Citigroup Global Markets India: IPO Track Record
Weaker before 2025 (a median 1.85% at open across 31 IPOs) than since (5.30% across 17). Overall, its IPOs opened a median 2.86 percentage points below same-year listings.
Listed IPOs
48
48 mainboard
Amount raised
INR 3,04,822.71 crore
2018 to 2026
Median gain at open
+4.69%
listing day, vs issue price
Median gain at close
+8.92%
listing day, vs issue price
Opened above issue price
64.58%
share of listings
Closed below issue price
31.25%
on listing day
Median subscription
16.89x
total, final day
Vs same-year IPOs
-2.86
percentage points; median gap at open
Best listing: Tata Technologies (+140% at open, 30 November 2023). Weakest: ICICI Securities (-16.35% at open, 4 April 2018).
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 | +0.84% | +1.85% | 66.67% | 22.19x |
| 2025 | 14 | +7.40% | +10.61% | 78.57% | 22.93x |
| 2024 | 7 | +6.77% | +17.27% | 57.14% | 25.49x |
| 2023 | 5 | +21.46% | +15.75% | 100% | 24.86x |
| 2022 | 2 | -3.21% | +1.18% | 50% | 2.29x |
| 2021 | 9 | -1.12% | -1.73% | 44.44% | 16.59x |
| 2020 | 2 | +2.12% | +3.63% | 50% | 2.19x |
| 2019 | 1 | +17.66% | +21.71% | 100% | 51.88x |
| 2018 | 5 | 0% | -5.68% | 40% | 3.54x |
All 48 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Jio Platforms | 28 October 2026 | Mainboard | 1,119 | 30,187.65 | 22.19x | 1,358 | 1,417.50 | +21.36% | +26.68% |
| National Stock Exchange | 24 September 2026 | Mainboard | 1,785 | 22,561.57 | 5.71x | 1,800 | 1,818 | +0.84% | +1.85% |
| Amagi Media Labs | 21 January 2026 | Mainboard | 361 | 1,788.62 | 30.22x | 318 | 348.25 | -11.91% | -3.53% |
| ICICI Prudential AMC | 19 December 2025 | Mainboard | 2,165 | 10,602.65 | 39.17x | 2,600 | 2,585.90 | +20.09% | +19.44% |
| Meesho | 10 December 2025 | Mainboard | 111 | 5,421.20 | 79.02x | 162.50 | 170.09 | +46.40% | +53.23% |
| Tenneco Clean Air India | 19 November 2025 | Mainboard | 397 | 3,600 | 58.83x | 505 | 490.80 | +27.20% | +23.63% |
| Pine Labs | 14 November 2025 | Mainboard | 221 | 3,899.91 | 2.46x | 242 | 250.89 | +9.50% | +13.52% |
| Billionbrains Garage Ventures (Groww) | 12 November 2025 | Mainboard | 100 | 6,632.30 | 17.60x | 112 | 131.33 | +12% | +31.33% |
| Lenskart Solutions | 10 November 2025 | Mainboard | 402 | 7,278.02 | 28.25x | 395 | 403.10 | -1.74% | +0.27% |
| Orkla India | 6 November 2025 | Mainboard | 730 | 1,667.33 | 48.73x | 750.10 | 713.65 | +2.75% | -2.24% |
| LG Electronics India | 14 October 2025 | Mainboard | 1,140 | 11,604.73 | 54.02x | 1,710.10 | 1,689.90 | +50.01% | +48.24% |
| Tata Capital | 13 October 2025 | Mainboard | 326 | 15,511.87 | 1.95x | 330 | 330.50 | +1.23% | +1.38% |
| JSW Cement | 14 August 2025 | Mainboard | 147 | 3,600 | 7.77x | 153.50 | 146.07 | +4.42% | -0.63% |
| Anthem Biosciences | 21 July 2025 | Mainboard | 570 | 3,395 | 63.86x | 723.05 | 730.35 | +26.85% | +28.13% |
| Schloss Bangalore | 2 June 2025 | Mainboard | 435 | 3,500 | 4.50x | 406 | 435.55 | -6.67% | +0.13% |
| Hexaware Technologies | 19 February 2025 | Mainboard | 708 | 8,750 | 2.66x | 745.50 | 762.55 | +5.30% | +7.70% |
| Ajax Engineering | 17 February 2025 | Mainboard | 629 | 1,268.88 | 6.45x | 576 | 595.40 | -8.43% | -5.34% |
| Swiggy | 13 November 2024 | Mainboard | 390 | 11,327.43 | 3.59x | 420 | 456 | +7.69% | +16.92% |
