Pantomath Capital Advisors: IPO Track Record
Mostly mainboard (20 of 23), and the only lead manager on 14 of its 23 IPOs. Its 10 IPOs before 2025 all opened above the issue price (median 35.76%); the 13 since have a median of 2.06%.
Listed IPOs
23
20 mainboard, 3 SME
Amount raised
INR 33,370.54 crore
2021 to 2026
Median gain at open
+14.74%
listing day, vs issue price
Median gain at close
+17.15%
listing day, vs issue price
Opened above issue price
82.61%
share of listings
Closed below issue price
21.74%
on listing day
Median subscription
63.97x
total, final day
Vs same-year IPOs
+3.44
percentage points; median gap at open
Best listing: SAR Televenture (+90.91% at open, 8 November 2023). Weakest: Glottis (-34.88% at open, 7 October 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 | 20 | +8.03% | +8.95% | 80% | 25% | 47.20x |
| SME | 3 | +41% | +48.05% | 100% | 0% | 242.65x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 6 | +3.81% | +1.09% | 83.33% | 29.94x |
| 2025 | 7 | +1.18% | +2.25% | 57.14% | 26.59x |
| 2024 | 2 | +18.02% | +19.14% | 100% | 100.10x |
| 2023 | 7 | +41% | +48.05% | 100% | 96.99x |
| 2021 | 1 | +5% | +10.25% | 100% | 22.65x |
All 23 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Zetwerk | 23 October 2026 | Mainboard | 151 | 5,012.33 | 3.10x | 159.25 | 138.25 | +5.46% | -8.44% |
| German Green Steel | 5 October 2026 | Mainboard | 139 | 303.90 | 30.42x | 142 | 128.33 | +2.16% | -7.68% |
| National Stock Exchange | 24 September 2026 | Mainboard | 1,785 | 22,561.57 | 5.71x | 1,800 | 1,818 | +0.84% | +1.85% |
| Manika Plastech | 21 September 2026 | Mainboard | 43 | 125.50 | 29.46x | 43 | 43.14 | 0% | +0.33% |
| Ardee Industries | 12 August 2026 | Mainboard | 53 | 425.87 | 133.66x | 72 | 67.12 | +35.85% | +26.64% |
| Knack Packaging | 8 July 2026 | Mainboard | 170 | 439.50 | 83.33x | 188 | 182.98 | +10.59% | +7.64% |
| Vidya Wires | 10 December 2025 | Mainboard | 52 | 300.01 | 26.59x | 52 | 53.17 | 0% | +2.25% |
| Glottis | 7 October 2025 | Mainboard | 129 | 307 | 2.05x | 84 | 83.70 | -34.88% | -35.12% |
| Dev Accelerator | 17 September 2025 | Mainboard | 61 | 143.35 | 63.97x | 61 | 64.05 | 0% | +5% |
| Vikran Engineering | 3 September 2025 | Mainboard | 97 | 772 | 23.59x | 99 | 95.71 | +2.06% | -1.33% |
| Regaal Resources | 20 August 2025 | Mainboard | 102 | 306 | 159.88x | 141 | 131.58 | +38.24% | +29% |
| Highway Infrastructure | 12 August 2025 | Mainboard | 70 | 130 | 300.61x | 115 | 120.75 | +64.29% | +72.50% |
| Quality Power Electrical Equipments | 24 February 2025 | Mainboard | 425 | 858.70 | 1.29x | 430 | 387.90 | +1.18% | -8.73% |
| Sanstar | 26 July 2024 | Mainboard | 95 | 510.55 | 82.96x | 109 | 115.07 | +14.74% | +21.13% |
| Kronox Lab Sciences | 10 June 2024 | Mainboard | 136 | 130.15 | 117.25x | 164.95 | 159.32 | +21.29% | +17.15% |
| SAR Televenture | 8 November 2023 | SME (NSE) | 55 | 24.75 | 276.70x | 105 | 110.25 | +90.91% | +100.45% |
| Transteel Seating | 6 November 2023 | SME (NSE) | 70 | 49.98 | 42.69x | 88.90 | 93.30 | +27% | +33.29% |
| Plaza Wires | 12 October 2023 | Mainboard | 54 | 71.28 | 160.97x | 76 | 80.20 | +40.74% | +48.52% |
| Vishnu Prakash Punglia | 5 September 2023 | Mainboard | 99 | 308.61 | 87.79x | 165 | 145.70 | +66.67% | +47.17% |
| Aeroflex Industries | 31 August 2023 | Mainboard | 108 | 351 | 96.99x | 190 | 163.25 | +75.93% | +51.16% |
| Urban Enviro | 22 June 2023 | SME (NSE) | 100 | 11.42 | 242.65x | 141 | 148.05 | +41% | +48.05% |
| Sah Polymers | 12 January 2023 | Mainboard | 65 | 66.30 | 17.46x | 85 | 89.25 | +30.77% | +37.31% |
| Exxaro Tiles | 16 August 2021 | Mainboard | 120 | 160.77 | 22.65x | 126 | 132.30 | +5% | +10.25% |