IPO Performance (CY 2021–CY 2024): A Reality Check
Initial Public Offerings (IPOs) are often marketed as a gateway to wealth-building. But the data paints a sobering picture. Between 2021 and 2024, 250 mainboard IPOs were listed on the Indian stock exchanges. However, the reality of post-listing has been underwhelming for most retail investors.
Particulars | 6 Months | 12 Months | Till Date |
Total Mainboard IPOs | 236 | 190 | 250 |
IPOs with Positive Returns | 120 | 106 | 130 |
IPOs with Negative Returns | 116 | 84 | 120 |
% of IPOs with Negative Returns | 49% | 44% | 48% |
Average Return Since Listing | 12% | 23% | 38% |
% Underperforming Nifty Smallcap 250 | 56% | 60% | 73% |
% Underperforming Nifty 50 | 53% | 54% | 64% |
% Underperforming BSE IPO Index | 54% | 54% | 64% |
Source: chittorgarh.com | Data as of 12 June 2025
IPOs Announced Between 2021 to 2024
Sr.No. | Company Name | Listing Day | Return (%) | Nifty Small Cap 250 | BSE IPO | |||
List Date | Close | 6M | 12M | Till date | Till date | Till date | ||
1 | Indian Railway Finance Corporation Ltd. | 29-Jan-2021 | 24.80 | -7% | -7% | 493% | 185% | 96% |
2 | Indigo Paints Ltd. | 02-Feb-2021 | 3117.15 | -16% | -36% | -65% | 176% | 93% |
3 | Home First Finance Company India Ltd. | 03-Feb-2021 | 527.55 | 13% | 46% | 142% | 172% | 93% |
4 | Stove Kraft Ltd. | 05-Feb-2021 | 445.95 | 78% | 95% | 32% | 168% | 90% |
5 | Nureca Ltd. | 25-Feb-2021 | 645.75 | 155% | 110% | -55% | 151% | 74% |
6 | Railtel Corporation Of India Ltd. | 26-Feb-2021 | 121.35 | 4% | -22% | 277% | 154% | 76% |
7 | Heranba Industries Ltd. | 05-Mar-2021 | 812.60 | -2% | -29% | -65% | 146% | 71% |
8 | MTAR Technologies Ltd. | 15-Mar-2021 | 1082.50 | 30% | 82% | 64% | 145% | 76% |
9 | Easy Trip Planners Ltd. | 19-Mar-2021 | 6.51 | 160% | 202% | 69% | 152% | 80% |
10 | Anupam Rasayan India Ltd. | 24-Mar-2021 | 526.80 | 43% | 64% | 100% | 155% | 81% |
11 | Craftsman Automation Ltd. | 25-Mar-2021 | 1435.60 | 37% | 46% | 286% | 159% | 85% |
12 | Laxmi Organic Industries Ltd. | 25-Mar-2021 | 164.45 | 227% | 149% | 25% | 159% | 85% |
13 | Kalyan Jewellers India Ltd. | 26-Mar-2021 | 75.20 | -6% | -21% | 633% | 157% | 85% |
14 | Suryoday Small Finance Bank Ltd. | 26-Mar-2021 | 277.80 | -33% | -63% | -47% | 157% | 85% |
15 | Nazara Technologies Ltd. | 30-Mar-2021 | 796.00 | 42% | 1% | 57% | 153% | 84% |
16 | Barbeque-Nation Hospitality Ltd. | 07-Apr-2021 | 587.80 | 89% | 103% | -44% | 145% | 76% |
17 | Macrotech Developers Ltd. | 19-Apr-2021 | 232.63 | 155% | 124% | 550% | 154% | 79% |
18 | Shyam Metalics And Energy Ltd. | 24-Jun-2021 | 376.15 | -18% | -24% | 134% | 110% | 43% |
19 | Sona BLW Precision Forgings Ltd. | 24-Jun-2021 | 361.20 | 96% | 61% | 44% | 110% | 43% |
20 | Dodla Dairy Ltd | 28-Jun-2021 | 609.90 | -11% | -21% | 118% | 108% | 42% |
21 | Krishna Institute of Medical Sciences Ltd | 28-Jun-2021 | 199.39 | 34% | 16% | 229% | 108% | 42% |
22 | India Pesticides Ltd. | 05-Jul-2021 | 343.15 | -5% | -27% | -38% | 102% | 33% |
23 | Clean Science And Technology Ltd. | 19-Jul-2021 | 1585.25 | 60% | 7% | -5% | 93% | 20% |
24 | GR Infraprojects Ltd. | 19-Jul-2021 | 1747.10 | 11% | -29% | -20% | 93% | 20% |
