Khambatta Securities: IPO Track Record
The only lead manager on 17 of its 19 IPOs. Its 3 listings in 2024 opened a median 181.46% above the issue price; since 2025 the median is 1.52% across 9.
Listed IPOs
19
4 mainboard, 15 SME
Amount raised
INR 1,410.76 crore
2023 to 2026
Median gain at open
+14.17%
listing day, vs issue price
Median gain at close
+19.88%
listing day, vs issue price
Opened above issue price
78.95%
share of listings
Closed below issue price
10.53%
on listing day
Median subscription
30.23x
total, final day
Vs same-year IPOs
+5.20
percentage points; median gap at open
Best listing: Divine Power (+287.50% at open, 2 July 2024). Weakest: Rachit Prints (-20% at open, 8 September 2025).
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 | +33.81% | +39.71% | 100% | 0% | 56.98x |
| SME | 15 | +3.57% | +7.57% | 73.33% | 13.33% | 15.04x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 3 | +12.35% | +4.72% | 100% | 38.69x |
| 2025 | 6 | -0.55% | +2.73% | 33.33% | 3.08x |
| 2024 | 3 | +181.46% | +195.53% | 100% | 393.74x |
| 2023 | 7 | +33.67% | +32.65% | 100% | 35.96x |
All 19 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Black Opal Consultants | 7 October 2026 | SME (BSE) | 197 | 55.08 | 73.88x | 200 | 206.30 | +1.52% | +4.72% |
| A-One Steels | 1 October 2026 | Mainboard | 405 | 405 | 12.22x | 455 | 416.55 | +12.35% | +2.85% |
| Technocraft Ventures | 14 August 2026 | Mainboard | 212 | 251.88 | 38.69x | 284 | 311.15 | +33.96% | +46.77% |
| Helloji Holidays | 9 December 2025 | SME (BSE) | 118 | 10.96 | 30.23x | 118 | 123.90 | 0% | +5% |
| SK Minerals | 17 October 2025 | SME (BSE) | 127 | 41.15 | 3.60x | 145 | 152.25 | +14.17% | +19.88% |
| Rachit Prints | 8 September 2025 | SME (BSE) | 149 | 19.49 | 2.03x | 119.20 | 113.25 | -20% | -23.99% |
| Aaradhya Disposal | 11 August 2025 | SME (NSE) | 116 | 45.10 | 1.47x | 111 | 116.55 | -4.31% | +0.47% |
| Icon Facilitators | 1 July 2025 | SME (BSE) | 91 | 19.11 | 2.55x | 90 | 85.50 | -1.10% | -6.04% |
| PS Raj Steels | 19 February 2025 | SME (NSE) | 140 | 28.28 | 9.89x | 145 | 150.60 | +3.57% | +7.57% |
| Jungle Camps | 17 December 2024 | SME (BSE) | 72 | 29.42 | 494.66x | 136.80 | 129.96 | +90% | +80.50% |
| Divine Power | 2 July 2024 | SME (NSE) | 40 | 22.75 | 393.74x | 155 | 152.30 | +287.50% | +280.75% |
| Vibhor Steel Tubes | 20 February 2024 | Mainboard | 151 | 72.17 | 298.81x | 425 | 446.25 | +181.46% | +195.53% |
| EMS Limited | 21 September 2023 | Mainboard | 211 | 321.25 | 75.26x | 282.05 | 279.90 | +33.67% | +32.65% |
| Sahaj Fashions | 6 September 2023 | SME (NSE) | 30 | 13.96 | 7.40x | 31 | 30.35 | +3.33% | +1.17% |
| De Neers Tools | 11 May 2023 | SME (NSE) | 101 | 22.99 | 15.04x | 190 | 180.50 | +88.12% | +78.71% |
| Quicktouch Technologies | 2 May 2023 | SME (NSE) | 61 | 9.33 | 107.26x | 92 | 96.60 | +50.82% | +58.36% |
| Quality Foils | 24 March 2023 | SME (NSE) | 60 | 4.52 | 346.02x | 100 | 97.70 | +66.67% | +62.83% |
| VELS Film | 22 March 2023 | SME (NSE) | 99 | 33.74 | 1.04x | 101 | 103.40 | +2.02% | +4.44% |
| Gayatri Rubbers and Chemicals | 7 February 2023 | SME (NSE) | 30 | 4.58 | 35.96x | 35 | 36.75 | +16.67% | +22.50% |