Systematix Corporate Services: IPO Track Record
Mainboard only. 8 of its 12 IPOs closed below the issue price on listing day, the highest share among mainboard lead managers with a page.
Listed IPOs
12
12 mainboard
Amount raised
INR 5,376.02 crore
2022 to 2026
Median gain at open
+1.03%
listing day, vs issue price
Median gain at close
-2.77%
listing day, vs issue price
Opened above issue price
50%
share of listings
Closed below issue price
66.67%
on listing day
Median subscription
24.79x
total, final day
Vs same-year IPOs
-5.16
percentage points; median gap at open
Best listing: Exicom Tele-Systems (+86.62% at open, 5 March 2024). Weakest: AceVector (-11.50% at open, 5 October 2026).
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 | 5 | +10.59% | +7.64% | 80% | 83.33x |
| 2025 | 4 | 0% | -2.95% | 25% | 22.82x |
| 2024 | 1 | +86.62% | +58.42% | 100% | 129.54x |
| 2022 | 2 | -8.22% | -6.64% | 0% | 2.54x |
All 12 IPOs Managed
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| German Green Steel | 5 October 2026 | Mainboard | 139 | 303.90 | 30.42x | 142 | 128.33 | +2.16% | -7.68% |
| AceVector | 5 October 2026 | Mainboard | 32 | 420 | 5.07x | 28.32 | 26.08 | -11.50% | -18.50% |
| ESDS Software | 4 September 2026 | Mainboard | 429 | 720 | 142.88x | 757 | 908.40 | +76.46% | +111.75% |
| Behari Lal Engineering | 19 August 2026 | Mainboard | 285 | 301.62 | 108.51x | 465 | 502.20 | +63.16% | +76.21% |
| Knack Packaging | 8 July 2026 | Mainboard | 170 | 439.50 | 83.33x | 188 | 182.98 | +10.59% | +7.64% |
| Jaro Institute of Technology Management and Research | 30 September 2025 | Mainboard | 890 | 450 | 22.06x | 890 | 744.25 | 0% | -16.38% |
| Vikran Engineering | 3 September 2025 | Mainboard | 97 | 772 | 23.59x | 99 | 95.71 | +2.06% | -1.33% |
| Mangal Electrical | 28 August 2025 | Mainboard | 561 | 400 | 9.46x | 556 | 535.35 | -0.89% | -4.57% |
| Indogulf Cropsciences | 3 July 2025 | Mainboard | 111 | 200 | 25.98x | 111 | 110.35 | 0% | -0.59% |
| Exicom Tele-Systems | 5 March 2024 | Mainboard | 142 | 429 | 129.54x | 265 | 224.95 | +86.62% | +58.42% |
| Inox Green Energy | 23 November 2022 | Mainboard | 65 | 740 | 1.55x | 60 | 59.10 | -7.69% | -9.08% |
| Veranda Learning | 11 April 2022 | Mainboard | 137 | 200 | 3.53x | 125 | 131.25 | -8.76% | -4.20% |