Equirus Capital: IPO Track Record
Mainboard only. Its IPOs opened a median 3.52 percentage points below same-year listings; 2021 and 2024 were its strongest years (medians of 23.77% and 16.77% at open).
Listed IPOs
37
37 mainboard
Amount raised
INR 49,167.86 crore
2019 to 2026
Median gain at open
+8.47%
listing day, vs issue price
Median gain at close
+11.49%
listing day, vs issue price
Opened above issue price
70.27%
share of listings
Closed below issue price
21.62%
on listing day
Median subscription
23.86x
total, final day
Vs same-year IPOs
-3.52
percentage points; median gap at open
Best listing: GR Infraprojects (+105% at open, 19 July 2021). Weakest: Metro Brands (-12.60% at open, 22 December 2021).
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 | 7 | +8.47% | +16.38% | 85.71% | 7.25x |
| 2025 | 3 | +1.81% | +7.35% | 66.67% | 54.63x |
| 2024 | 9 | +16.77% | +31.18% | 66.67% | 38.53x |
| 2023 | 7 | +5.08% | +2.58% | 57.14% | 12.55x |
| 2022 | 4 | +19.77% | +16.38% | 75% | 29.11x |
| 2021 | 6 | +23.77% | +17.71% | 83.33% | 39.71x |
| 2019 | 1 | -4.17% | -5.04% | 0% | 1.46x |
All 37 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| National Stock Exchange | 24 September 2026 | Mainboard | 1,785 | 22,561.57 | 5.71x | 1,800 | 1,818 | +0.84% | +1.85% |
| Steamhouse India | 17 September 2026 | Mainboard | 81 | 414 | 32.07x | 94.50 | 102.55 | +16.67% | +26.60% |
| Lalithaa Jewellery Mart | 24 August 2026 | Mainboard | 201 | 1,700 | 66.58x | 265 | 248.44 | +31.84% | +23.60% |
| Lohia Corp | 30 July 2026 | Mainboard | 425 | 1,101.29 | 7.25x | 461 | 494.60 | +8.47% | +16.38% |
| CMR Green | 10 June 2026 | Mainboard | 192 | 630.62 | 127.03x | 268 | 241.20 | +39.58% | +25.62% |
| GSP Crop Science | 24 March 2026 | Mainboard | 320 | 400 | 1.61x | 328 | 356.25 | +2.50% | +11.33% |
| Omnitech Engineering | 5 March 2026 | Mainboard | 227 | 583 | 2.28x | 202 | 204.93 | -11.01% | -9.72% |
| Vikram Solar | 26 August 2025 | Mainboard | 332 | 2,079.37 | 54.63x | 338 | 356.40 | +1.81% | +7.35% |
| M&B Engineering | 6 August 2025 | Mainboard | 385 | 650 | 36.20x | 385 | 408.65 | 0% | +6.14% |
| Crizac | 9 July 2025 | Mainboard | 245 | 860 | 59.82x | 281.05 | 307.63 | +14.71% | +25.56% |
| Unimech Aerospace | 31 December 2024 | Mainboard | 785 | 500 | 175.31x | 1,460 | 1,376.25 | +85.99% | +75.32% |
| Senores Pharmaceutical | 30 December 2024 | Mainboard | 391 | 582.11 | 93.41x | 600 | 557.05 | +53.45% | +42.47% |
| Concord Enviro Systems | 27 December 2024 | Mainboard | 701 | 500.33 | 10.67x | 826 | 827.10 | +17.83% | +17.99% |
| Godavari Biorefineries | 30 October 2024 | Mainboard | 352 | 554.75 | 1.83x | 308 | 343.20 | -12.50% | -2.50% |
| Kross Limited | 16 September 2024 | Mainboard | 240 | 500 | 16.81x | 240 | 259.81 | 0% | +8.25% |
| ECOS Mobility | 4 September 2024 | Mainboard | 334 | 601.20 | 64.26x | 390 | 443.15 | +16.77% | +32.68% |
| Dee Development | 26 June 2024 | Mainboard | 203 | 418.02 | 99.56x | 339 | 335.32 | +67% | +65.18% |
| Capital Small Finance Bank | 14 February 2024 | Mainboard | 468 | 523.07 | 4x | 430.25 | 435 | -8.07% | -7.05% |
| Jyoti CNC Automation | 16 January 2024 | Mainboard | 331 | 1,000 | 38.53x | 370 | 434.20 | +11.78% | +31.18% |
| Happy Forgings | 27 December 2023 | Mainboard | 850 | 1,008.59 | 82.04x | 1,000 | 1,030.80 | +17.65% | +21.27% |
| Fedbank Financial Services | 30 November 2023 | Mainboard | 140 | 1,092.26 | 2.20x | 138 | 140.25 | -1.43% | +0.18% |
| Protean eGov | 13 November 2023 | Mainboard | 792 | 489.95 | 23.86x | 792 | 883 | 0% | +11.49% |
| Zaggle Prepaid Ocean Services | 22 September 2023 | Mainboard | 164 | 563.38 | 12.55x | 164 | 158.35 | 0% | -3.45% |
| TVS Supply Chain Solutions | 23 August 2023 | Mainboard | 197 | 880 | 2.78x | 207.05 | 201 | +5.10% | +2.03% |
| Netweb Technologies | 27 July 2023 | Mainboard | 500 | 631 | 90.36x | 947 | 910.40 | +89.40% | +82.08% |
| Divgi TorqTransfer | 14 March 2023 | Mainboard | 590 | 412.12 | 5.44x | 620 | 605.20 | +5.08% | +2.58% |
| Inox Green Energy | 23 November 2022 | Mainboard | 65 | 740 | 1.55x | 60 | 59.10 | -7.69% | -9.08% |
| Harsha Engineers | 26 September 2022 | Mainboard | 330 | 755 | 74.70x | 450 | 486.50 | +36.36% | +47.42% |
| DreamFolks | 6 September 2022 | Mainboard | 326 | 562.10 | 56.68x | 508.70 | 462.40 | +56.04% | +41.84% |
| Prudent Corporate Advisory | 20 May 2022 | Mainboard | 630 | 428.28 | 1.22x | 650 | 561.75 | +3.17% | -10.83% |
| Metro Brands | 22 December 2021 | Mainboard | 500 | 1,367.51 | 3.64x | 437 | 493.35 | -12.60% | -1.33% |
| Anand Rathi Wealth | 14 December 2021 | Mainboard | 550 | 659.38 | 9.78x | 600 | 583.55 | +9.09% | +6.10% |
| Krsnaa Diagnostics | 16 August 2021 | Mainboard | 954 | 1,214.60 | 64.38x | 1,005.55 | 987 | +5.40% | +3.46% |
| Rolex Rings | 9 August 2021 | Mainboard | 900 | 731 | 130.44x | 1,250 | 1,167 | +38.89% | +29.67% |
| GR Infraprojects | 19 July 2021 | Mainboard | 837 | 962.33 | 102.58x | 1,715.85 | 1,747.10 | +105% | +108.73% |
| Antony Waste Handling Cell | 1 January 2021 | Mainboard | 315 | 299.99 | 15.04x | 436.10 | 407.35 | +38.44% | +29.32% |
| MSTC | 29 March 2019 | Mainboard | 120 | 211.04 | 1.46x | 115 | 113.95 | -4.17% | -5.04% |