Affinity Global Capital Market: IPO Track Record
NSE SME only, and the only lead manager on all 11 IPOs. Demand has been low (median subscription 2.63x), and since 2025 only 1 of 7 opened above the issue price.
Listed IPOs
11
11 SME
Amount raised
INR 431.16 crore
2023 to 2026
Median gain at open
0%
listing day, vs issue price
Median gain at close
-5%
listing day, vs issue price
Opened above issue price
36.36%
share of listings
Closed below issue price
63.64%
on listing day
Median subscription
2.63x
total, final day
Vs same-year IPOs
-3.90
percentage points; median gap at open
Best listing: Vdeal System (+51.79% at open, 3 September 2024). Weakest: Pushpa Jewellers (-23.81% at open, 7 July 2025).
An IPO with several lead managers counts towards each of them.
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 3 | -2.44% | -7.32% | 0% | 2.22x |
| 2025 | 4 | -10% | -12.50% | 25% | 1.77x |
| 2024 | 2 | +34.98% | +41.73% | 100% | 41.90x |
| 2023 | 2 | +15.21% | +10.48% | 50% | 88.81x |
All 11 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| RK Fashion Accessories | 12 October 2026 | SME (NSE) | 82 | 34.99 | 2.75x | 80 | 76 | -2.44% | -7.32% |
| Fascinate Textiles | 24 August 2026 | SME (NSE) | 151 | 64.83 | – | 120.80 | 114.80 | -20% | -23.97% |
| Utkal Speciality Industries | 17 June 2026 | SME (NSE) | 66 | 34.54 | 1.69x | 66 | 62.70 | 0% | -5% |
| Sundrex Oil | 30 December 2025 | SME (NSE) | 86 | 32.24 | 1.59x | 68.80 | 65.40 | -20% | -23.95% |
| Galaxy Medicare | 17 September 2025 | SME (NSE) | 54 | 22.31 | 1.89x | 54 | 51.30 | 0% | -5% |
| Pushpa Jewellers | 7 July 2025 | SME (NSE) | 147 | 98.65 | 2.52x | 112 | 117.60 | -23.81% | -20% |
| Rama Telecom | 2 July 2025 | SME (NSE) | 68 | 25.13 | 1.66x | 72 | 68.40 | +5.88% | +0.59% |
| Vdeal System | 3 September 2024 | SME (NSE) | 112 | 18.08 | 67.17x | 170 | 178.50 | +51.79% | +59.38% |
| Atmastco | 23 February 2024 | SME (NSE) | 77 | 56.25 | 16.63x | 91 | 95.55 | +18.18% | +24.09% |
| Jiwanram Sheoduttrai | 18 September 2023 | SME (NSE) | 23 | 17.07 | 110.70x | 30 | 28.50 | +30.43% | +23.91% |
| Auro Impex | 23 May 2023 | SME (NSE) | 78 | 27.07 | 66.93x | 78 | 75.70 | 0% | -2.95% |