Expert Global Consultants: IPO Track Record
SME only, and the only lead manager on all 20 IPOs. They opened a median 17.58 percentage points above same-year SME listings; 2024 was the strongest year (a median 60.29% at open across 9).
Listed IPOs
20
20 SME
Amount raised
INR 648.76 crore
2023 to 2026
Median gain at open
+41.30%
listing day, vs issue price
Median gain at close
+47.48%
listing day, vs issue price
Opened above issue price
85%
share of listings
Closed below issue price
10%
on listing day
Median subscription
41.77x
total, final day
Vs same-year IPOs
+17.58
percentage points; median gap at open
Best listing: Manas Polymers (+90% at open, 6 October 2025). Weakest: Kiaasa Retail (-3.15% at open, 2 March 2026).
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 | +19.55% | +20.69% | 50% | 9.28x |
| 2025 | 6 | +14.56% | +10.93% | 83.33% | 28.50x |
| 2024 | 9 | +60.29% | +58.54% | 100% | 92.05x |
| 2023 | 3 | +26.67% | +33% | 66.67% | 5.34x |
All 20 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Acme Universal | 6 October 2026 | SME (BSE) | 71 | 35.93 | 16.46x | 101 | 106.05 | +42.25% | +49.37% |
| Kiaasa Retail | 2 March 2026 | SME (BSE) | 127 | 69.72 | 2.10x | 123 | 116.85 | -3.15% | -7.99% |
| Manas Polymers | 6 October 2025 | SME (NSE) | 81 | 23.52 | 1.29x | 153.90 | 146.20 | +90% | +80.49% |
| Chatterbox Technologies | 3 October 2025 | SME (BSE) | 115 | 42.86 | 52.11x | 135 | 129 | +17.39% | +12.17% |
| Vashishtha Luxury Fashion | 15 September 2025 | SME (BSE) | 111 | 8.87 | 2.23x | 118 | 121.75 | +6.31% | +9.68% |
| Sharvaya Metals | 12 September 2025 | SME (BSE) | 196 | 58.80 | 4.90x | 219 | 208.05 | +11.73% | +6.15% |
| TSC India | 30 July 2025 | SME (NSE) | 70 | 25.89 | 73.50x | 68 | 71.40 | -2.86% | +2% |
| Eppeltone Engineers | 24 June 2025 | SME (NSE) | 128 | 43.96 | 296.42x | 243.20 | 255.35 | +90% | +99.49% |
| Purple United Sales | 18 December 2024 | SME (NSE) | 126 | 32.81 | 160.16x | 199 | 208.95 | +57.94% | +65.83% |
| Neelam Linens | 18 November 2024 | SME (NSE) | 24 | 13 | 92.05x | 40.05 | 38.05 | +66.88% | +58.54% |
| Innomet Advanced Materials | 18 September 2024 | SME (NSE) | 100 | 34.24 | 297.42x | 190 | 199.50 | +90% | +99.50% |
| Trom Industries | 1 August 2024 | SME (NSE) | 115 | 31.37 | 459.07x | 218.50 | 229.40 | +90% | +99.48% |
| Mason Infratech | 1 July 2024 | SME (NSE) | 64 | 30.46 | 32.97x | 88 | 92.40 | +37.50% | +44.38% |
| Durlax Top Surface | 26 June 2024 | SME (NSE) | 68 | 40.80 | 163.14x | 109 | 103.55 | +60.29% | +52.28% |
| K2 Infragen | 8 April 2024 | SME (NSE) | 119 | 40.54 | 50.63x | 167 | 173.25 | +40.34% | +45.59% |
| Jay Kailash Namkeen | 8 April 2024 | SME (BSE) | 73 | 11.93 | 40.07x | 85 | 80.75 | +16.44% | +10.62% |
| Royal Sense | 19 March 2024 | SME (BSE) | 68 | 9.86 | 8.52x | 129.20 | 122.74 | +90% | +80.50% |
| Mangalam Alloys | 4 October 2023 | SME (NSE) | 80 | 54.91 | 5.34x | 80 | 76 | 0% | -5% |
| Zeal Global Services | 9 August 2023 | SME (NSE) | 103 | 36.46 | 3.90x | 147 | 154.35 | +42.72% | +49.85% |
| Sonalis Consumer | 19 June 2023 | SME (BSE) | 30 | 2.83 | 43.48x | 38 | 39.90 | +26.67% | +33% |