Choice Capital Advisors: IPO Track Record
A mix of mainboard (9) and SME (7). 15 of its 16 IPOs opened above the issue price, and 11 of them listed in 2025 or 2026.
Listed IPOs
16
9 mainboard, 7 SME
Amount raised
INR 2,515.01 crore
2023 to 2026
Median gain at open
+14.12%
listing day, vs issue price
Median gain at close
+15.19%
listing day, vs issue price
Opened above issue price
93.75%
share of listings
Closed below issue price
6.25%
on listing day
Median subscription
70.72x
total, final day
Vs same-year IPOs
+8.42
percentage points; median gap at open
Best listing: RNFI Services (+90% at open, 29 July 2024). Weakest: GenXAI Analytics (-20% at open, 12 June 2026).
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 | 9 | +14.24% | +15.27% | 100% | 0% | 81.17x |
| SME | 7 | +9.63% | +15.11% | 85.71% | 14.29% | 47.64x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 7 | +9.63% | +15.11% | 85.71% | 17.07x |
| 2025 | 4 | +14.27% | +13.66% | 100% | 70.72x |
| 2024 | 4 | +19.41% | +25.38% | 100% | 156.09x |
| 2023 | 1 | +66.67% | +47.17% | 100% | 87.79x |
All 16 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Nityas Gems and Jewellery | 8 October 2026 | Mainboard | 75 | 108.35 | 2.25x | 80 | 83.99 | +6.67% | +11.99% |
| SRIT India | 6 October 2026 | Mainboard | 130 | 218.40 | 125.16x | 148 | 155.09 | +13.85% | +19.30% |
| Adroit Industries | 30 September 2026 | Mainboard | 134 | 150.71 | 176.85x | 235 | 248.39 | +75.37% | +85.37% |
| SonaSelection India | 24 September 2026 | Mainboard | 99 | 141.57 | 2.01x | 102.31 | 107.42 | +3.34% | +8.51% |
| Maharaja & Speedex | 18 September 2026 | SME (BSE) | 186 | 80.13 | 32.49x | 250 | 262.50 | +34.41% | +41.13% |
| Sotefin Bharat | 23 July 2026 | SME (BSE) | 187 | 89.76 | 4.87x | 205 | 215.25 | +9.63% | +15.11% |
| GenXAI Analytics | 12 June 2026 | SME (NSE) | 116 | 54.66 | 17.07x | 92.80 | 97.40 | -20% | -16.03% |
| Advance Agrolife | 8 October 2025 | Mainboard | 100 | 192.86 | 56.77x | 114 | 108.30 | +14% | +8.30% |
| Shringar House of Mangalsutra | 17 September 2025 | Mainboard | 165 | 400.92 | 60.27x | 188.50 | 184.88 | +14.24% | +12.05% |
| Shanti Gold International | 1 August 2025 | Mainboard | 199 | 360.11 | 81.17x | 227.55 | 229.38 | +14.35% | +15.27% |
| Prostarm Info Systems | 3 June 2025 | Mainboard | 105 | 168 | 97.20x | 120 | 126 | +14.29% | +20% |
| Utssav CZ Gold Jewels | 7 August 2024 | SME (NSE) | 110 | 69.50 | 47.64x | 110.05 | 115.55 | +0.05% | +5.05% |
| Esprit Stones | 2 August 2024 | SME (NSE) | 87 | 50.35 | 185.90x | 93.15 | 97.80 | +7.07% | +12.41% |
| RNFI Services | 29 July 2024 | SME (NSE) | 105 | 70.81 | 221.58x | 199.50 | 189.55 | +90% | +80.52% |
| Ramdevbaba Solvent | 23 April 2024 | SME (NSE) | 85 | 50.27 | 126.29x | 112 | 117.60 | +31.76% | +38.35% |
| Vishnu Prakash Punglia | 5 September 2023 | Mainboard | 99 | 308.61 | 87.79x | 165 | 145.70 | +66.67% | +47.17% |