| Company | Listed | Our score | Issue price | Listing | 30 days | Since issue | vs cohort | Proceeds |
|---|---|---|---|---|---|---|---|---|
| National Stock Exchange of India NSE Mainboard · Finance · 4 flags | 2026-09-24 | 76 | ₹1,785 | — | — | — | — | agency named |
| Jindal Supreme (India) JSIPL Mainboard · Steel & Iron Products · 4 flags | 2026-09-23 | 54 missed | ₹93 | +29.0% | — | — | — | agency named |
| SS Retail SSRETAIL Mainboard · Retailing · 5 flags | 2026-09-23 | 56 missed | ₹424 | +47.2% | — | — | — | agency named |
| Hero Motors HEROMOTORS Mainboard · Automobile Two & Three Wheelers · 5 flags | 2026-09-23 | 62 missed | ₹84 | -2.4% | — | — | — | agency named |
| Injecto Polymers INJECTO SME · Plastic Products · 6 flags | 2026-09-21 | 52 called right | ₹100 | -1.0% | — | -49.8% | -59.2 pts | stated in RHP |
| Manika Plastech MANIKA Mainboard · Plastic Products · 3 flags | 2026-09-21 | 78 missed | ₹43 | 0.0% | — | +52.7% | +43.3 pts | agency named |
| Century Business Media CENTURYOOH SME · Not specified · 5 flags | 2026-09-21 | 71 missed | ₹74 | 0.0% | — | -66.9% | -76.3 pts | stated in RHP |
| Panchatv Bharat PANCHATV SME · Textile · 5 flags | 2026-09-18 | 47 called right | ₹140 | -7.9% | — | -12.5% | -21.9 pts | stated in RHP |
| Veegaland Developers VEEGALAND Mainboard · Construction - Real Estate · 3 flags | 2026-09-18 | 62 called right | ₹140 | +10.0% | — | -0.6% | -10.0 pts | agency named |
| Om Galaxy Limited OMGL SME · Engineering - Industrial Equipments · 5 flags | 2026-09-18 | 74 called right | ₹90 | +0.2% | — | -1.7% | -11.1 pts | stated in RHP |
| Raksan Transformers RAKSAN SME · Not specified · 5 flags | 2026-09-18 | 59 called right | ₹273 | 0.0% | — | +0.4% | -9.0 pts | stated in RHP |
| Maharaja & Speedex India Limited SPEEDEX SME · Not specified · 5 flags | 2026-09-18 | 49 missed | ₹186 | +34.4% | — | +27.4% | +18.0 pts | stated in RHP |
| Infrax Renewable Limited INFRAX SME · Power Generation/Distribution · 5 flags | 2026-09-17 | 59 called right | ₹104 | 0.0% | — | +3.1% | -6.3 pts | stated in RHP |
| Vinod Texworld VINOD SME · Textile · 5 flags | 2026-09-17 | 62 missed | ₹94 | 0.0% | — | -18.5% | -27.9 pts | stated in RHP |
| Asset Reconstruction Co.(India) ARCIL Mainboard · Finance - NBFC · 3 flags | 2026-09-17 | 55 | ₹139 | — | — | -0.9% | -10.3 pts | agency named |
| Karamtara Engineering KARAMTARA Mainboard · Power Generation/Distribution · 3 flags | 2026-09-17 | 73 called right | ₹254 | +26.0% | — | +43.7% | +34.3 pts | agency named |
| Rentomojo RENTOMOJO Mainboard · Not specified · 3 flags | 2026-09-17 | 77 called right | ₹404 | +19.4% | — | +29.5% | +20.1 pts | agency named |
| Amtech Esters AMTECH SME · Chemicals · 4 flags | 2026-09-17 | 69 called right | ₹75 | +33.3% | — | +45.6% | +36.2 pts | stated in RHP |
| Glass Wall Systems (India) GLASSWALL Mainboard · Engineering - Construction · 6 flags | 2026-09-16 | 53 missed | ₹182 | +6.6% | — | +69.9% | +60.5 pts | agency named |
| Prasol Chemicals PRASOLCHEM Mainboard · Chemicals · 6 flags | 2026-09-16 | 55 called right | ₹676 | -9.8% | — | +4.3% | -5.1 pts | agency named |
| Kanohar Electricals KANOHAR Mainboard · Electric Equipment · 7 flags | 2026-09-16 | 52 missed | ₹632 | +8.5% | — | +37.0% | +27.6 pts | agency named |
| Apana Logistics APANA SME · Logistics · 7 flags | 2026-09-15 | 63 missed | ₹60 | 0.0% | — | -26.5% | -35.9 pts | stated in RHP |