25 | Eternal Ltd. | 23-Jul-2021 | 126.00 | 3% | -57% | 104% | 94% | 20% |
26 | Tatva Chintan Pharma Chem Ltd. | 29-Jul-2021 | 2312.20 | 4% | 0% | -58% | 93% | 21% |
27 | Alivus Life Sciences Ltd. | 06-Aug-2021 | 748.50 | -24% | -40% | 36% | 94% | 22% |
28 | Rolex Rings Ltd | 09-Aug-2021 | 1167.00 | 11% | 55% | 36% | 96% | 22% |
29 | Devyani International Ltd. | 16-Aug-2021 | 123.50 | 32% | 65% | 41% | 99% | 20% |
30 | Exxaro Tiles Ltd. | 16-Aug-2021 | 13.23 | -9% | -19% | -31% | 99% | 20% |
31 | Krsnaa Diagnostics Ltd. | 16-Aug-2021 | 987.00 | -36% | -53% | -30% | 99% | 20% |
32 | Windlas Biotech Ltd. | 16-Aug-2021 | 407.15 | -33% | -47% | 126% | 99% | 20% |
33 | CarTrade Tech Ltd. | 20-Aug-2021 | 1501.05 | -58% | -58% | 7% | 106% | 23% |
34 | Nuvoco Vistas Corporation Ltd. | 23-Aug-2021 | 531.70 | -33% | -37% | -33% | 110% | 28% |
35 | Aptus Value Housing Finance India Ltd. | 24-Aug-2021 | 346.90 | -2% | -3% | -5% | 106% | 27% |
36 | Chemplast Sanmar Ltd. | 24-Aug-2021 | 535.60 | -11% | -21% | -20% | 106% | 27% |
37 | Acutaas Chemicals Ltd. | 14-Sep-2021 | 467.50 | -5% | 16% | 139% | 88% | 16% |
38 | Vijaya Diagnostic Centre Ltd. | 14-Sep-2021 | 620.10 | -34% | -35% | 55% | 88% | 16% |
39 | Sansera Engineering Ltd. | 24-Sep-2021 | 818.55 | -31% | -14% | 66% | 88% | 18% |
40 | Paras Defence And Space Technologies Ltd. | 01-Oct-2021 | 492.45 | 28% | 42% | 226% | 86% | 19% |
41 | Aditya Birla Sun Life AMC Ltd. | 11-Oct-2021 | 699.45 | -24% | -37% | 16% | 79% | 14% |
42 | FSN E-Commerce Ventures Ltd. | 10-Nov-2021 | 367.63 | -35% | -49% | -45% | 79% | 15% |
43 | Fino Payments Bank Ltd. | 12-Nov-2021 | 543.90 | -51% | -64% | -51% | 79% | 14% |
44 | PB Fintech Ltd. | 15-Nov-2021 | 1202.30 | -44% | -68% | 59% | 80% | 13% |
45 | Sigachi Industries Ltd. | 15-Nov-2021 | 59.85 | -52% | -54% | -5% | 80% | 13% |
46 | SJS Enterprises Ltd. | 15-Nov-2021 | 510.20 | -26% | -6% | 134% | 80% | 13% |
47 | One97 Communications Ltd. | 18-Nov-2021 | 1560.80 | -62% | -65% | -38% | 82% | 15% |
48 | Sapphire Foods India Ltd. | 18-Nov-2021 | 242.31 | -8% | 11% | 35% | 82% | 15% |
49 | Latent View Analytics Ltd. | 23-Nov-2021 | 488.75 | -17% | -23% | -15% | 84% | 17% |
50 | Tarsons Products Ltd. | 26-Nov-2021 | 818.40 | -20% | -15% | -54% | 87% | 14% |
51 | Go Fashion (India) Ltd. | 30-Nov-2021 | 1253.70 | -21% | -2% | -31% | 88% | 15% |
52 | Star Health and Allied Insurance Company Ltd. | 10-Dec-2021 | 906.85 | -23% | -34% | -49% | 78% | 16% |
53 | Tega Industries Ltd. | 13-Dec-2021 | 726.05 | -37% | -14% | 120% | 78% | 16% |
54 | Anand Rathi Wealth Ltd. | 14-Dec-2021 | 291.78 | 9% | 18% | 580% | 77% | 18% |
55 | RateGain Travel Technologies Ltd. | 17-Dec-2021 | 340.05 | -19% | -13% | 32% | 84% | 23% |
56 | Shriram Properties Ltd. | 20-Dec-2021 | 99.60 | -39% | -21% | -2% | 91% | 30% |
57 | CE Info Systems Ltd. | 21-Dec-2021 | 1393.65 | -12% | -20% | 38% | 88% | 28% |
58 | Metro Brands Ltd. | 22-Dec-2021 | 493.35 | 9% | 69% | 150% | 85% | 25% |
59 | Medplus Health Services Ltd. | 23-Dec-2021 | 1121.15 | -34% | -43% | -20% | 84% | 25% |
60 | Data Patterns (India) Ltd. | 24-Dec-2021 | 755.00 | -15% | 34% | 291% | 85% | 26% |
61 | HP Adhesives Ltd. | 27-Dec-2021 | 66.15 | 9% | 13% | -22% | 84% | 27% |
