Swastika Investmart: IPO Track Record
SME only. Strong before 2025 (median subscription 83.91x, 81.82% opened above the issue price); the 5 since have drawn a median 1.73x, and 2 opened above the issue price.
Listed IPOs
16
16 SME
Amount raised
INR 458.34 crore
2023 to 2026
Median gain at open
+4.06%
listing day, vs issue price
Median gain at close
+7.47%
listing day, vs issue price
Opened above issue price
68.75%
share of listings
Closed below issue price
31.25%
on listing day
Median subscription
27.33x
total, final day
Vs same-year IPOs
-8.29
percentage points; median gap at open
Best listing: TBI Corn (+110.64% at open, 7 June 2024). Weakest: Saroja Pharma (-22.62% at open, 13 September 2023).
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 | 2 | +1.04% | +1.12% | 50% | 1.58x |
| 2025 | 3 | -6.25% | -10.94% | 33.33% | 4.04x |
| 2024 | 8 | +18.27% | +22.32% | 87.50% | 116.74x |
| 2023 | 3 | +4.81% | +0.82% | 66.67% | 6.16x |
All 16 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Dove Soft | 8 October 2026 | SME (BSE) | 111 | 73.26 | 1.43x | 110.30 | 104.80 | -0.63% | -5.59% |
| Vivekanand Cotspin | 28 September 2026 | SME (BSE) | 37 | 22.20 | 1.73x | 38 | 39.90 | +2.70% | +7.84% |
| Siddhi Cotspin | 26 September 2025 | SME (NSE) | 108 | 69.85 | 4.04x | 86.40 | 82.10 | -20% | -23.98% |
| Aten Papers | 20 June 2025 | SME (BSE) | 96 | 31.68 | 1.54x | 90 | 85.50 | -6.25% | -10.94% |
| L.K. Mehta Polymers | 21 February 2025 | SME (BSE) | 71 | 7.38 | 44.62x | 71.10 | 68.29 | +0.14% | -3.82% |
| United Heat Transfer | 29 October 2024 | SME (NSE) | 59 | 30 | 83.91x | 60.95 | 63.95 | +3.31% | +8.39% |
| Aditya Ultra Steel | 16 September 2024 | SME (NSE) | 62 | 45.88 | 10.04x | 69.90 | 66.40 | +12.74% | +7.10% |
| Resourceful Automobile | 29 August 2024 | SME (BSE) | 117 | 11.99 | 418.87x | 117 | 122.85 | 0% | +5% |
| Ideal Technoplast | 28 August 2024 | SME (NSE) | 121 | 16.03 | 112.08x | 132.10 | 138.70 | +9.17% | +14.63% |
| Bulk Corp International | 6 August 2024 | SME (NSE) | 105 | 20.78 | 259.48x | 130 | 136.50 | +23.81% | +30% |
| TBI Corn | 7 June 2024 | SME (NSE) | 94 | 44.94 | 231.29x | 198 | 207.90 | +110.64% | +121.17% |
| Sai Swami Metals and Alloys | 8 May 2024 | SME (BSE) | 60 | 15 | 121.40x | 114 | 119.70 | +90% | +99.50% |
| Shree Marutinandan Tubes | 19 January 2024 | SME (BSE) | 143 | 14.30 | 44.84x | 200 | 210 | +39.86% | +46.85% |
| Saroja Pharma | 13 September 2023 | SME (NSE) | 84 | 9.11 | 8.44x | 65 | 68.25 | -22.62% | -18.75% |
| Service Care | 26 July 2023 | SME (NSE) | 67 | 20.68 | 6.16x | 70.90 | 67.55 | +5.82% | +0.82% |
| Infinium Pharmachem | 17 April 2023 | SME (NSE) | 135 | 25.26 | 1.84x | 141.50 | 147.80 | +4.81% | +9.48% |