Goldman Sachs (India) Securities: IPO Track Record
Very large issues (median INR 4,036.51 crore) with modest demand (median subscription 6.80x). Since 2025, 9 of its 11 IPOs opened above the issue price.
Listed IPOs
20
20 mainboard
Amount raised
INR 1,43,173.04 crore
2018 to 2026
Median gain at open
+7.16%
listing day, vs issue price
Median gain at close
+11.05%
listing day, vs issue price
Opened above issue price
70%
share of listings
Closed below issue price
35%
on listing day
Median subscription
6.80x
total, final day
Vs same-year IPOs
+0.51
percentage points; median gap at open
Best listing: Bajaj Housing Finance (+114.29% at open, 16 September 2024). Weakest: Amagi Media Labs (-11.91% at open, 21 January 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 | 6 | +5.10% | -0.35% | 66.67% | 4.01x |
| 2025 | 5 | +20.09% | +19.44% | 100% | 16.69x |
| 2024 | 3 | +55% | +52.86% | 66.67% | 63.61x |
| 2022 | 1 | -8.11% | -7.77% | 0% | 2.95x |
| 2021 | 2 | -2.57% | -11.72% | 50% | 23.03x |
| 2019 | 1 | +8.86% | +9.07% | 100% | 5.83x |
| 2018 | 2 | +14.70% | +11.36% | 50% | 7.94x |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Jio Platforms | 28 October 2026 | Mainboard | 1,119 | 30,187.65 | 22.19x | 1,358 | 1,417.50 | +21.36% | +26.68% |
| Zetwerk | 23 October 2026 | Mainboard | 151 | 5,012.33 | 3.10x | 159.25 | 138.25 | +5.46% | -8.44% |
| Varmora Granito | 29 September 2026 | Mainboard | 148 | 708.02 | 1.60x | 155 | 152.19 | +4.73% | +2.83% |
| Manipal Health | 5 August 2026 | Mainboard | 590 | 9,275.22 | 4.92x | 652 | 666.95 | +10.51% | +13.04% |
| Fractal Analytics | 16 February 2026 | Mainboard | 900 | 2,833.94 | 2.66x | 876 | 847.15 | -2.67% | -5.87% |
| 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% |
| Physicswallah | 18 November 2025 | Mainboard | 109 | 3,480 | 1.81x | 145 | 155.24 | +33.03% | +42.42% |
| Urban Company | 17 September 2025 | Mainboard | 103 | 1,900 | 103.63x | 162.25 | 166.83 | +57.52% | +61.97% |
| JSW Cement | 14 August 2025 | Mainboard | 147 | 3,600 | 7.77x | 153.50 | 146.07 | +4.42% | -0.63% |
| HDB Financial Services | 2 July 2025 | Mainboard | 740 | 12,500 | 16.69x | 835 | 840.95 | +12.84% | +13.64% |
| Bajaj Housing Finance | 16 September 2024 | Mainboard | 70 | 6,560 | 63.61x | 150 | 165 | +114.29% | +135.71% |
| OLA Electric | 9 August 2024 | Mainboard | 76 | 6,145.56 | 4.26x | 76 | 91.20 | 0% | +20% |
| TBO Tek | 15 May 2024 | Mainboard | 920 | 1,550.81 | 86.50x | 1,426 | 1,406.30 | +55% | +52.86% |
| LIC | 17 May 2022 | Mainboard | 949 | 20,557.23 | 2.95x | 872 | 875.25 | -8.11% | -7.77% |
| One97 Communications (Paytm) | 18 November 2021 | Mainboard | 2,150 | 18,300 | 1.89x | 1,950 | 1,560.80 | -9.30% | -27.40% |
| Glenmark Life Sciences | 6 August 2021 | Mainboard | 720 | 1,513.60 | 44.17x | 750 | 748.50 | +4.17% | +3.96% |
| Metropolis Healthcare | 15 April 2019 | Mainboard | 880 | 1,204.29 | 5.83x | 958 | 959.85 | +8.86% | +9.07% |
| Bandhan Bank | 27 March 2018 | Mainboard | 375 | 4,473.02 | 14.56x | 499 | 476.85 | +33.07% | +27.16% |
| Aster DM Healthcare | 26 February 2018 | Mainboard | 190 | 980.10 | 1.31x | 183 | 181.55 | -3.68% | -4.45% |