Morgan Stanley India Company: IPO Track Record
Large issues (median INR 4,225 crore). 2026 has been flat so far: a median of −0.53% at open across 6 IPOs, after 12.84% in 2025.
Listed IPOs
31
31 mainboard
Amount raised
INR 2,27,840.94 crore
2018 to 2026
Median gain at open
+5.59%
listing day, vs issue price
Median gain at close
+12.50%
listing day, vs issue price
Opened above issue price
74.19%
share of listings
Closed below issue price
25.81%
on listing day
Median subscription
9.60x
total, final day
Vs same-year IPOs
+1.89
percentage points; median gap at open
Best listing: FSN E-commerce (Nykaa) (+79.38% at open, 10 November 2021). Weakest: One97 Communications (Paytm) (-9.30% at open, 18 November 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 | 6 | -0.53% | -7.15% | 50% | 2.91x |
| 2025 | 9 | +12.84% | +13.64% | 66.67% | 28.25x |
| 2024 | 8 | +11.99% | +12.75% | 87.50% | 9.93x |
| 2022 | 1 | +1.68% | +10.13% | 100% | 1.63x |
| 2021 | 4 | +34.99% | +44.23% | 75% | 27.42x |
| 2019 | 1 | +5% | +4.18% | 100% | 1.57x |
| 2018 | 2 | +30.91% | +33.78% | 100% | 44.82x |
All 31 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% |
| Elevate Campuses | 30 September 2026 | Mainboard | 362 | 2,100 | 1.89x | 355.10 | 322.95 | -1.91% | -10.79% |
| National Stock Exchange | 24 September 2026 | Mainboard | 1,785 | 22,561.57 | 5.71x | 1,800 | 1,818 | +0.84% | +1.85% |
| Fractal Analytics | 16 February 2026 | Mainboard | 900 | 2,833.94 | 2.66x | 876 | 847.15 | -2.67% | -5.87% |
| Shadowfax Technologies | 28 January 2026 | Mainboard | 124 | 1,907.27 | 2.72x | 112.60 | 109.98 | -9.19% | -11.31% |
| ICICI Prudential AMC | 19 December 2025 | Mainboard | 2,165 | 10,602.65 | 39.17x | 2,600 | 2,585.90 | +20.09% | +19.44% |
| Meesho | 10 December 2025 | Mainboard | 111 | 5,421.20 | 79.02x | 162.50 | 170.09 | +46.40% | +53.23% |
| Pine Labs | 14 November 2025 | Mainboard | 221 | 3,899.91 | 2.46x | 242 | 250.89 | +9.50% | +13.52% |
| Lenskart Solutions | 10 November 2025 | Mainboard | 402 | 7,278.02 | 28.25x | 395 | 403.10 | -1.74% | +0.27% |
| LG Electronics India | 14 October 2025 | Mainboard | 1,140 | 11,604.73 | 54.02x | 1,710.10 | 1,689.90 | +50.01% | +48.24% |
| Urban Company | 17 September 2025 | Mainboard | 103 | 1,900 | 103.63x | 162.25 | 166.83 | +57.52% | +61.97% |
| HDB Financial Services | 2 July 2025 | Mainboard | 740 | 12,500 | 16.69x | 835 | 840.95 | +12.84% | +13.64% |
| Schloss Bangalore | 2 June 2025 | Mainboard | 435 | 3,500 | 4.50x | 406 | 435.55 | -6.67% | +0.13% |
| Dr. Agarwal’s Health Care | 4 February 2025 | Mainboard | 402 | 3,027.26 | 1.55x | 402 | 401.65 | 0% | -0.09% |
| International Gemmological Institute | 20 December 2024 | Mainboard | 417 | 4,225 | 33.78x | 510 | 471.15 | +22.30% | +12.99% |
| 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% |
| Zinka Logistics | 22 November 2024 | Mainboard | 273 | 1,114.72 | 1.86x | 280.90 | 260.05 | +2.89% | -4.74% |
| Niva Bupa Health Insurance | 14 November 2024 | Mainboard | 74 | 2,200 | 1.80x | 78.14 | 74.02 | +5.59% | +0.03% |
| Hyundai Motor India | 22 October 2024 | Mainboard | 1,960 | 27,858.75 | 2.37x | 1,934 | 1,819.60 | -1.33% | -7.16% |
| Brainbees Solutions | 13 August 2024 | Mainboard | 465 | 4,193.73 | 12.22x | 651 | 679.10 | +40% | +46.04% |
| Go Digit General Insurance | 23 May 2024 | Mainboard | 272 | 2,614.65 | 9.60x | 286 | 306 | +5.15% | +12.50% |
| Delhivery | 24 May 2022 | Mainboard | 487 | 5,235 | 1.63x | 495.20 | 536.35 | +1.68% | +10.13% |
| One97 Communications (Paytm) | 18 November 2021 | Mainboard | 2,150 | 18,300 | 1.89x | 1,950 | 1,560.80 | -9.30% | -27.40% |
| PB Fintech (PolicyBazaar) | 15 November 2021 | Mainboard | 980 | 5,709.71 | 16.59x | 1,150 | 1,202.30 | +17.35% | +22.68% |
| FSN E-commerce (Nykaa) | 10 November 2021 | Mainboard | 1,125 | 5,349.72 | 81.78x | 2,018 | 2,205.80 | +79.38% | +96.07% |
| Zomato | 23 July 2021 | Mainboard | 76 | 9,375 | 38.25x | 116 | 126 | +52.63% | +65.79% |
| Chalet Hotels | 7 February 2019 | Mainboard | 280 | 1,641.18 | 1.57x | 294 | 291.70 | +5% | +4.18% |
| HDFC AMC | 6 August 2018 | Mainboard | 1,100 | 2,800.33 | 82.99x | 1,726.25 | 1,815.95 | +56.93% | +65.09% |
| Indostar Capital Finance | 21 May 2018 | Mainboard | 572 | 1,844 | 6.65x | 600 | 586.10 | +4.90% | +2.47% |