62 | Supriya Lifescience Ltd. | 28-Dec-2021 | 390.85 | -15% | -40% | 76% | 82% | 25% |
63 | CMS Info Systems Ltd. | 31-Dec-2021 | 238.20 | -5% | 31% | 108% | 78% | 24% |
64 | AGS Transact Technologies Ltd. | 31-Jan-2022 | 161.05 | -49% | -64% | -97% | 78% | 37% |
65 | AWL Agri Business Ltd. | 08-Feb-2022 | 268.25 | 148% | 56% | 0% | 80% | 35% |
66 | Vedant Fashions Ltd. | 16-Feb-2022 | 933.55 | 32% | 31% | -14% | 86% | 42% |
67 | Uma Exports Ltd. | 07-Apr-2022 | 79.80 | -40% | -48% | -25% | 78% | 40% |
68 | Veranda Learning Solutions Ltd. | 11-Apr-2022 | 131.25 | 165% | 53% | 51% | 76% | 38% |
69 | Hariom Pipe Industries Ltd. | 13-Apr-2022 | 231.00 | 22% | 119% | 86% | 78% | 39% |
70 | Campus Activewear Ltd. | 09-May-2022 | 378.90 | 43% | -4% | -23% | 100% | 61% |
71 | Rainbow Children's Medicare Ltd. | 10-May-2022 | 450.20 | 88% | 79% | 213% | 104% | 68% |
72 | Life Insurance Corporation of India | 17-May-2022 | 875.25 | -24% | -35% | 10% | 103% | 60% |
73 | Prudent Corporate Advisory Services Ltd. | 20-May-2022 | 561.75 | 42% | 52% | 417% | 102% | 60% |
74 | Delhivery Ltd. | 24-May-2022 | 536.35 | -36% | -32% | -31% | 106% | 59% |
75 | Venus Pipes & Tubes Ltd. | 24-May-2022 | 354.35 | 98% | 174% | 309% | 106% | 59% |
76 | Paradeep Phosphates Ltd. | 27-May-2022 | 43.90 | 29% | 19% | 294% | 109% | 61% |
77 | Ethos Ltd. | 30-May-2022 | 803.10 | 12% | 51% | 266% | 104% | 57% |
78 | eMudhra Ltd. | 01-Jun-2022 | 257.90 | 20% | 68% | 188% | 101% | 57% |
79 | Aether Industries Ltd. | 03-Jun-2022 | 774.40 | 16% | 19% | 4% | 101% | 59% |
80 | Syrma SGS Technology Ltd. | 26-Aug-2022 | 310.50 | -15% | 73% | 76% | 90% | 58% |
81 | Dreamfolks Services Ltd. | 06-Sep-2022 | 462.40 | -3% | 11% | -41% | 85% | 58% |
82 | Tamilnad Mercantile Bank Ltd. | 15-Sep-2022 | 509.65 | -16% | 7% | -10% | 81% | 53% |
83 | Harsha Engineers International Ltd. | 26-Sep-2022 | 486.50 | -33% | -13% | -12% | 95% | 58% |
84 | Electronics Mart India Ltd. | 17-Oct-2022 | 84.50 | -11% | 99% | 53% | 90% | 62% |
85 | Tracxn Technologies Ltd. | 20-Oct-2022 | 93.25 | -26% | -24% | -38% | 88% | 63% |
86 | DCX Systems Ltd. | 11-Nov-2022 | 308.45 | -41% | -10% | 0% | 87% | 67% |
87 | Fusion Finance Ltd. | 15-Nov-2022 | 314.50 | 40% | 84% | -42% | 86% | 69% |
88 | Bikaji Foods International Ltd. | 16-Nov-2022 | 317.45 | 17% | 73% | 140% | 86% | 71% |
89 | Global Health Ltd. | 16-Nov-2022 | 415.30 | 35% | 114% | 189% | 86% | 71% |
90 | Archean Chemical Industries Ltd. | 21-Nov-2022 | 458.15 | 18% | 15% | 42% | 87% | 74% |
91 | Five-Star Business Finance Ltd. | 21-Nov-2022 | 490.00 | 8% | 64% | 63% | 87% | 74% |
92 | Kaynes Technology India Ltd. | 22-Nov-2022 | 689.95 | 89% | 261% | 719% | 87% | 74% |
93 | Inox Green Energy Services Ltd. | 23-Nov-2022 | 59.10 | -20% | 17% | 203% | 86% | 74% |
94 | Keystone Realtors Ltd | 24-Nov-2022 | 556.85 | -10% | -4% | -2% | 85% | 73% |
95 | Dharmaj Crop Guard Ltd. | 08-Dec-2022 | 266.30 | -35% | -1% | 0% | 79% | 69% |
96 | Uniparts India Ltd. | 12-Dec-2022 | 539.65 | 5% | 2% | -31% | 80% | 68% |
97 | Sula Vineyards Ltd. | 22-Dec-2022 | 331.20 | 42% | 42% | -10% | 87% | 78% |
98 | Abans Financial Services Ltd. | 23-Dec-2022 | 218.40 | 33% | 44% | 3% | 95% | 86% |
