +56.91% | +37.50% | 217 / 9 / 21 | 87.9% |
Listing gains by month
By listing date. Averages cover issues with a recorded listing price.
| Month | Listed | Average gain | Median gain | Above issue |
|---|---|---|---|---|
| Jan 2024 | 18 | +95.18% | +64.93% | 17 of 18 |
| Feb 2024 | 20 | +68.27% | +47.14% | 19 of 20 |
| Mar 2024 | 18 | +50.24% | +33.36% | 16 of 18 |
| Apr 2024 | 23 | +38.43% | +18.45% | 20 of 23 |
| May 2024 | 21 | +96.35% | +90.00% | 19 of 21 |
| Jun 2024 | 17 | +71.45% | +49.69% | 14 of 17 |
| Jul 2024 | 26 | +75.48% | +90.00% | 26 of 26 |
| Aug 2024 | 25 | +51.88% | +41.51% | 24 of 25 |
| Sep 2024 | 35 | +27.84% | +21.91% | 27 of 34 |
| Oct 2024 | 22 | +19.83% | +6.09% | 17 of 22 |
| Nov 2024 | 4 | +9.37% | −5.70% | 1 of 4 |
| Dec 2024 | 19 | +66.93% | +90.00% | 17 of 19 |
Highest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Winsol Engineers SME | 14 May 2024 | ₹75.00 | ₹365.00 | +386.67% |
| Kay Cee Energy & Infra SME | 5 Jan 2024 | ₹54.00 | ₹252.00 | +366.67% |
| Maxposure SME | 23 Jan 2024 | ₹33.00 | ₹145.00 | +339.39% |
| Medicamen Organics SME | 28 Jun 2024 | ₹34.00 | ₹137.85 | +305.44% |
| GP Eco Solutions India SME | 24 Jun 2024 | ₹94.00 | ₹375.00 | +298.94% |
Lowest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| M.V.K. Agro Food Product SME | 7 Mar 2024 | ₹120.00 | ₹79.00 | −34.17% |
| Kalana Ispat SME | 26 Sep 2024 | ₹66.00 | ₹45.15 | −31.59% |
| Bikewo Green Tech SME | 27 Sep 2024 | ₹62.00 | ₹45.00 | −27.42% |
| Italian Edibles SME | 12 Feb 2024 | ₹68.00 | ₹55.00 | −19.12% |
| Lamosaic India SME | 29 Nov 2024 | ₹200.00 | ₹164.00 | −18.00% |
Highest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Hoac Foods India SME | 24 May 2024 | ₹48.00 | ₹861.90 | +1,695.63% |
| Divine Power Energy SME | 2 Jul 2024 | ₹40.00 | ₹699.45 | +1,648.63% |
| Prizor Viztech SME | 22 Jul 2024 | ₹87.00 | ₹1,318.55 | +1,415.57% |
| Aimtron Electronics SME | 6 Jun 2024 | ₹161.00 | ₹1,920.50 | +1,092.86% |
| Afcom Holdings SME | 9 Aug 2024 | ₹108.00 | ₹1,262.75 | +1,069.21% |
Lowest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Teerth Gopicon SME | 16 Apr 2024 | ₹111.00 | ₹9.30 | −91.62% |
| Sameera Agro and Infra SME | 1 Jan 2024 | ₹180.00 | ₹3.90 | −89.17% |
| Picturepost Studios SME | 9 Aug 2024 | ₹24.00 | ₹2.80 | −88.33% |
| Falcon Technoprojects India SME | 26 Jun 2024 | ₹92.00 | ₹12.10 | −86.85% |
| Sai Swami Metals and Alloys SME | 8 May 2024 | ₹60.00 | ₹7.90 | −86.83% |
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 2024 and 31 Dec 2024, 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 2024?
248 SME IPOs listed on NSE and BSE in 2024. Across them, the average listing-day gain was +56.91% (median +37.50%), and 217 of the 247 IPOs with a listing price (87.9%) listed above their issue price.
How many 2024 IPOs are trading below their issue price?
143 of the 245 SME IPOs with a current price (58.4%) traded below their issue price at the close of 4 Nov 2026, 119 of them after listing above it. The median return since issue is −18.94%; 47 have doubled or more and 71 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