| Pranav Constructions PRANAV Mainboard · Engineering - Construction · 6 flags | 2026-09-15 | 48 missed | ₹124 | +33.1% | — | -17.0% | -26.4 pts | agency named |
| Qualiance International QUALIANCE SME · Textile · 5 flags | 2026-09-11 | 82 called right | ₹127 | +77.1% | — | +37.0% | +27.6 pts | stated in RHP |
| Fly-Hi Maritime Travels FLYHI SME · Travel Services · 7 flags | 2026-09-08 | 61 missed | ₹102 | -20.0% | — | -52.0% | -61.4 pts | stated in RHP |
| Rays of Belief MOMSBELIEF Mainboard · Hospital & Healthcare Services · 4 flags | 2026-09-08 | 65 missed | ₹239 | 0.0% | — | -4.4% | -13.8 pts | stated in RHP |
| Deepa Jewellers DEEPA Mainboard · Diamond & Jewellery · 6 flags | 2026-09-08 | 77 called right | ₹177 | +24.9% | — | +6.5% | -2.9 pts | stated in RHP |
| Farm Peace FARMPEACE SME · Agriculture · 6 flags | 2026-09-08 | 66 called right | ₹59 | +90.0% | — | +47.1% | +37.7 pts | stated in RHP |
| Purple Style Labs PERNIASPOP Mainboard · Not specified · 5 flags | 2026-09-07 | 37 called right | ₹575 | -7.0% | — | -5.7% | -15.1 pts | stated in RHP |
| ESDS Software Solution ESDS Mainboard · IT - Software · 5 flags | 2026-09-04 | 71 called right | ₹429 | +76.5% | +89.9% | +302.1% | +292.7 pts | stated in RHP |
| Priority Jewels PRIORITY Mainboard · Not specified · 5 flags | 2026-09-04 | 65 called right | ₹200 | +15.0% | -7.7% | +11.5% | +2.1 pts | stated in RHP |
| Sumax Engineering SUMAX SME · Engineering · 4 flags | 2026-09-02 | 74 called right | ₹101 | +9.9% | +1.1% | +6.6% | -2.8 pts | stated in RHP |
| ABH Healthcare ABH SME · Hospital & Healthcare Services · 5 flags | 2026-09-01 | 71 missed | ₹102 | -2.9% | -34.4% | -48.1% | -57.5 pts | stated in RHP |
| Madhur Knit Crafts MADHURKNIT SME · Textile · 6 flags | 2026-09-01 | 56 called right | ₹100 | 0.0% | -44.6% | -52.5% | -61.9 pts | stated in RHP |
| Augmont Enterprises AUGMONT Mainboard · Diamond & Jewellery · 5 flags | 2026-08-31 | 71 called right | ₹788 | +22.0% | -4.6% | +9.1% | -0.3 pts | stated in RHP |
| Tempsens Instruments (India) TEMPSENS Mainboard · Engineering - Industrial Equipments · 4 flags | 2026-08-28 | 68 called right | ₹300 | +111.3% | -3.2% | +79.0% | +69.6 pts | stated in RHP |
| Sunshine Pictures SUNSHINE Mainboard · Film Production · 4 flags | 2026-08-25 | 69 called right | ₹360 | +10.0% | -0.2% | +22.3% | +12.9 pts | stated in RHP |
| Shankesh Jewellers SHANKESH Mainboard · Diamond & Jewellery · 3 flags | 2026-08-25 | 76 called right | ₹93 | +11.1% | -7.8% | -2.0% | -11.4 pts | stated in RHP |
| Horizon Industrial Parks HORIZONIND Mainboard · Not specified · 4 flags | 2026-08-24 | 77 called right | ₹60 | +0.4% | -4.3% | -12.1% | -21.5 pts | stated in RHP |
| Fascinate Textiles FASCINATE SME · Textile · 5 flags | 2026-08-24 | 66 missed | ₹151 | -20.0% | -27.4% | -65.1% | -74.5 pts | stated in RHP |
| Lalithaa Jewellery Mart LALITHAA Mainboard · Diamond & Jewellery · 6 flags | 2026-08-24 | 64 called right | ₹201 | +31.8% | +9.6% | +67.2% | +57.8 pts | stated in RHP |
| Skytech Infinite Platform SKYTECH SME · Electric Equipment · 4 flags | 2026-08-21 | 68 missed | ₹77 | -3.9% | -30.7% | -64.0% | -73.4 pts | stated in RHP |
| Technocrats Plasma Systems TECHNOCRAT SME · Engineering · 6 flags | 2026-08-21 | 70 called right | ₹132 | +74.2% | — | +178.1% | +168.7 pts | stated in RHP |
| ENS Enterprises ENS SME · IT - Software · 4 flags | 2026-08-21 | 65 called right | ₹92 | +4.4% | — | +10.2% | +0.8 pts | stated in RHP |
| Credent Connect N Care CREDENT SME · Hospital & Healthcare Services · 7 flags | 2026-08-20 | 63 called right | ₹189 | +90.0% | +18.5% | +99.2% | +89.8 pts | stated in RHP |