99 | Landmark Cars Ltd. | 23-Dec-2022 | 458.40 | 47% | 77% | 0% | 95% | 86% |
100 | KFin Technologies Ltd. | 29-Dec-2022 | 363.85 | -5% | 33% | 244% | 86% | 74% |
101 | Elin Electronics Ltd. | 30-Dec-2022 | 227.65 | -24% | -35% | -25% | 85% | 72% |
102 | Radiant Cash Management Services Ltd. | 04-Jan-2023 | 104.90 | -12% | -15% | -36% | 85% | 72% |
103 | Sah Polymers Ltd. | 12-Jan-2023 | 89.25 | 10% | 40% | 11% | 86% | 74% |
104 | Divgi Torqtransfer Systems Ltd. | 14-Mar-2023 | 605.20 | 63% | 15% | -1% | 98% | 94% |
105 | Global Surfaces Ltd. | 23-Mar-2023 | 171.05 | 1% | 30% | -24% | 98% | 94% |
106 | Udayshivakumar Infra Ltd. | 03-Apr-2023 | 31.50 | 10% | 68% | 23% | 98% | 95% |
107 | Avalon Technologies Ltd. | 18-Apr-2023 | 398.00 | 33% | 30% | 117% | 92% | 91% |
108 | Mankind Pharma Ltd. | 09-May-2023 | 1422.30 | 24% | 53% | 66% | 84% | 85% |
109 | IKIO Technologies Ltd. | 16-Jun-2023 | 403.85 | -12% | -29% | -45% | 68% | 59% |
110 | HMA Agro Industries Ltd. | 04-Jul-2023 | 58.57 | 30% | -8% | -37% | 64% | 54% |
111 | Ideaforge Technology Ltd. | 07-Jul-2023 | 1294.95 | -35% | -36% | -55% | 63% | 52% |
112 | Cyient DLM Ltd. | 10-Jul-2023 | 420.60 | 56% | 82% | 14% | 63% | 52% |
113 | Senco Gold Ltd. | 14-Jul-2023 | 202.65 | 81% | 138% | 85% | 60% | 47% |
114 | Utkarsh Small Finance Bank Ltd. | 21-Jul-2023 | 48.00 | 25% | 4% | -46% | 58% | 45% |
115 | Netweb Technologies India Ltd. | 27-Jul-2023 | 910.40 | 49% | 162% | 112% | 56% | 44% |
116 | Yatharth Hospital & Trauma Care Services Ltd. | 07-Aug-2023 | 333.85 | 12% | 30% | 59% | 54% | 45% |
117 | SBFC Finance Ltd. | 16-Aug-2023 | 92.20 | -7% | -8% | 23% | 54% | 48% |
118 | Concord Biotech Ltd. | 18-Aug-2023 | 942.80 | 49% | 73% | 114% | 54% | 47% |
119 | TVS Supply Chain Solutions Ltd. | 23-Aug-2023 | 201.00 | -5% | -3% | -34% | 51% | 44% |
120 | Pyramid Technoplast Ltd. | 29-Aug-2023 | 177.65 | -3% | -3% | -2% | 50% | 42% |
121 | Aeroflex Industries Ltd. | 31-Aug-2023 | 163.25 | -10% | 3% | 2% | 47% | 41% |
122 | Vishnu Prakash R Punglia Ltd. | 05-Sep-2023 | 145.70 | 19% | 65% | 18% | 43% | 41% |
123 | Ratnaveer Precision Engineering Ltd. | 11-Sep-2023 | 129.35 | -5% | 40% | 23% | 40% | 38% |
124 | Rishabh Instruments Ltd. | 11-Sep-2023 | 443.15 | 3% | -16% | -33% | 40% | 38% |
125 | Jupiter Life Line Hospitals Ltd. | 18-Sep-2023 | 1075.75 | 5% | 27% | 40% | 43% | 42% |
126 | RR Kabel Ltd. | 20-Sep-2023 | 1198.05 | 17% | 40% | 16% | 44% | 43% |
127 | EMS Ltd. | 21-Sep-2023 | 279.90 | 35% | 192% | 113% | 46% | 43% |
128 | Samhi Hotels Ltd. | 22-Sep-2023 | 143.40 | 40% | 43% | 54% | 45% | 43% |
129 | Zaggle Prepaid Ocean Services Ltd. | 22-Sep-2023 | 158.35 | 87% | 180% | 191% | 45% | 43% |
130 | Sai Silks (Kalamandir) Ltd. | 27-Sep-2023 | 244.90 | -18% | -27% | -42% | 44% | 42% |
131 | Signatureglobal (India) Ltd. | 27-Sep-2023 | 458.55 | 182% | 249% | 181% | 44% | 42% |
132 | Yatra Online Ltd | 28-Sep-2023 | 135.90 | 10% | -2% | -29% | 44% | 40% |
133 | JSW Infrastructure Ltd. | 03-Oct-2023 | 157.30 | 57% | 120% | 102% | 42% | 37% |
134 | Manoj Vaibhav Gems 'N' Jewellers Ltd. | 03-Oct-2023 | 215.50 | 22% | 26% | 23% | 42% | 37% |
135 | Updater Services Ltd. | 04-Oct-2023 | 283.90 | 17% | 29% | 10% | 44% | 38% |
