Nomura Financial Advisory and Securities (India): IPO Track Record
Mainboard. Just over half of its IPOs (54.29%) opened above the issue price, with a median gain at open of 3.44%, 5.33 percentage points below same-year listings.
Listed IPOs
35
35 mainboard
Amount raised
INR 1,22,421.27 crore
2018 to 2026
Median gain at open
+3.44%
listing day, vs issue price
Median gain at close
+10.02%
listing day, vs issue price
Opened above issue price
54.29%
share of listings
Closed below issue price
28.57%
on listing day
Median subscription
20.29x
total, final day
Vs same-year IPOs
-5.33
percentage points; median gap at open
Best listing: Happiest Minds Technologies (+110.84% at open, 17 September 2020). Weakest: Shriram Properties (-23.73% at open, 20 December 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 | 3 | 0% | +11.10% | 33.33% | 75.05x |
| 2025 | 8 | +4.35% | +4.85% | 62.50% | 15.33x |
| 2024 | 5 | +42.96% | +26.31% | 60% | 52.68x |
| 2023 | 2 | 0% | +1.38% | 0% | 13.04x |
| 2022 | 2 | -4.60% | -2.19% | 0% | 1.83x |
| 2021 | 8 | +1.16% | +2.14% | 50% | 14.44x |
| 2020 | 4 | +18.70% | +17.62% | 75% | 36.77x |
| 2019 | 1 | +24.30% | +17.27% | 100% | 86.91x |
| 2018 | 2 | +30.91% | +33.78% | 100% | 44.82x |
All 35 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Symbiotec Pharmalab | 1 September 2026 | Mainboard | 988 | 1,757 | 75.06x | 988 | 1,097.70 | 0% | +11.10% |
| Dhoot Transmission | 17 August 2026 | Mainboard | 871 | 3,066.89 | 75.05x | 1,200 | 1,187.05 | +37.77% | +36.29% |
| Clean Max Enviro Energy | 2 March 2026 | Mainboard | 1,053 | 3,083.83 | 0.94x | 960 | 867.50 | -8.83% | -17.62% |
| ICICI Prudential AMC | 19 December 2025 | Mainboard | 2,165 | 10,602.65 | 39.17x | 2,600 | 2,585.90 | +20.09% | +19.44% |
| Nephrocare Health Services | 17 December 2025 | Mainboard | 460 | 871.05 | 13.96x | 490 | 471.25 | +6.52% | +2.45% |
| Wakefit Innovations | 15 December 2025 | Mainboard | 195 | 1,288.89 | 2.52x | 195 | 192.29 | 0% | -1.39% |
| Capillary Technologies | 21 November 2025 | Mainboard | 577 | 877.50 | 52.95x | 571.90 | 606.50 | -0.88% | +5.11% |
| Anthem Biosciences | 21 July 2025 | Mainboard | 570 | 3,395 | 63.86x | 723.05 | 730.35 | +26.85% | +28.13% |
| HDB Financial Services | 2 July 2025 | Mainboard | 740 | 12,500 | 16.69x | 835 | 840.95 | +12.84% | +13.64% |
| Kalpataru | 1 July 2025 | Mainboard | 414 | 1,590 | 2.26x | 414 | 432.95 | 0% | +4.58% |
| Ather Energy | 6 May 2025 | Mainboard | 321 | 2,980.80 | 1.43x | 328 | 302.30 | +2.18% | -5.83% |
| Inventurus Knowledge Solutions | 19 December 2024 | Mainboard | 1,329 | 2,497.92 | 52.68x | 1,900 | 1,960.85 | +42.96% | +47.54% |
| 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% |
| Aadhar Housing Finance | 15 May 2024 | Mainboard | 315 | 3,000 | 25.49x | 315 | 329.45 | 0% | +4.59% |
| Indegene | 13 May 2024 | Mainboard | 452 | 1,841.76 | 69.63x | 655 | 570.90 | +44.91% | +26.31% |
| Protean eGov | 13 November 2023 | Mainboard | 792 | 489.95 | 23.86x | 792 | 883 | 0% | +11.49% |
| Avalon Technologies | 18 April 2023 | Mainboard | 436 | 865 | 2.21x | 436 | 398 | 0% | -8.72% |
| Five-Star Business Finance | 21 November 2022 | Mainboard | 474 | 1,588.51 | 0.70x | 468.80 | 490 | -1.10% | +3.38% |
| LIC | 17 May 2022 | Mainboard | 949 | 20,557.23 | 2.95x | 872 | 875.25 | -8.11% | -7.77% |
| Medplus Health | 23 December 2021 | Mainboard | 796 | 1,398.30 | 52.59x | 1,040 | 1,121.15 | +30.65% | +40.85% |
| Shriram Properties | 20 December 2021 | Mainboard | 118 | 600 | 4.60x | 90 | 99.60 | -23.73% | -15.59% |
| Rategain Travel Technologies | 17 December 2021 | Mainboard | 425 | 1,335.74 | 17.41x | 360 | 340.05 | -15.29% | -19.99% |
| Fino Payments Bank | 12 November 2021 | Mainboard | 577 | 1,200.29 | 2.03x | 544.35 | 543.90 | -5.66% | -5.74% |
| Sansera Engineering | 24 September 2021 | Mainboard | 744 | 1,282.52 | 11.47x | 811.50 | 818.55 | +9.07% | +10.02% |
| CarTrade Tech | 20 August 2021 | Mainboard | 1,618 | 2,998.51 | 20.29x | 1,599.80 | 1,501.05 | -1.12% | -7.23% |
| Sona BLW | 24 June 2021 | Mainboard | 291 | 5,550 | 2.28x | 301 | 361.20 | +3.44% | +24.12% |
| Nazara Technologies | 30 March 2021 | Mainboard | 1,101 | 582.69 | 175.46x | 1,990 | 1,592 | +80.74% | +44.60% |
| Gland Pharma | 20 November 2020 | Mainboard | 1,500 | 6,479.55 | 2.06x | 1,710 | 1,819.55 | +14% | +21.30% |
| CAMS | 1 October 2020 | Mainboard | 1,230 | 2,242.11 | 46.99x | 1,518 | 1,401.60 | +23.41% | +13.95% |
| Happiest Minds Technologies | 17 September 2020 | Mainboard | 166 | 702.02 | 150.98x | 350 | 370.95 | +110.84% | +123.46% |
| SBI Cards | 16 March 2020 | Mainboard | 755 | 10,340.79 | 26.54x | 661 | 681.40 | -12.45% | -9.75% |
| Affle India | 8 August 2019 | Mainboard | 745 | 459 | 86.91x | 926 | 873.65 | +24.30% | +17.27% |
| 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% |