| Hyundai Motor India | 22 October 2024 | Mainboard | 1,960 | 27,858.75 | 2.37x | 1,934 | 1,819.60 | -1.33% | -7.16% |
| Northern Arc Capital | 24 September 2024 | Mainboard | 263 | 777 | 110.91x | 350 | 323.40 | +33.08% | +22.97% |
| OLA Electric | 9 August 2024 | Mainboard | 76 | 6,145.56 | 4.26x | 76 | 91.20 | 0% | +20% |
| Akums Drugs and Pharmaceuticals | 6 August 2024 | Mainboard | 679 | 1,856.74 | 63.56x | 725 | 796.25 | +6.77% | +17.27% |
| Aadhar Housing Finance | 15 May 2024 | Mainboard | 315 | 3,000 | 25.49x | 315 | 329.45 | 0% | +4.59% |
| Indegene | 13 May 2024 | Mainboard | 452 | 1,841.76 | 69.63x | 655 | 570.90 | +44.91% | +26.31% |
| India Shelter Finance | 20 December 2023 | Mainboard | 493 | 1,200 | 36.62x | 620 | 544.70 | +25.76% | +10.49% |
| Tata Technologies | 30 November 2023 | Mainboard | 500 | 3,042.51 | 69.43x | 1,200 | 1,313 | +140% | +162.60% |
| Honasa Consumer (Mamaearth) | 7 November 2023 | Mainboard | 324 | 1,701.44 | 7.61x | 330 | 337.10 | +1.85% | +4.04% |
| RR Kabel | 20 September 2023 | Mainboard | 1,035 | 1,964.01 | 18.69x | 1,180 | 1,198.05 | +14.01% | +15.75% |
| Concord Biotech | 18 August 2023 | Mainboard | 741 | 1,550.52 | 24.86x | 900.05 | 942.80 | +21.46% | +27.23% |
| Delhivery | 24 May 2022 | Mainboard | 487 | 5,235 | 1.63x | 495.20 | 536.35 | +1.68% | +10.13% |
| LIC | 17 May 2022 | Mainboard | 949 | 20,557.23 | 2.95x | 872 | 875.25 | -8.11% | -7.77% |
| Star Health | 10 December 2021 | Mainboard | 900 | 6,018.68 | 0.79x | 845 | 906.85 | -6.11% | +0.76% |
| One97 Communications (Paytm) | 18 November 2021 | Mainboard | 2,150 | 18,300 | 1.89x | 1,950 | 1,560.80 | -9.30% | -27.40% |
| PB Fintech (PolicyBazaar) | 15 November 2021 | Mainboard | 980 | 5,709.71 | 16.59x | 1,150 | 1,202.30 | +17.35% | +22.68% |
| FSN E-commerce (Nykaa) | 10 November 2021 | Mainboard | 1,125 | 5,349.72 | 81.78x | 2,018 | 2,205.80 | +79.38% | +96.07% |
| Aditya Birla AMC | 11 October 2021 | Mainboard | 712 | 2,768.26 | 5.25x | 715 | 699.45 | +0.42% | -1.76% |
| Aptus Value Housing Finance | 24 August 2021 | Mainboard | 353 | 2,780.05 | 17.20x | 333 | 346.90 | -5.67% | -1.73% |
| CarTrade Tech | 20 August 2021 | Mainboard | 1,618 | 2,998.51 | 20.29x | 1,599.80 | 1,501.05 | -1.12% | -7.23% |
| Zomato | 23 July 2021 | Mainboard | 76 | 9,375 | 38.25x | 116 | 126 | +52.63% | +65.79% |
| Kalyan Jewellers | 26 March 2021 | Mainboard | 87 | 1,174.82 | 2.61x | 73.95 | 75.20 | -15% | -13.56% |
| Gland Pharma | 20 November 2020 | Mainboard | 1,500 | 6,479.55 | 2.06x | 1,710 | 1,819.55 | +14% | +21.30% |
| UTI AMC | 12 October 2020 | Mainboard | 554 | 2,159.88 | 2.31x | 500 | 476.20 | -9.75% | -14.04% |
| Polycab India | 16 April 2019 | Mainboard | 538 | 1,345.26 | 51.88x | 633 | 654.80 | +17.66% | +21.71% |
| Aavas Financiers | 8 October 2018 | Mainboard | 821 | 1,640.32 | 0.97x | 750 | 774.35 | -8.65% | -5.68% |
| HDFC AMC | 6 August 2018 | Mainboard | 1,100 | 2,800.33 | 82.99x | 1,726.25 | 1,815.95 | +56.93% | +65.09% |
| TCNS Clothing | 30 July 2018 | Mainboard | 716 | 1,125.13 | 5.22x | 716 | 659.15 | 0% | -7.94% |
| Varroc Engineering | 6 July 2018 | Mainboard | 967 | 1,954.96 | 3.54x | 1,015 | 1,037.35 | +4.96% | +7.28% |
| ICICI Securities | 4 April 2018 | Mainboard | 520 | 3,514.85 | 0.78x | 435 | 445.10 | -16.35% | -14.40% |