ipodeckby IPO Central
Lead Managers

Narnolia Financial Services: IPO Track Record

SME, mostly NSE. Its 2025 listings held up better than most: a median 23.40% at open across 13 IPOs, when the SME median that year was 1.27% on BSE and 5.88% on NSE.

Listed IPOs
30
30 SME
Amount raised
INR 1,282.60 crore
2023 to 2026
Median gain at open
+19.62%
listing day, vs issue price
Median gain at close
+25.15%
listing day, vs issue price
Opened above issue price
76.67%
share of listings
Closed below issue price
16.67%
on listing day
Median subscription
96.14x
total, final day
Vs same-year IPOs
+16.13
percentage points; median gap at open

Best listing: Addictive Learning Technology (+121.43% at open, 30 January 2024). Weakest: Bio Medica Laboratories (-20% at open, 29 May 2026).

An IPO with several lead managers counts towards each of them.

Year by Year

YearIPOsMedian gain at openMedian gain at closeOpened above issueMedian subscription
20262-6.54%-5.91%50%1.95x
202513+23.40%+29.57%84.62%82.03x
20249+12.73%+18.36%66.67%218.10x
20236+24.80%+28.93%83.33%99.36x

All 30 IPOs Managed

IPOListedSegmentIssue price (INR)Issue size (INR crore)SubscriptionOpen (INR)Close (INR)Gain at openGain at close
Fusion Klassroom7 August 2026SME (BSE)15939.041.58x170166.75+6.92%+4.87%
Bio Medica Laboratories29 May 2026SME (NSE)13952.432.31x111.20115.80-20%-16.69%
MARC Technocrats24 December 2025SME (NSE)9342.599.93x74.4070.70-20%-23.98%
Exim Routes19 December 2025SME (NSE)8843.7315.30x110115.50+25%+31.25%
DSM Fresh Foods9 October 2025SME (BSE)10059.061.44x120126+20%+26%
Sheel Biotech8 October 2025SME (NSE)6334.0216.04x9195.55+44.44%+51.67%
KVS Castings6 October 2025SME (BSE)5627.834.17x66.3069.61+18.39%+24.30%
Matrix Geo30 September 2025SME (NSE)10440.207.77x103.9099.15-0.10%-4.66%
Anondita Medicare1 September 2025SME (NSE)14569.50300.98x275.50289.25+90%+99.48%
Cash Ur Drive Marketing7 August 2025SME (NSE)13060.7982.03x155157.45+19.23%+21.12%
Shree Refrigerations1 August 2025SME (BSE)125117.33187.36x169.85175.40+35.88%+40.32%
Adcounty Media4 July 2025SME (BSE)8550.69273.16x130136.50+52.94%+60.59%
Ace Alpha Tech3 July 2025SME (BSE)6932.22101.83x8185.05+17.39%+23.26%
Mayasheel Ventures27 June 2025SME (NSE)4727.28232.81x5860.90+23.40%+29.57%
Sat Kartar Shopping17 January 2025SME (NSE)8133.80342.77x153.90161.55+90%+99.44%
Usha Financial Services31 October 2024SME (NSE)16898.4519.45x164155.85-2.38%-7.23%
Pranik Logistics17 October 2024SME (NSE)7722.47218.10x7982.95+2.60%+7.73%
Divyadhan Recycling4 October 2024SME (NSE)6424.1741.01x8488.20+31.25%+37.81%
Share Samadhan16 September 2024SME (BSE)7424.0614.66x73.0574.87-1.28%+1.18%
Aesthetik Engineers16 August 2024SME (NSE)5826.47705.33x110.20115.70+90%+99.48%
Z-Tech India5 June 2024SME (NSE)11037.30371.46x100105-9.09%-4.55%
Radiowalla5 April 2024SME (NSE)7614.25307.58x120.15126.15+58.09%+65.99%
Addictive Learning Technology30 January 2024SME (NSE)14060.16273.13x310294.50+121.43%+110.36%
Akanksha Power3 January 2024SME (NSE)5527.49108.91x6265.10+12.73%+18.36%
Supreme Power29 December 2023SME (NSE)6546.67216.68x98102.90+50.77%+58.31%
Womancart27 October 2023SME (NSE)869.5660.94x117122.85+36.05%+42.85%
Inspire Films5 October 2023SME (NSE)5921.2390.46x6767.85+13.56%+15%
Cellecor Gadgets28 September 2023SME (NSE)9250.77108.27x9296.600%+5%
Yudiz Solutions17 August 2023SME (NSE)16544.844.75x185181.40+12.12%+9.94%
Drone Destination21 July 2023SME (NSE)6544.20148.47x107.45102.10+65.31%+57.08%