Jefferies India: IPO Track Record
A strong 2024 (a median 24.92% at open across 10 IPOs), much weaker since: 5.63% across 16 IPOs in 2025 and 2026.
Listed IPOs
36
36 mainboard
Amount raised
INR 1,56,780.31 crore
2018 to 2026
Median gain at open
+10%
listing day, vs issue price
Median gain at close
+13.28%
listing day, vs issue price
Opened above issue price
75%
share of listings
Closed below issue price
25%
on listing day
Median subscription
9.92x
total, final day
Vs same-year IPOs
+2.20
percentage points; median gap at open
Best listing: Nazara Technologies (+80.74% at open, 30 March 2021). Weakest: Turtlemint Fintech (-11.25% at open, 29 June 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 | 8 | +8.68% | +9.63% | 62.50% | 31.92x |
| 2025 | 8 | +2.36% | +2.04% | 62.50% | 2.27x |
| 2024 | 10 | +24.92% | +37.06% | 80% | 18.77x |
| 2023 | 2 | +20.91% | +29.46% | 100% | 20.09x |
| 2022 | 2 | +9.81% | +11.51% | 100% | 6.08x |
| 2021 | 4 | +9.65% | +16.48% | 75% | 9.27x |
| 2019 | 1 | +21.27% | +33.81% | 100% | 36.21x |
| 2018 | 1 | +3.71% | +3.02% | 100% | 8.25x |
All 36 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% |
| Bonfiglioli Transmissions | 23 October 2026 | Mainboard | 586 | 2,533.66 | 46.06x | 586 | 574.50 | 0% | -1.96% |
| Runwal Enterprises | 5 October 2026 | Mainboard | 305 | 500 | 2.63x | 305 | 301.45 | 0% | -1.16% |
| Molbio Diagnostics | 17 August 2026 | Mainboard | 807 | 939.70 | 70.26x | 980 | 1,041.70 | +21.44% | +29.08% |
| Dhoot Transmission | 17 August 2026 | Mainboard | 871 | 3,066.89 | 75.05x | 1,200 | 1,187.05 | +37.77% | +36.29% |
| Manipal Health | 5 August 2026 | Mainboard | 590 | 9,275.22 | 4.92x | 652 | 666.95 | +10.51% | +13.04% |
| SBI Funds Management | 21 July 2026 | Mainboard | 574 | 9,795.32 | 41.66x | 613.30 | 609.75 | +6.85% | +6.23% |
| Turtlemint Fintech | 29 June 2026 | Mainboard | 152 | 882.67 | 1.20x | 134.90 | 135.37 | -11.25% | -10.94% |
| Emmvee Photovoltaic Power | 18 November 2025 | Mainboard | 217 | 2,900 | 0.97x | 217 | 219.40 | 0% | +1.11% |
| Pine Labs | 14 November 2025 | Mainboard | 221 | 3,899.91 | 2.46x | 242 | 250.89 | +9.50% | +13.52% |
| WeWork India | 10 October 2025 | Mainboard | 648 | 2,999.64 | 1.15x | 650 | 628.65 | +0.31% | -2.99% |
| 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% |
| Aegis Vopak Terminals | 2 June 2025 | Mainboard | 235 | 2,800 | 2.09x | 220 | 242 | -6.38% | +2.98% |
| Belrise Industries | 28 May 2025 | Mainboard | 90 | 2,150 | 41.30x | 100 | 97.41 | +11.11% | +8.23% |
| Dr. Agarwal’s Health Care | 4 February 2025 | Mainboard | 402 | 3,027.26 | 1.55x | 402 | 401.65 | 0% | -0.09% |
| Inventurus Knowledge Solutions | 19 December 2024 | Mainboard | 1,329 | 2,497.92 | 52.68x | 1,900 | 1,960.85 | +42.96% | +47.54% |
| Vishal Mega Mart | 18 December 2024 | Mainboard | 78 | 8,000 | 27.28x | 104 | 111.93 | +33.33% | +43.50% |
| Sai Life Sciences | 18 December 2024 | Mainboard | 549 | 3,042.62 | 10.26x | 650 | 764.65 | +18.40% | +39.28% |
| Swiggy | 13 November 2024 | Mainboard | 390 | 11,327.43 | 3.59x | 420 | 456 | +7.69% | +16.92% |
| Sagility India | 12 November 2024 | Mainboard | 30 | 2,106.40 | 3.20x | 31.06 | 29.32 | +3.53% | -2.27% |
| Afcons Infrastructure | 4 November 2024 | Mainboard | 463 | 5,430 | 2.63x | 426 | 474.20 | -7.99% | +2.42% |
| Waaree Energies | 28 October 2024 | Mainboard | 1,503 | 4,321.44 | 76.34x | 2,500 | 2,338.90 | +66.33% | +55.62% |
| Emcure Pharmaceuticals | 10 July 2024 | Mainboard | 1,008 | 1,952.03 | 67.84x | 1,325.05 | 1,359.15 | +31.45% | +34.84% |
| TBO Tek | 15 May 2024 | Mainboard | 920 | 1,550.81 | 86.50x | 1,426 | 1,406.30 | +55% | +52.86% |
| Entero Healthcare | 16 February 2024 | Mainboard | 1,258 | 1,600 | 1.53x | 1,228.70 | 1,149.55 | -2.33% | -8.62% |
| Concord Biotech | 18 August 2023 | Mainboard | 741 | 1,550.52 | 24.86x | 900.05 | 942.80 | +21.46% | +27.23% |
| Mankind Pharma | 9 May 2023 | Mainboard | 1,080 | 4,326.36 | 15.32x | 1,300 | 1,422.30 | +20.37% | +31.69% |
| KFin Technologies | 29 December 2022 | Mainboard | 366 | 1,500 | 2.59x | 367 | 363.85 | +0.27% | -0.59% |
| Global Health (Medanta) | 16 November 2022 | Mainboard | 336 | 2,205.57 | 9.58x | 401 | 415.30 | +19.35% | +23.60% |
| CMS Infosystems | 31 December 2021 | Mainboard | 216 | 1,100 | 1.95x | 220.20 | 238.20 | +1.94% | +10.28% |
| Star Health | 10 December 2021 | Mainboard | 900 | 6,018.68 | 0.79x | 845 | 906.85 | -6.11% | +0.76% |
| PB Fintech (PolicyBazaar) | 15 November 2021 | Mainboard | 980 | 5,709.71 | 16.59x | 1,150 | 1,202.30 | +17.35% | +22.68% |
| Nazara Technologies | 30 March 2021 | Mainboard | 1,101 | 582.69 | 175.46x | 1,990 | 1,592 | +80.74% | +44.60% |
| IndiaMART Intermesh | 4 July 2019 | Mainboard | 973 | 475.59 | 36.21x | 1,180 | 1,301.95 | +21.27% | +33.81% |
| Newgen Software | 29 January 2018 | Mainboard | 245 | 424.62 | 8.25x | 254.10 | 252.40 | +3.71% | +3.02% |