CLSA India: IPO Track Record
Its listings tended to rise during the first day: the median gain at close (11.53%) is well above the median at open (3.26%). Still, about a third (35.29%) closed below the issue price.
Listed IPOs
17
17 mainboard
Amount raised
INR 66,278.99 crore
2018 to 2026
Median gain at open
+3.26%
listing day, vs issue price
Median gain at close
+11.53%
listing day, vs issue price
Opened above issue price
64.71%
share of listings
Closed below issue price
35.29%
on listing day
Median subscription
8.10x
total, final day
Vs same-year IPOs
-2.07
percentage points; median gap at open
Best listing: Unicommerce eSolutions (+117.59% at open, 13 August 2024). 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 | 2 | +4.93% | +4.09% | 50% | 13.63x |
| 2025 | 3 | +3.26% | +1.85% | 66.67% | 34.42x |
| 2024 | 2 | +59.49% | +53.02% | 100% | 85.21x |
| 2022 | 3 | +1.12% | -7.23% | 66.67% | 2.95x |
| 2021 | 3 | -5.66% | +0.76% | 33.33% | 2.03x |
| 2020 | 1 | +87.50% | +125% | 100% | 156.65x |
| 2018 | 3 | +10% | +27.95% | 66.67% | 1.19x |
All 17 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% |
| AceVector | 5 October 2026 | Mainboard | 32 | 420 | 5.07x | 28.32 | 26.08 | -11.50% | -18.50% |
| ICICI Prudential AMC | 19 December 2025 | Mainboard | 2,165 | 10,602.65 | 39.17x | 2,600 | 2,585.90 | +20.09% | +19.44% |
| Park Medi World | 17 December 2025 | Mainboard | 162 | 920 | 8.10x | 158.80 | 147.95 | -1.98% | -8.67% |
| Oswal Pumps | 20 June 2025 | Mainboard | 614 | 1,387.34 | 34.42x | 634 | 625.35 | +3.26% | +1.85% |
| Unicommerce eSolutions | 13 August 2024 | Mainboard | 108 | 276.57 | 168.35x | 235 | 210.08 | +117.59% | +94.52% |
| Juniper Hotels | 28 February 2024 | Mainboard | 360 | 1,800 | 2.07x | 365 | 401.50 | +1.39% | +11.53% |
| Sula Vineyards | 22 December 2022 | Mainboard | 357 | 960.35 | 2.33x | 361 | 331.20 | +1.12% | -7.23% |
| Fusion Microfinance | 15 November 2022 | Mainboard | 368 | 1,103.99 | 2.95x | 359.50 | 324.80 | -2.31% | -11.74% |
| Campus Shoes | 9 May 2022 | Mainboard | 292 | 1,399.60 | 51.75x | 360 | 378.90 | +23.29% | +29.76% |
| Star Health | 10 December 2021 | Mainboard | 900 | 6,018.68 | 0.79x | 845 | 906.85 | -6.11% | +0.76% |
| Fino Payments Bank | 12 November 2021 | Mainboard | 577 | 1,200.29 | 2.03x | 544.35 | 543.90 | -5.66% | -5.74% |
| Devyani International | 16 August 2021 | Mainboard | 90 | 1,838 | 116.70x | 140.90 | 123.50 | +56.56% | +37.22% |
| Burger King India (Restaurant Brands Asia) | 14 December 2020 | Mainboard | 60 | 810 | 156.65x | 112.50 | 135 | +87.50% | +125% |
| HDFC AMC | 6 August 2018 | Mainboard | 1,100 | 2,800.33 | 82.99x | 1,726.25 | 1,815.95 | +56.93% | +65.09% |
| Lemon Tree Hotels | 9 April 2018 | Mainboard | 56 | 1,038.69 | 1.19x | 61.60 | 71.65 | +10% | +27.95% |
| ICICI Securities | 4 April 2018 | Mainboard | 520 | 3,514.85 | 0.78x | 435 | 445.10 | -16.35% | -14.40% |