| Q &T Foods QTFOODS SME · Consumer Food · 5 flags | 2026-08-19 | 73 missed | ₹115 | 0.0% | -23.2% | -66.4% | -75.8 pts | stated in RHP |
| Pramodini Medicare PRAMODINI SME · Hospital & Healthcare Services · 7 flags | 2026-08-19 | 64 called right | ₹118 | +1.7% | +0.2% | -2.5% | -11.9 pts | stated in RHP |
| Shiprocket SHIPROCKET Mainboard · Logistics · 4 flags | 2026-08-19 | 72 called right | ₹97 | +35.1% | -7.2% | +30.1% | +20.7 pts | stated in RHP |
| Behari Lal Engineering BLEL Mainboard · Steel & Iron Products · 4 flags | 2026-08-19 | 79 called right | ₹285 | +63.2% | +3.5% | +64.6% | +55.2 pts | stated in RHP |
| Sham Foam SHAMFOAM SME · Not specified · 4 flags | 2026-08-18 | 83 missed | ₹130 | -20.0% | +3.9% | -44.9% | -54.3 pts | stated in RHP |
| Milky Mist Dairy Food MILKYMIST Mainboard · Consumer Food · 5 flags | 2026-08-18 | 71 called right | ₹140 | +17.9% | +19.7% | +115.8% | +106.4 pts | stated in RHP |
| Molbio Diagnostics MOLBIO Mainboard · Hospital & Healthcare Services · 6 flags | 2026-08-17 | 63 called right | ₹807 | +21.4% | +8.9% | +56.6% | +47.2 pts | stated in RHP |
| Dhoot Transmission DHOOTTRANS Mainboard · Automobile Two & Three Wheelers · 5 flags | 2026-08-17 | 73 called right | ₹871 | +37.8% | +1.9% | +89.0% | +79.6 pts | stated in RHP |
| Leap India LEAP Mainboard · Logistics · 4 flags | 2026-08-14 | 71 called right | ₹159 | +4.3% | -0.9% | -6.3% | -15.7 pts | stated in RHP |
| Technocraft Ventures TECHNOCRAF Mainboard · Engineering - Construction · 5 flags | 2026-08-14 | 73 called right | ₹212 | +34.0% | +24.3% | +114.6% | +105.2 pts | stated in RHP |
| Optimystix Entertainment India OPTIMYSTIX SME · Not specified · 7 flags | 2026-08-14 | 64 called right | ₹175 | +2.9% | -2.7% | -21.1% | -30.5 pts | stated in RHP |
| LAPL Automotive LAPL SME · Automobile Two & Three Wheelers · 6 flags | 2026-08-13 | 70 called right | ₹94 | +43.6% | — | +12.2% | +2.8 pts | stated in RHP |
| G.V.Electricals GVELECTRIC SME · Power Generation/Distribution · 6 flags | 2026-08-12 | 68 called right | ₹130 | +21.5% | +0.9% | 0.0% | -9.4 pts | stated in RHP |
| Ardee Industries ARDEE Mainboard · Metal - Non Ferrous · 4 flags | 2026-08-12 | 74 called right | ₹53 | +35.9% | -6.4% | -1.7% | -11.1 pts | stated in RHP |
| Aegeus Technologies AEGEUS SME · Not specified · 6 flags | 2026-08-11 | 65 called right | ₹105 | +18.6% | +7.2% | +27.1% | +17.7 pts | stated in RHP |
| Anawil Wire & Engineering ANAWIL SME · Engineering · 7 flags | 2026-08-10 | 59 missed | ₹270 | +22.1% | +16.4% | +64.9% | +55.5 pts | stated in RHP |
| Fusion Klassroom Edutech KLASSROOM SME · Educational Institutions · 6 flags | 2026-08-07 | 74 called right | ₹159 | +6.9% | -5.7% | +9.4% | 0.0 pts | stated in RHP |
| MV Electrosystems MVELECTRO Mainboard · Electric Equipment · 4 flags | 2026-08-06 | 58 missed | ₹425 | +22.4% | +20.2% | +106.4% | +97.0 pts | stated in RHP |
| Juniper Green Energy JNPR Mainboard · Power Generation/Distribution · 4 flags | 2026-08-06 | 60 called right | ₹225 | +8.9% | +1.7% | +19.8% | +10.4 pts | stated in RHP |
| Manipal Health Enterprises MANIPALHOS Mainboard · Hospital & Healthcare Services · 4 flags | 2026-08-05 | 65 called right | ₹590 | +10.5% | +2.8% | +26.4% | +17.0 pts | stated in RHP |
| Cube Highways Trust InvIT CUBEINVIT Mainboard · Not specified · 1 flag | 2026-08-03 | 74 called right | ₹152 | +2.0% | — | +2.9% | -6.5 pts | — |
