HSBC Securities and Capital Markets (India): IPO Track Record
Most of its IPOs (17 of 24) listed in 2025 or 2026, and 88.24% of those opened above the issue price. The 7 before 2025 had a median gain at open of −1.33%.
Listed IPOs
24
24 mainboard
Amount raised
INR 1,82,059.25 crore
2020 to 2026
Median gain at open
+6.15%
listing day, vs issue price
Median gain at close
+6.96%
listing day, vs issue price
Opened above issue price
75%
share of listings
Closed below issue price
33.33%
on listing day
Median subscription
8.94x
total, final day
Vs same-year IPOs
-2.38
percentage points; median gap at open
Best listing: Tenneco Clean Air India (+27.20% at open, 19 November 2025). Weakest: Nuvoco Vistas (-14.91% at open, 23 August 2021).
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 | 8 | +7.37% | +8% | 87.50% | 8.94x |
| 2025 | 9 | +5.30% | +7.70% | 88.89% | 2.88x |
| 2024 | 2 | +5.01% | +1.19% | 50% | 6.09x |
| 2023 | 2 | +17.09% | +23.96% | 100% | 28.03x |
| 2021 | 2 | -9.57% | -5.67% | 0% | 2.60x |
| 2020 | 1 | -12.45% | -9.75% | 0% | 26.54x |
All 24 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% |
| Sahajanand Medical Technologies | 23 October 2026 | Mainboard | 344 | 475.48 | 14.20x | 371.15 | 377.65 | +7.89% | +9.78% |
| National Stock Exchange | 24 September 2026 | Mainboard | 1,785 | 22,561.57 | 5.71x | 1,800 | 1,818 | +0.84% | +1.85% |
| Juniper Green Energy | 6 August 2026 | Mainboard | 225 | 1,800 | 8.38x | 245 | 259.71 | +8.89% | +15.43% |
| SBI Funds Management | 21 July 2026 | Mainboard | 574 | 9,795.32 | 41.66x | 613.30 | 609.75 | +6.85% | +6.23% |
| OnEMI Technologies (Kissht) | 8 May 2026 | Mainboard | 171 | 925.92 | 9.50x | 190 | 208.63 | +11.11% | +22.01% |
| Clean Max Enviro Energy | 2 March 2026 | Mainboard | 1,053 | 3,083.83 | 0.94x | 960 | 867.50 | -8.83% | -17.62% |
| Tenneco Clean Air India | 19 November 2025 | Mainboard | 397 | 3,600 | 58.83x | 505 | 490.80 | +27.20% | +23.63% |
| Canara HSBC Life Insurance Company | 17 October 2025 | Mainboard | 106 | 2,515.95 | 2.29x | 106 | 111.42 | 0% | +5.11% |
| Tata Capital | 13 October 2025 | Mainboard | 326 | 15,511.87 | 1.95x | 330 | 330.50 | +1.23% | +1.38% |
| NSDL | 6 August 2025 | Mainboard | 800 | 4,011.60 | 41.01x | 880 | 936 | +10% | +17% |
| Travel Food Services | 14 July 2025 | Mainboard | 1,100 | 2,000 | 2.88x | 1,125 | 1,074.80 | +2.27% | -2.29% |
| HDB Financial Services | 2 July 2025 | Mainboard | 740 | 12,500 | 16.69x | 835 | 840.95 | +12.84% | +13.64% |
| Belrise Industries | 28 May 2025 | Mainboard | 90 | 2,150 | 41.30x | 100 | 97.41 | +11.11% | +8.23% |
| Ather Energy | 6 May 2025 | Mainboard | 321 | 2,980.80 | 1.43x | 328 | 302.30 | +2.18% | -5.83% |
| Hexaware Technologies | 19 February 2025 | Mainboard | 708 | 8,750 | 2.66x | 745.50 | 762.55 | +5.30% | +7.70% |
| Ventive Hospitality | 30 December 2024 | Mainboard | 643 | 1,600 | 9.80x | 716 | 704.35 | +11.35% | +9.54% |
| Hyundai Motor India | 22 October 2024 | Mainboard | 1,960 | 27,858.75 | 2.37x | 1,934 | 1,819.60 | -1.33% | -7.16% |
| JSW Infra | 3 October 2023 | Mainboard | 119 | 2,800 | 37.37x | 143 | 157.30 | +20.17% | +32.18% |
| RR Kabel | 20 September 2023 | Mainboard | 1,035 | 1,964.01 | 18.69x | 1,180 | 1,198.05 | +14.01% | +15.75% |
| Nuvoco Vistas | 23 August 2021 | Mainboard | 570 | 5,000 | 1.71x | 485 | 531.70 | -14.91% | -6.72% |
| IRFC | 29 January 2021 | Mainboard | 26 | 4,633.38 | 3.49x | 24.90 | 24.80 | -4.23% | -4.62% |
| SBI Cards | 16 March 2020 | Mainboard | 755 | 10,340.79 | 26.54x | 661 | 681.40 | -12.45% | -9.75% |