Aryaman Financial Services: IPO Track Record
Very low subscription (median 2.80x), but 19 of its 23 IPOs opened above the issue price, mostly at small premiums (median 6.06%).
Listed IPOs
23
8 mainboard, 15 SME
Amount raised
INR 2,321.33 crore
2018 to 2026
Median gain at open
+6.06%
listing day, vs issue price
Median gain at close
+1.93%
listing day, vs issue price
Opened above issue price
82.61%
share of listings
Closed below issue price
17.39%
on listing day
Median subscription
2.80x
total, final day
Vs same-year IPOs
-4.93
percentage points; median gap at open
Best listing: Apollo Microsystems (+69.09% at open, 22 January 2018). Weakest: Karda Constructions (KBC GLOBAL LIMITED) (-24.44% at open, 2 April 2018).
An IPO with several lead managers counts towards each of them.
Mainboard vs SME
| Segment | IPOs | Median gain at open | Median gain at close | Opened above issue | Closed below issue | Median subscription |
|---|---|---|---|---|---|---|
| Mainboard | 8 | +8.96% | +1.27% | 75% | 25% | 2.67x |
| SME | 15 | +2.40% | +1.93% | 86.67% | 13.33% | 2.94x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 3 | +2.23% | +1.96% | 66.67% | 2.80x |
| 2025 | 5 | +2.40% | +3.50% | 100% | 2.23x |
| 2024 | 3 | +9.09% | +7.73% | 100% | 15.23x |
| 2023 | 8 | +6.45% | +1.74% | 87.50% | 5.07x |
| 2022 | 1 | 0% | -19.98% | 0% | 1.10x |
| 2019 | 1 | +2% | +0.58% | 100% | 1.12x |
| 2018 | 2 | +22.33% | +19.98% | 50% | 125.52x |
All 23 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Shankesh Jewellers | 25 August 2026 | Mainboard | 93 | 367.18 | 2.80x | 103.30 | 94.82 | +11.08% | +1.96% |
| Diksha Polymers | 24 June 2026 | SME (BSE) | 112 | 17.90 | 2.94x | 114.50 | 120.20 | +2.23% | +7.32% |
| Narmadesh Brass Industries | 21 January 2026 | SME (BSE) | 515 | 44.87 | 1.31x | 495 | 470.25 | -3.88% | -8.69% |
| BD Industries | 6 August 2025 | SME (BSE) | 108 | 45.36 | 1.89x | 108.90 | 108.15 | +0.83% | +0.14% |
| Integrity Infrabuild Developers | 20 May 2025 | SME (NSE) | 100 | 12 | 2.23x | 100.80 | 103.50 | +0.80% | +3.50% |
| NAPS Global India | 11 March 2025 | SME (BSE) | 90 | 11.88 | 1.24x | 108 | 102.60 | +20% | +14% |
| CLN Energy | 30 January 2025 | SME (BSE) | 250 | 72.30 | 5.51x | 256 | 254.15 | +2.40% | +1.66% |
| Indo Farm Equipment | 7 January 2025 | Mainboard | 215 | 260.15 | 229.68x | 256 | 273.69 | +19.07% | +27.30% |
| Khyati Global Ventures | 11 October 2024 | SME (BSE) | 99 | 18.30 | 15.23x | 105 | 99.75 | +6.06% | +0.76% |
| Vraj Iron and Steel | 3 July 2024 | Mainboard | 207 | 171 | 119.04x | 240 | 252 | +15.94% | +21.74% |
| Shivam Chemicals | 30 April 2024 | SME (BSE) | 44 | 20.18 | 6.66x | 48 | 47.40 | +9.09% | +7.73% |
| Arrowhead | 28 November 2023 | SME (BSE) | 233 | 13 | 89.71x | 250 | 237.50 | +7.30% | +1.93% |
| Mish Designs | 7 November 2023 | SME (BSE) | 122 | 9.76 | 122.28x | 160 | 152 | +31.15% | +24.59% |
| Sunita Tools | 11 October 2023 | SME (BSE) | 145 | 22.04 | 13.30x | 155 | 147.25 | +6.90% | +1.55% |
| Master Components | 29 September 2023 | SME (NSE) | 140 | 15.43 | 7.64x | 140.40 | 140.20 | +0.29% | +0.14% |
| HMA Agro | 4 July 2023 | Mainboard | 585 | 480 | 1.62x | 625 | 585.65 | +6.84% | +0.11% |
| CFF Fluid Control | 12 June 2023 | SME (BSE) | 165 | 85.80 | 2.04x | 175 | 183.75 | +6.06% | +11.36% |
| Command Polymers | 29 March 2023 | SME (BSE) | 28 | 7.09 | 1.32x | 26.75 | 26.50 | -4.46% | -5.36% |
| Rex Sealing and Packing Industries | 12 January 2023 | SME (BSE) | 135 | 8.09 | 2.50x | 137 | 143.85 | +1.48% | +6.56% |
| Abans Holdings | 23 December 2022 | Mainboard | 270 | 345.60 | 1.10x | 270 | 216.05 | 0% | -19.98% |
| Vishwaraj Sugar | 15 October 2019 | Mainboard | 60 | 60 | 1.12x | 61.20 | 60.35 | +2% | +0.58% |
| Karda Constructions (KBC GLOBAL LIMITED) | 2 April 2018 | Mainboard | 180 | 77.40 | 2.53x | 136 | 142.80 | -24.44% | -20.67% |
| Apollo Microsystems | 22 January 2018 | Mainboard | 275 | 156 | 248.51x | 465 | 441.75 | +69.09% | +60.64% |