| Lohia Corp LCL Mainboard · Engineering · 4 flags | 2026-07-30 | 80 called right | ₹425 | +8.5% | -0.3% | +36.5% | +27.1 pts | stated in RHP |
| Indo-MIM INDOMIM Mainboard · Engineering · 5 flags | 2026-07-30 | 75 called right | ₹485 | +44.3% | +27.5% | +155.4% | +146.0 pts | stated in RHP |
| Xtranet Technologies XTRANET Mainboard · IT - Software · 5 flags | 2026-07-30 | 68 called right | ₹127 | +7.1% | +42.7% | +163.3% | +153.9 pts | stated in RHP |
| Shree Balaji (Mala) Textiles MALA SME · Textile · 6 flags | 2026-07-29 | 70 called right | ₹70 | +90.0% | -11.4% | -20.9% | -30.3 pts | stated in RHP |
| Metalic Technoforge METALIC SME · Engineering · 5 flags | 2026-07-28 | 70 called right | ₹77 | +13.0% | +15.7% | +102.3% | +92.9 pts | stated in RHP |
| Gulf Lloyds (India) GULF SME · Not specified · 7 flags | 2026-07-27 | 58 called right | ₹100 | 0.0% | -5.3% | -67.6% | -77.0 pts | stated in RHP |
| Caliber Mining & Logistics Limited CMLL Mainboard · Logistics · 4 flags | 2026-07-24 | 70 called right | ₹424 | +18.0% | -2.4% | +15.8% | +6.4 pts | stated in RHP |
| Sotefin Bharat SOTEFIN SME · Engineering - Construction · 5 flags | 2026-07-23 | 70 called right | ₹187 | +9.6% | +12.5% | +49.7% | +40.3 pts | stated in RHP |
| Alpine Texworld ALPINETEX Mainboard · Textile · 4 flags | 2026-07-21 | 74 missed | ₹105 | 0.0% | -9.1% | -50.0% | -59.4 pts | stated in RHP |
| Millworks Technologies MILLWORKS SME · Engineering · 7 flags | 2026-07-21 | 65 called right | ₹331 | +90.0% | +21.6% | +287.6% | +278.2 pts | stated in RHP |
| CSM Technologies CSM Mainboard · IT - Software · 3 flags | 2026-07-02 | 70 missed | ₹113 | 0.0% | +11.4% | -6.9% | -16.3 pts | stated in RHP |
Score is the FinMinutes score computed from the offer document before listing, so it is a read of the filing, not a view on the share. "Called right" marks a score of 60 or more against a positive listing, or below 60 against a flat or negative one. "vs cohort" compares a company's return since issue price with the median of the listings on this page. A company leaves this page at its first annual report as a listed entity, or twelve months from listing, whichever comes first.
How do recently listed IPOs perform after listing?
Far less predictably than the subscription figures suggest, and the two halves of the market behave differently.
The SME segment gives the clearest picture. In calendar 2025, roughly 57% of SME listings were trading below their issue price. About 37% closed below the offer price on day one alone, against 9% the year before. The BSE SME IPO Index rose 147% through 2024 and then fell around 6% in 2025.
That happened while the primary market was at its largest ever. FY26 saw 259 SME issues raising about ₹11,712 crore, against 242 issues and ₹9,962 crore in FY25, and 197 issues and ₹6,124 crore in FY24. Average issue size moved from roughly ₹13 crore in FY20 to about ₹49 crore in FY26. Bigger market, bigger issues, weaker aftermarket.
Mainboard issues are larger, more widely held and more closely watched, so the swings are smaller. But one question applies to both: a listing price is set by demand in a five day window, while the business behind it reports for the first time as a listed entity months later. The gap between those two is what this page tracks.
Subscription multiples running into the hundreds of times describe demand at the application stage. They describe nothing about what a company does once the money is in.