136 | Valiant Laboratories Ltd. | 06-Oct-2023 | 170.25 | -8% | -31% | -37% | 42% | 36% |
137 | Plaza Wires Ltd. | 12-Oct-2023 | 80.20 | 21% | 3% | -21% | 41% | 33% |
138 | IRM Energy Ltd. | 26-Oct-2023 | 473.15 | 22% | -22% | -35% | 48% | 41% |
139 | Blue Jet Healthcare Ltd. | 01-Nov-2023 | 413.40 | -6% | 14% | 112% | 46% | 39% |
140 | Cello World Ltd. | 06-Nov-2023 | 791.70 | 18% | 4% | -23% | 41% | 34% |
141 | Honasa Consumer Ltd. | 07-Nov-2023 | 337.10 | 27% | 15% | -4% | 41% | 33% |
142 | ESAF Small Finance Bank Ltd. | 10-Nov-2023 | 69.05 | -13% | -35% | -51% | 40% | 31% |
143 | Protean e-Gov Technologies Ltd. | 13-Nov-2023 | 883.00 | 32% | 109% | 8% | 38% | 30% |
144 | ASK Automotive Ltd. | 15-Nov-2023 | 310.10 | -5% | 34% | 47% | 36% | 29% |
145 | Indian Renewable Energy Development Agency Ltd. | 29-Nov-2023 | 60.00 | 222% | 247% | 206% | 34% | 27% |
146 | Fedbank Financial Services Ltd | 30-Nov-2023 | 140.25 | -14% | -18% | -21% | 32% | 26% |
147 | Gandhar Oil Refinery (India) Ltd. | 30-Nov-2023 | 301.40 | -32% | -26% | -42% | 32% | 26% |
148 | Tata Technologies Ltd. | 30-Nov-2023 | 1313.00 | -19% | -29% | -41% | 32% | 26% |
149 | Flair Writing Industries Ltd. | 01-Dec-2023 | 450.90 | -34% | -38% | -42% | 31% | 27% |
150 | DOMS Industries Ltd. | 20-Dec-2023 | 1326.05 | 49% | 121% | 83% | 30% | 25% |
151 | India Shelter Finance Corporation Ltd. | 20-Dec-2023 | 544.70 | 33% | 29% | 63% | 30% | 25% |
152 | Inox India Ltd. | 21-Dec-2023 | 939.95 | 46% | 16% | 31% | 28% | 22% |
153 | Motisons Jewellers Ltd. | 26-Dec-2023 | 10.36 | 63% | 158% | 89% | 27% | 22% |
154 | Muthoot Microfin Ltd. | 26-Dec-2023 | 266.15 | -9% | -32% | -49% | 27% | 22% |
155 | Suraj Estate Developers Ltd. | 26-Dec-2023 | 334.50 | 35% | 79% | 15% | 27% | 22% |
156 | Credo Brands Marketing Ltd. | 27-Dec-2023 | 312.20 | -46% | -44% | -42% | 26% | 21% |
157 | Happy Forgings Ltd. | 27-Dec-2023 | 1030.80 | 18% | -3% | -6% | 26% | 21% |
158 | RBZ Jewellers Ltd. | 27-Dec-2023 | 105.00 | 31% | 95% | 41% | 26% | 21% |
159 | Azad Engineering Ltd. | 28-Dec-2023 | 677.50 | 182% | 148% | 149% | 25% | 22% |
160 | Innova Captab Ltd. | 29-Dec-2023 | 541.40 | -7% | 100% | 64% | 25% | 22% |
161 | Jyoti CNC Automation Ltd. | 16-Jan-2024 | 434.20 | 195% | 175% | 186% | 20% | 15% |
162 | Medi Assist Healthcare Services Ltd. | 23-Jan-2024 | 464.10 | 20% | 24% | 8% | 23% | 15% |
163 | EPACK Durable Ltd. | 30-Jan-2024 | 207.60 | 30% | 122% | 72% | 19% | 12% |
164 | Nova Agritech Ltd. | 31-Jan-2024 | 57.75 | 40% | 6% | -10% | 16% | 11% |
165 | BLS E-Services Ltd. | 06-Feb-2024 | 366.00 | -42% | -50% | -42% | 14% | 7% |
166 | Apeejay Surrendra Park Hotels Ltd. | 12-Feb-2024 | 203.55 | -10% | -18% | -19% | 20% | 11% |
167 | Capital Small Finance Bank Ltd. | 14-Feb-2024 | 435.00 | -26% | -30% | -30% | 18% | 11% |
168 | Jana Small Finance Bank Ltd. | 14-Feb-2024 | 368.15 | 61% | 9% | 41% | 18% | 11% |
169 | Rashi Peripherals Ltd. | 14-Feb-2024 | 321.50 | 25% | -8% | 0% | 18% | 11% |
170 | Entero Healthcare Solutions Ltd. | 16-Feb-2024 | 1149.55 | 7% | 7% | 6% | 16% | 9% |
171 | Vibhor Steel Tubes Ltd. | 20-Feb-2024 | 446.25 | -42% | -65% | -66% | 16% | 8% |
172 | Juniper Hotels Ltd. | 28-Feb-2024 | 401.50 | -5% | -39% | -23% | 18% | 11% |
