Khandwala Securities: IPO Track Record
Mostly SME, and the only lead manager on 12 of 13. 8 closed below the issue price on listing day, despite a median subscription of 38.93x.
Listed IPOs
13
1 mainboard, 12 SME
Amount raised
INR 672.05 crore
2023 to 2026
Median gain at open
0%
listing day, vs issue price
Median gain at close
-5%
listing day, vs issue price
Opened above issue price
46.15%
share of listings
Closed below issue price
61.54%
on listing day
Median subscription
38.93x
total, final day
Vs same-year IPOs
-7.15
percentage points; median gap at open
Best listing: Euphoria Infotech (+90% at open, 30 January 2024). Weakest: BikeWo Green Tech (-27.42% at open, 27 September 2024).
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 | 1 | 0% | -20% | 0% | 100% | 2.62x |
| SME | 12 | +2.50% | -2.60% | 50% | 58.33% | 40.41x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 3 | 0% | -5.69% | 33.33% | 1.87x |
| 2025 | 1 | -20% | -24% | 0% | 2.97x |
| 2024 | 8 | +2.50% | -2.60% | 50% | 85.96x |
| 2023 | 1 | +7.35% | +12.72% | 100% | 38.01x |
All 13 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| SJP Ultrasonics | 8 October 2026 | SME (BSE) | 67 | 23.45 | 1.87x | 74.20 | 73.01 | +10.75% | +8.97% |
| ArMee Infotech | 30 September 2026 | Mainboard | 375 | 300 | 2.62x | 375 | 300 | 0% | -20% |
| Mopshop Distribution | 26 August 2026 | SME (BSE) | 138 | 27.26 | 1.64x | 137 | 130.15 | -0.72% | -5.69% |
| Essex Marine | 11 August 2025 | SME (BSE) | 54 | 23.01 | 2.97x | 43.20 | 41.04 | -20% | -24% |
| New Malayalam Steel | 27 December 2024 | SME (NSE) | 90 | 41.76 | 50.74x | 90 | 85.50 | 0% | -5% |
| Supreme Facility Management | 18 December 2024 | SME (NSE) | 76 | 50 | 27.07x | 75 | 71.25 | -1.32% | -6.25% |
| Premium Plast | 28 October 2024 | SME (NSE) | 49 | 26.20 | 38.93x | 51.45 | 48.90 | +5% | -0.20% |
| Phoenix Overseas | 27 September 2024 | SME (NSE) | 64 | 36.03 | 121.18x | 64 | 60.80 | 0% | -5% |
| BikeWo Green Tech | 27 September 2024 | SME (NSE) | 62 | 24.09 | 41.88x | 45 | 47.25 | -27.42% | -23.79% |
| QVC Exports | 28 August 2024 | SME (NSE) | 86 | 24.07 | 507.60x | 161 | 152.95 | +87.21% | +77.85% |
| Euphoria Infotech | 30 January 2024 | SME (BSE) | 100 | 9.60 | 383.91x | 190 | 181.51 | +90% | +81.51% |
| Kaushalya Logistics | 8 January 2024 | SME (NSE) | 75 | 36.60 | 364.18x | 100 | 105 | +33.33% | +40% |
| Vishnusurya Projects | 10 October 2023 | SME (NSE) | 68 | 49.98 | 38.01x | 73 | 76.65 | +7.35% | +12.72% |