ipodeckby IPO Central
Lead Managers

Smart Horizon Capital Advisors: IPO Track Record

All 31 IPOs listed in 2025 or 2026, mostly SME. Subscription has been low (median 4x), but 22 opened above the issue price and only 5 closed below it.

Listed IPOs
31
3 mainboard, 28 SME
Amount raised
INR 2,196.35 crore
2025 to 2026
Median gain at open
+2.95%
listing day, vs issue price
Median gain at close
+4.21%
listing day, vs issue price
Opened above issue price
70.97%
share of listings
Closed below issue price
16.13%
on listing day
Median subscription
4x
total, final day
Vs same-year IPOs
+1.32
percentage points; median gap at open

Best listing: Rikhav Securities (+90% at open, 22 January 2025). Weakest: Om Freight Forwarders (-39.63% at open, 8 October 2025).

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

Mainboard vs SME

SegmentIPOsMedian gain at openMedian gain at closeOpened above issueClosed below issueMedian subscription
Mainboard3-2.85%+1.96%33.33%33.33%2.80x
SME28+2.96%+4.42%75%14.29%4.75x

Year by Year

YearIPOsMedian gain at openMedian gain at closeOpened above issueMedian subscription
202612+1.98%+3.02%66.67%3.42x
202519+4.44%+4.62%73.68%6.52x

All 31 IPOs Managed

IPOListedSegmentIssue price (INR)Issue size (INR crore)SubscriptionOpen (INR)Close (INR)Gain at openGain at close
Unitec Fibres30 September 2026SME (BSE)8834.474x9090.60+2.27%+2.95%
Infrax Renewable17 September 2026SME (BSE)10440.882.10x104105.500%+1.44%
Complete Sports And Management4 September 2026SME (BSE)13574.933.53x139145.95+2.96%+8.11%
Shankesh Jewellers25 August 2026Mainboard93367.182.80x103.3094.82+11.08%+1.96%
Pramodini Medicare19 August 2026SME (NSE)11869.043.96x120121.65+1.69%+3.09%
Metalic Technoforge28 July 2026SME (NSE)7749.968.55x8783.05+12.99%+7.86%
Yaashvi Jewellers2 June 2026SME (BSE)8343.885.69x8387.050%+4.88%
Emiac Technologies13 April 2026SME (BSE)9831.753.30x107.80108.79+10%+11.01%
Tipco Engineering1 April 2026SME (BSE)8960.551.95x89.2584.79+0.28%-4.73%
Novus Loyalty25 March 2026SME (BSE)14660.151.63x146146.650%+0.45%
PNGS Reva4 March 2026Mainboard386379.521.23x375411.70-2.85%+6.66%
Biopol Chemicals13 February 2026SME (NSE)10831.2622.39x111105.50+2.78%-2.31%
Nanta Tech31 December 2025SME (BSE)22031.816.52x234245.70+6.36%+11.68%
Pajson Agro India18 December 2025SME (BSE)11874.456.59x124130.20+5.08%+10.34%
Purple Wave5 December 2025SME (BSE)12631.456.95x132130.50+4.76%+3.57%
Greenleaf Envirotech9 October 2025SME (NSE)13621.903.89x134.90132.90-0.81%-2.28%
Om Freight Forwarders8 October 2025Mainboard135122.317.70x81.5085.57-39.63%-36.61%
VijayPD Ceutical7 October 2025SME (NSE)3519.251.43x3535.900%+2.57%
Bhavik Enterprises6 October 2025SME (BSE)140771.12x143145.30+2.14%+3.79%
Telge Projects3 October 2025SME (BSE)10527.243.07x108.10110.45+2.95%+5.19%
BharatRohan Airborne30 September 2025SME (BSE)8545.0410.17x9091.99+5.88%+8.22%
Umiya Mobile4 August 2025SME (BSE)6624.882.62x6968.78+4.55%+4.21%
Chemkart India14 July 2025SME (BSE)24880.085.99x250259.45+0.81%+4.62%
AJC Jewel1 July 2025SME (BSE)9515.392.91x9995.39+4.21%+0.41%
Samay Project23 June 2025SME (NSE)3414.6929.16x36.0536+6.03%+5.88%
Blue Water Logistics3 June 2025SME (NSE)13540.509.44x141148.05+4.44%+9.67%
Virtual Galaxy19 May 2025SME (NSE)14293.29231.53x180189+26.76%+33.10%
Desco Infratech1 April 2025SME (BSE)15030.7583.83x160168+6.67%+12%
Beezaasan Explotech3 March 2025SME (BSE)17559.935.50x146153.30-16.57%-12.40%
MaxVolt Energy19 February 2025SME (NSE)180543.30x180180.900%+0.50%
Rikhav Securities22 January 2025SME (BSE)8688.82307.08x163.40171.55+90%+99.48%