173 | GPT Healthcare Ltd. | 29-Feb-2024 | 200.70 | -8% | -35% | -25% | 17% | 11% |
174 | Exicom Tele-Systems Ltd. | 05-Mar-2024 | 224.95 | 63% | -32% | -16% | 17% | 12% |
175 | Platinum Industries Ltd. | 05-Mar-2024 | 221.20 | 90% | 22% | 34% | 17% | 12% |
176 | Mukka Proteins Ltd. | 07-Mar-2024 | 42.25 | 10% | -18% | -26% | 18% | 13% |
177 | RK Swamy Ltd. | 12-Mar-2024 | 262.60 | -8% | -23% | -24% | 23% | 19% |
178 | JG Chemicals Ltd. | 13-Mar-2024 | 184.80 | 128% | 68% | 105% | 30% | 25% |
179 | Gopal Snacks Ltd. | 14-Mar-2024 | 362.70 | -3% | -28% | 1% | 26% | 21% |
180 | Popular Vehicles & Services Ltd. | 19-Mar-2024 | 276.15 | -19% | -64% | -54% | 28% | 21% |
181 | Krystal Integrated Services Ltd | 21-Mar-2024 | 712.85 | 12% | -31% | -15% | 25% | 19% |
182 | SRM Contractors Ltd. | 03-Apr-2024 | 226.00 | 17% | 47% | 101% | 16% | 11% |
183 | Bharti Hexacom Ltd. | 12-Apr-2024 | 813.30 | 76% | 85% | 120% | 14% | 9% |
184 | JNK India Ltd. | 30-Apr-2024 | 694.55 | -12% | -49% | -48% | 11% | 6% |
185 | Indegene Ltd. | 13-May-2024 | 570.90 | 18% | 0% | 4% | 16% | 11% |
186 | Aadhar Housing Finance Ltd. | 15-May-2024 | 329.45 | 32% | 36% | 38% | 14% | 8% |
187 | TBO Tek Ltd. | 15-May-2024 | 1406.30 | 20% | -14% | -6% | 14% | 8% |
188 | Go Digit General Insurance Ltd. | 23-May-2024 | 306.00 | 3% | 6% | 14% | 10% | 7% |
189 | Awfis Space Solutions Ltd. | 30-May-2024 | 421.75 | 71% | 53% | 64% | 13% | 9% |
190 | Kronox Lab Sciences Ltd. | 10-Jun-2024 | 159.32 | 38% | 2% | 5% | 7% | 4% |
191 | Le Travenues Technology Ltd. | 18-Jun-2024 | 165.72 | -6% | 3% | 3% | 0% | |
192 | Akme Fintrade (India) Ltd. | 26-Jun-2024 | 13.34 | -31% | -37% | 2% | -1% | |
193 | Dee Development Engineers Ltd | 26-Jun-2024 | 335.32 | -5% | -14% | 2% | -1% | |
194 | Stanley Lifestyles Ltd. | 28-Jun-2024 | 474.75 | -11% | -23% | 2% | -1% | |
195 | Allied Blenders And Distillers Ltd. | 02-Jul-2024 | 317.90 | 33% | 35% | 1% | -3% | |
196 | Vraj Iron & Steel Ltd. | 03-Jul-2024 | 252.00 | -13% | -29% | 0% | -4% | |
197 | Bansal Wire Industries Ltd. | 10-Jul-2024 | 350.35 | 24% | 10% | 0% | -6% | |
198 | Emcure Pharmaceuticals Ltd. | 10-Jul-2024 | 1359.15 | 5% | -3% | 0% | -6% | |
199 | Sanstar Ltd. | 26-Jul-2024 | 115.07 | -3% | -21% | -1% | -7% | |
200 | Akums Drugs & Pharmaceuticals Ltd. | 06-Aug-2024 | 796.25 | -29% | -29% | 4% | -1% | |
201 | Ceigall India Ltd. | 08-Aug-2024 | 386.75 | -24% | -35% | 2% | -4% | |
202 | OLA Electric Mobility Ltd. | 09-Aug-2024 | 91.20 | -18% | -46% | 1% | -4% | |
203 | Brainbees Solutions Ltd. | 13-Aug-2024 | 679.10 | -39% | -40% | 2% | -3% | |
204 | Unicommerce eSolutions Ltd. | 13-Aug-2024 | 210.08 | -36% | -32% | 2% | -3% | |
205 | Saraswati Saree Depot Ltd. | 20-Aug-2024 | 203.70 | -43% | -49% | -1% | -6% | |
206 | Interarch Building Solutions Ltd. | 26-Aug-2024 | 1195.70 | 30% | 87% | -3% | -8% | |
207 | Orient Technologies Ltd. | 28-Aug-2024 | 302.40 | 10% | 18% | -4% | -8% | |
208 | Premier Energies Ltd. | 03-Sep-2024 | 839.90 | 2% | 27% | -4% | -8% | |
209 | Ecos (India) Mobility & Hospitality Ltd. | 04-Sep-2024 | 443.15 | -60% | -32% | -4% | -7% | |
210 | Baazar Style Retail Ltd. | 06-Sep-2024 | 400.00 | -45% | -34% | -4% | -8% | |
