Holani Consultants: IPO Track Record
The only lead manager on 13 of its 14 IPOs, mostly NSE SME. Its median gain at open is exactly 90%, the most NSE has allowed an SME listing to open at since 4 July 2024; 13 of 14 opened above the issue price.
Listed IPOs
14
4 mainboard, 10 SME
Amount raised
INR 1,518.78 crore
2023 to 2026
Median gain at open
+90%
listing day, vs issue price
Median gain at close
+99.49%
listing day, vs issue price
Opened above issue price
92.86%
share of listings
Closed below issue price
7.14%
on listing day
Median subscription
272.42x
total, final day
Vs same-year IPOs
+84.18
percentage points; median gap at open
Best listing: Purv Flexipack (+266.20% at open, 5 March 2024). Weakest: Skyways Air Services (-10.14% at open, 1 September 2026).
An IPO with several lead managers counts towards each of them.
Mainboard vs SME
| Segment | IPOs | Median gain at open | Median gain at close | Opened above issue | Closed below issue | Median subscription |
|---|---|---|---|---|---|---|
| Mainboard | 4 | +67.53% | +59.16% | 75% | 25% | 186.12x |
| SME | 10 | +90% | +99.50% | 100% | 0% | 378x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 2 | +13.37% | +10.52% | 50% | 141.94x |
| 2025 | 3 | +90% | +99.48% | 100% | 379.52x |
| 2024 | 5 | +101.54% | +111.62% | 100% | 415.80x |
| 2023 | 4 | +126.53% | +115.20% | 100% | 209.33x |
All 14 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Skyways Air Services | 1 September 2026 | Mainboard | 138 | 582.80 | 71.25x | 124 | 125.56 | -10.14% | -9.01% |
| Advit Jewels (Ram Bhajo) | 1 July 2026 | Mainboard | 138 | 165.16 | 212.63x | 188.90 | 179.46 | +36.88% | +30.04% |
| Shyam Dhani | 30 December 2025 | SME (NSE) | 70 | 38.49 | 988.40x | 133 | 139.65 | +90% | +99.50% |
| Infinity Infoway | 8 October 2025 | SME (BSE) | 155 | 24.43 | 277.28x | 294.50 | 309.20 | +90% | +99.48% |
| Current Infraprojects | 3 September 2025 | SME (NSE) | 80 | 41.80 | 379.52x | 152 | 152.75 | +90% | +90.94% |
| KRN Heat Exchanger | 3 October 2024 | Mainboard | 220 | 341.95 | 214.42x | 480 | 478.79 | +118.18% | +117.63% |
| BracePort Logistics | 26 August 2024 | SME (NSE) | 80 | 24.41 | 657.87x | 152 | 159.60 | +90% | +99.50% |
| Rajputana Industries | 6 August 2024 | SME (NSE) | 38 | 23.88 | 376.49x | 72.20 | 75.80 | +90% | +99.47% |
| Signoria Creation | 19 March 2024 | SME (NSE) | 65 | 9.28 | 669.64x | 131 | 137.55 | +101.54% | +111.62% |
| Purv Flexipack | 5 March 2024 | SME (NSE) | 71 | 40.21 | 415.80x | 260 | 247 | +266.20% | +247.89% |
| Motisons Jewellers | 26 December 2023 | Mainboard | 55 | 151.09 | 159.61x | 109 | 103.55 | +98.18% | +88.27% |
| Goyal Salt | 11 October 2023 | SME (NSE) | 38 | 18.63 | 267.56x | 130 | 136.10 | +242.11% | +258.16% |
| Infollion Research | 8 June 2023 | SME (NSE) | 82 | 21.45 | 259.05x | 209 | 198.55 | +154.88% | +142.13% |
| Shera Energy | 17 February 2023 | SME (NSE) | 57 | 35.20 | 44.30x | 64.10 | 67.30 | +12.46% | +18.07% |