ipodeckby IPO Central
Lead Managers

Finshore Management Services: IPO Track Record

SME only, and the only lead manager on all 29 IPOs. Since 2025 its IPOs have drawn a median 2.15x subscription and opened a median 4.12% below the issue price; in 2025 the median was −20% across 10 IPOs.

Listed IPOs
29
29 SME
Amount raised
INR 697.37 crore
2023 to 2026
Median gain at open
0%
listing day, vs issue price
Median gain at close
+0.43%
listing day, vs issue price
Opened above issue price
48.28%
share of listings
Closed below issue price
44.83%
on listing day
Median subscription
5.02x
total, final day
Vs same-year IPOs
-12.46
percentage points; median gap at open

Best listing: Presstonic Engineering (+94.44% at open, 18 December 2023). Weakest: Chiraharit (-20% at open, 8 October 2025).

An IPO with several lead managers counts towards each of them.

Year by Year

YearIPOsMedian gain at openMedian gain at closeOpened above issueMedian subscription
20268-1.63%+0.85%50%2.15x
202510-20%-16%20%2.25x
20246+16.95%+22.79%100%70.90x
202350%+0.30%40%16.67x

All 29 IPOs Managed

IPOListedSegmentIssue price (INR)Issue size (INR crore)SubscriptionOpen (INR)Close (INR)Gain at openGain at close
Sollfege Smart Electronics8 October 2026SME (BSE)5521.782.20x104.4099.18+89.82%+80.33%
Himalayan Solar5 October 2026SME (NSE)10368.031.25x8584.85-17.48%-17.62%
Dudani Retail5 October 2026SME (BSE)2910.561.47x2525-13.79%-13.79%
Skytech Infinite21 August 2026SME (NSE)7722.682.09x7470.30-3.90%-8.70%
Sampark India Logistics7 July 2026SME (BSE)8427.225.02x8993.45+5.95%+11.25%
Leapfrog Engineering24 June 2026SME (BSE)2388.512.75x2223.10-4.35%+0.43%
Elfin Agro India12 March 2026SME (BSE)4725.031.41x47.3047.60+0.64%+1.28%
Grover Jewells11 February 2026SME (NSE)8833.8319.24x96100.80+9.09%+14.55%
Shipwaves Online17 December 2025SME (BSE)1256.351.70x1211.400%-5%
Chiraharit8 October 2025SME (BSE)2131.071.94x16.8015.96-20%-24%
Dhillon Freight Carrier7 October 2025SME (BSE)7210.082.97x57.6054.72-20%-24%
Gujarat Peanut3 October 2025SME (BSE)8023.818x6467.20-20%-16%
Gurunanak Agriculture1 October 2025SME (NSE)7528.801.77x6057-20%-24%
Krupalu Metals16 September 2025SME (BSE)7213.481.25x57.6060.48-20%-16%
Marc Loire Fashions7 July 2025SME (BSE)100212.66x8076-20%-24%
Spinaroo Commercial8 April 2025SME (BSE)5110.171.57x52.8554.44+3.63%+6.75%
Shanmuga Hospital21 February 2025SME (BSE)5420.622.56x5451.300%-5%
Indobell Insulations13 January 2025SME (BSE)4610.1454.18x87.4091.77+90%+99.50%
Dhanlaxmi Crop Science16 December 2024SME (NSE)5523.80567.96x104.50109.70+90%+99.45%
Travels and Rentals5 September 2024SME (BSE)4012.24608.27x5557.75+37.50%+44.38%
Solve Plastic Products21 August 2024SME (NSE)9111.8533.17x102107.10+12.09%+17.69%
Sylvan Plyboard1 July 2024SME (NSE)5528.0579.82x6669.30+20%+26%
Mayank Cattle Food5 February 2024SME (BSE)10819.448.89x116119.95+7.41%+11.06%
HRH Next3 January 2024SME (NSE)369.5761.98x4143.05+13.89%+19.58%
Presstonic Engineering18 December 2023SME (NSE)7223.30153.04x140147+94.44%+104.17%
Holmarc Opto-Mechatronics25 September 2023SME (NSE)4011.4080.30x65.2568.50+63.13%+71.25%
Alphalogic Industries14 July 2023SME (BSE)9612.885.26x9696.290%+0.30%
ITCONS E-Solutions13 March 2023SME (BSE)518.6716.67x46.9949.33-7.86%-3.27%
Indong Tea Company21 February 2023SME (BSE)2613.015.07x20.8021.80-20%-16.15%