211 | Gala Precision Engineering Ltd. | 09-Sep-2024 | 757.15 | 10% | 28% | -4% | -8% | |
212 | Shree Tirupati Balajee Agro Trading Company Ltd | 12-Sep-2024 | 94.50 | -48% | -47% | -5% | -11% | |
213 | Bajaj Housing Finance Ltd. | 16-Sep-2024 | 165.00 | -30% | -23% | -6% | -11% | |
214 | Kross Ltd. | 16-Sep-2024 | 259.81 | -32% | -21% | -6% | -11% | |
215 | Tolins Tyres Ltd. | 16-Sep-2024 | 239.40 | -52% | -38% | -6% | -11% | |
216 | PN Gadgil Jewellers Ltd. | 17-Sep-2024 | 793.30 | -38% | -28% | -6% | -11% | |
217 | Arkade Developers Ltd. | 24-Sep-2024 | 165.86 | -4% | 19% | -6% | -11% | |
218 | Envirotech Systems Ltd. | 24-Sep-2024 | 111.70 | 2% | 1% | -6% | -11% | |
219 | Northern ARC Capital Ltd. | 24-Sep-2024 | 323.40 | -47% | -31% | -6% | -11% | |
220 | Western Carriers (India) Ltd. | 24-Sep-2024 | 159.44 | -47% | -30% | -6% | -11% | |
221 | Manba Finance Ltd. | 30-Sep-2024 | 152.25 | -11% | -3% | -5% | -11% | |
222 | KRN Heat Exchanger And Refrigeration Ltd. | 03-Oct-2024 | 478.79 | 80% | 57% | -4% | -9% | |
223 | Diffusion Engineers Ltd. | 04-Oct-2024 | 203.17 | 35% | 57% | -3% | -8% | |
224 | Garuda Construction & Engineering Ltd. | 15-Oct-2024 | 106.36 | 1% | 16% | -5% | -9% | |
225 | Hyundai Motor India Ltd. | 22-Oct-2024 | 1819.60 | -7% | 7% | 1% | -3% | |
226 | Deepak Builders & Engineers India Ltd. | 28-Oct-2024 | 161.95 | -14% | -8% | 2% | -2% | |
227 | Waaree Energies Ltd. | 28-Oct-2024 | 2338.90 | 15% | 20% | 2% | -2% | |
228 | Godavari Biorefineries Ltd. | 30-Oct-2024 | 343.20 | -50% | -17% | 0% | -3% | |
229 | Afcons Infrastructure Ltd. | 04-Nov-2024 | 474.20 | -12% | -6% | -1% | -5% | |
230 | Sagility India Ltd. | 12-Nov-2024 | 29.32 | 46% | 38% | 2% | -2% | |
231 | Acme Solar Holdings Ltd. | 13-Nov-2024 | 253.15 | -13% | -2% | 5% | 0% | |
232 | Swiggy Ltd. | 13-Nov-2024 | 456.00 | -30% | -20% | 5% | 0% | |
233 | Niva Bupa Health Insurance Company Ltd. | 14-Nov-2024 | 74.02 | 15% | 13% | 4% | -1% | |
234 | Zinka Logistics Solutions Ltd. | 22-Nov-2024 | 260.05 | 82% | 77% | 4% | 0% | |
235 | NTPC Green Energy Ltd. | 27-Nov-2024 | 121.65 | -7% | -7% | 0% | -4% | |
236 | Suraksha Diagnostic Ltd. | 06-Dec-2024 | 417.25 | -21% | -20% | -4% | -10% | |
237 | One Mobikwik Systems Ltd. | 18-Dec-2024 | 528.00 |
| -47% | -3% | -9% | |
238 | Sai Life Sciences Ltd. | 18-Dec-2024 | 764.65 |
| 0% | -3% | -9% | |
239 | Vishal Mega Mart Ltd. | 18-Dec-2024 | 111.93 |
| 17% | -3% | -9% | |
240 | Inventurus Knowledge Solutions Ltd. | 19-Dec-2024 | 1960.85 |
| -16% | -3% | -8% | |
241 | International Gemmological Institute (India) Ltd. | 20-Dec-2024 | 471.15 |
| -14% | -1% | -7% | |
242 | Concord Enviro Systems Ltd. | 27-Dec-2024 | 827.10 |
| -30% | -1% | -8% | |
243 | DAM Capital Advisors Ltd. | 27-Dec-2024 | 415.10 |
| -28% | -1% | -8% | |
244 | Mamata Machinery Ltd. | 27-Dec-2024 | 630.00 |
| -27% | -1% | -8% | |
245 | Sanathan Textiles Ltd. | 27-Dec-2024 | 388.35 |
| 18% | -1% | -8% | |
246 | Transrail Lighting Ltd. | 27-Dec-2024 | 553.55 |
| 22% | -1% | -8% | |
247 | Carraro India Ltd. | 30-Dec-2024 | 636.20 |
| -30% | -1% | -7% | |
248 | Senores Pharmaceuticals Ltd. | 30-Dec-2024 | 557.05 |
| -4% | -1% | -7% | |
