ipodeckby IPO Central
Lead Managers

Gretex Corporate Services: IPO Track Record

SME. Since 2025 its IPOs have drawn a median 3.60x subscription, against 71.92x before; 11 of the 13 still opened above the issue price, at a median of 2.09%.

Listed IPOs
30
1 mainboard, 29 SME
Amount raised
INR 1,235.63 crore
2023 to 2026
Median gain at open
+6.02%
listing day, vs issue price
Median gain at close
+9.69%
listing day, vs issue price
Opened above issue price
76.67%
share of listings
Closed below issue price
20%
on listing day
Median subscription
46.42x
total, final day
Vs same-year IPOs
-1.18
percentage points; median gap at open

Best listing: Owais Metal and Mineral (+187.36% at open, 4 March 2024). Weakest: Subam Papers (-6.58% at open, 8 October 2024).

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

Mainboard vs SME

SegmentIPOsMedian gain at openMedian gain at closeOpened above issueClosed below issueMedian subscription
Mainboard1+5.83%+11.12%100%0%55.12x
SME29+6.21%+9.18%75.86%20.69%42.69x

Year by Year

YearIPOsMedian gain at openMedian gain at closeOpened above issueMedian subscription
202630%+5%33.33%2.72x
202510+4.15%+6.85%100%7.75x
20248+18.15%+18.19%75%136.04x
20239+27%+33.29%66.67%42.69x

All 30 IPOs Managed

IPOListedSegmentIssue price (INR)Issue size (INR crore)SubscriptionOpen (INR)Close (INR)Gain at openGain at close
Vama Wovenfab22 September 2026SME (BSE)34149.542.72x341323.950%-5%
Acetech E-Commerce9 March 2026SME (NSE)11248.951.19x112117.600%+5%
Brandman Retail11 February 2026SME (NSE)17686.09114.55x183192.15+3.98%+9.18%
Flywings Simulator Training Centre12 December 2025SME (NSE)19157.051.75x195204.75+2.09%+7.20%
Munish Forge8 October 2025SME (NSE)9673.923.60x105110.25+9.38%+14.84%
MPK Steels6 October 2025SME (BSE)7925.741.60x8083.50+1.27%+5.70%
Taurian MPS16 September 2025SME (NSE)17142.5311.89x210220.50+22.81%+28.95%
ARC Insulation & Insulators29 August 2025SME (NSE)12541.1918.82x145137.75+16%+10.20%
Sellowrap Industries1 August 2025SME (NSE)8330.2862.16x9094.50+8.43%+13.86%
Silky Overseas7 July 2025SME (NSE)16130.68170.21x171162.45+6.21%+0.90%
Moving Media Entertainment3 July 2025SME (NSE)7043.4073.86x7174.55+1.43%+6.50%
Retaggio Industries7 April 2025SME (BSE)2515.501.96x25.1025.20+0.40%+0.80%
Rapid Fleet Management28 March 2025SME (NSE)19243.871.97x195200.90+1.56%+4.64%
Subam Papers8 October 2024SME (BSE)15293.7093.01x142149.10-6.58%-1.91%
Paramount Dye Tec8 October 2024SME (NSE)11728.4350.16x109.90107.05-6.07%-8.50%
Rapid Multimodal30 August 2024SME (BSE)848.49350.52x103108.10+22.62%+28.69%
Akme Fintrade26 June 2024Mainboard12013255.12x127133.35+5.83%+11.12%
Associated Coaters6 June 2024SME (BSE)1215.11371.32x142134.90+17.36%+11.49%
Owais Metal and Mineral4 March 2024SME (NSE)8742.69221.28x250262.50+187.36%+201.72%
Zenith Drugs27 February 2024SME (NSE)7940.68179.07x110105.15+39.24%+33.10%
Interiors & More23 February 2024SME (NSE)2274211.29x270283.50+18.94%+24.89%
AMIC Forging6 December 2023SME (BSE)12634.80268.79x239.40251.35+90%+99.48%
Kalyani Cast Tech17 November 2023SME (BSE)13930.11162.37x264.10277.30+90%+99.50%
Transteel Seating6 November 2023SME (NSE)7049.9842.69x88.9093.30+27%+33.29%
Shelter Pharma23 August 2023SME (BSE)4216.0313.76x39.9741.96-4.83%-0.10%
Comrade Appliances13 June 2023SME (BSE)5412.3071.92x8791.35+61.11%+69.17%
Innokaiz India11 May 2023SME (BSE)7821.1788.43x148.20155.61+90%+99.50%
Retina Paints3 May 2023SME (BSE)3011.108.31x29.0530.50-3.17%+1.67%
Sudarshan Pharma22 March 2023SME (BSE)7350.101.06x7369.350%-5%
ResGen13 March 2023SME (BSE)4728.202.38x4946.57+4.26%-0.91%