Why do mainboard and SME listings behave so differently?
The mechanics are not the same market with different sizes. They are different markets.
Who is allowed in. A mainboard issue reserves a substantial portion for qualified institutional buyers, and the anchor book routinely includes mutual funds whose own analysts have read the prospectus. In SME issues, institutional depth is thin and concentrated. Across all SME issues carrying an anchor book up to August 2025, total anchor money came to roughly ₹1,522 crore, and in 2025 three funds individually accounted for more than 28% of anchor allotments each, across 30 or more issues apiece. Mutual funds are effectively absent from the segment.
Who makes the price afterwards. Every SME listing must appoint a market maker, who takes a minimum 5% of the issue at the offer price and commits to two way quotes for at least 75% of trading time for three years. Mainboard issues have no such requirement, because they do not need one. Two details of the SME arrangement matter before you read a price chart. First, the obligation to keep bidding switches off once the market maker’s inventory crosses a threshold set by issue size, ranging from roughly 12% for the largest issues to 25% for the smallest.
Price support is not open ended. Second, comparing the published list of the most active SME lead managers against the published list of the most active market makers shows the same corporate groups on both. In a large share of issues, the broker quoting the two way price after listing belongs to the same house as the merchant banker who priced the offer. This is disclosed and permitted. It is also rarely mentioned, and it changes what a supported price means.
Who else is writing about it. A mainboard listing usually picks up some analyst coverage within a year. Most SME companies never will, so for a recently listed SME the offer document may remain the most detailed public account of the business that ever exists.
When does supply arrive, and can you see it coming?
Yes, and the dates are published before you buy.
For SME issues, promoter holding above the minimum contribution is released in two tranches, 50% after one year and 50% after two. For mainboard issues, anchor investor shares are released in stages in the first quarter after allotment, with the remainder following later, and promoter lock-ins run on their own published schedule.
None of this is secret. All of it is in the offer document. It is simply that nobody is watching the calendar on the day it matters, and a recently listed company with a small float can move a long way on supply that everyone technically knew was coming.
Why the first year matters more than the listing day
Listing day tells you what a narrow group of applicants thought about a document. The first full reporting year tells you whether the document was true. Money raised for a stated purpose either went there or it did not. Capacity either was added or was not. Revenue either followed or did not.
Two figures show how often the conditions for a gap exist. Close to one in every two listed SMEs reports related party transactions above ₹10 crore. Between 10% and 12% of listed SMEs are currently under trading suspension for non-compliance.
Recent regulatory action in this segment has followed repeating patterns rather than novel ones. In one case an issue was halted after a vendor quotation supporting a large part of the stated use of proceeds was found to be fabricated, on scrutiny of the prospectus itself. In another, more than half the money raised was found to have been diverted after listing, and the merchant banker who brought the issue was barred from new assignments while other issues it had handled were examined. In a third, a stock rose roughly 2,400% from listing with no corroborating disclosure, on trading later found to be circular.
None of those needed inside information to anticipate. Each left a trace in documents that were public: an implausible counterparty, a use of proceeds statement that did not reconcile, related party flow, an auditor qualification, volume with no news behind it.
What to check in a recently listed company
These are the checks this terminal runs on every issue it covers, and any reader can run them on the primary documents.
- Use of proceeds against actual deployment. The offer document states what the money is for. Later filings state where it went. That comparison is the single most informative one available.
- Related party flow. Who the company buys from, sells to, rents from and lends to, and whether those counterparties connect back to the promoter group.
- Auditor qualifications and CARO exceptions. Written in deliberately flat language, and often the only place a real problem is stated plainly.
- Contingent liabilities. Obligations outside the balance sheet, disclosed only in the notes.
- Lock-in and anchor release dates. Published in advance, and a recurring source of supply.
- Promise against delivery. What management said the money would achieve, against what the first full year as a listed company reported.
How this page works
Every company here has had its offer document read in full and its figures extracted line by line, which is why it carries a FinMinutes Score. Nothing appears on this page that has not been through that process, and mainboard and SME listings are tracked separately because they are not comparable.
For each recently listed IPO you will find the score published at the time of the issue against the actual listing outcome, one month and one year performance, a comparison against the relevant benchmark over the same window, and a promise against delivery table drawn from the prospectus and the filings that followed it.
Companies move off this page into the main sector and index terminals at their first annual report as a listed entity, or twelve months after listing, whichever comes first.
Every figure traces back to the filing it came from. Where we scored an issue and the market disagreed with us, that record stays published too.
This page is research and analysis. It is not investment advice, and it contains no recommendation on any security.