249 | Ventive Hospitality Ltd. | 30-Dec-2024 | 704.35 |
| 6% | -1% | -7% | |
250 | Unimech Aerospace and Manufacturing Ltd. | 31-Dec-2024 | 1376.25 |
|
| -5% | -1% | -7% |
Note: In case of Nifty Small Cap 250 and BSE IPO Index, the returns are calculated on the assumption that instead of investing in a particular IPO, the same amount was invested in the respective index on the IPO listing date. The return shown reflects the performance of that investment till date.
Key Takeaways from the IPO Landscape
1. High Rate of Underperformance
- 48% of IPOs are trading below their listing price, indicating the prevalence of value erosion after listing.
- A staggering 73% of IPOs failed to outperform the Nifty Smallcap 250, meaning only 1 in 4 IPOs beat the broader smallcap benchmark.
2. Low Average Returns
- The average return since listing is only 38%, which appears modest compared to the risk and volatility involved.
- Over shorter windows, such as 6 and 12 months, the average return drops to 12% and 23%, respectively, indicating weak short-term wealth creation.
3. Promoter Exits Over Investor Gains
Many IPOs are structured more as exit opportunities for promoters and early investors rather than entry points for new investors. The pattern shows companies often launch IPOs during bullish phases at premium valuations, with performance deteriorating once the initial hype fades.
Why Do Most IPOs Fail to Deliver?
- Overvaluation at listing: Pricing often incorporates overly optimistic growth projections, leaving little room for upside.
- Hype-driven participation: Retail investors often apply based on social media noise or grey market premiums, not fundamentals.
- Short-term focus: Many investors chase listing gains, unaware that long-term fundamentals drive real wealth creation.
- Lack of profitability or business clarity: Several companies go public before achieving sustainable margins or clarity in business models.
The IPO Index Itself Underperforms
Even the BSE IPO Index, which tracks the performance of listed initial public offerings (IPOs), lags behind the broader indices. If the collective performance of new listings can't beat benchmarks like the Nifty 50 or Nifty Smallcap 250, it's a strong indicator that IPO investing should not be approached blindly.
Final Thoughts: Don't Let Hype Replace Homework
While IPOs may offer exciting narratives and short-term price gains, long-term investment success depends on discipline, thorough research, and a focused valuation approach. Every new listing is not an opportunity—sometimes, it's just a well-marketed exit plan.
Smart Investing Checklist for IPOs:
- Examine the company's fundamentals and financial statements.
- Compare the valuation with listed peers.
- Understand the use of proceeds — is it for growth or debt repayment?
- Wait post-listing if valuations appear stretched.
Summary
IPOs may list dreams, but they often don't list wealth. Data reveals that most IPOs between 2021 and 2024 have underperformed key indices and offered modest returns at best. Investors should approach IPOs like any other equity investment — with caution, thorough due diligence, and a long-term perspective.
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