ipodeckby IPO Central

Methodology

Sources

  • IPO details (dates, price band, final issue price, issue size, subscription, lead managers, registrar, sector) come from IPO Central's mainboard and SME IPO databases, compiled from each company's red herring prospectus and the exchanges' bid data.
  • Listing-day prices are the official opening and closing prices in the NSE and BSE daily bhavcopy for the first day the shares traded. Mainboard prices are from NSE. SME prices are from the exchange the shares listed on.
  • Subscription is the final total subscription when bidding closed. Where the database and the exchange's final bid book disagree, the figure is checked against the exchange.

Definitions

  • Gain at open: (first-day official opening price ÷ final issue price − 1) × 100.
  • Gain at close: the same with the first-day official closing price.
  • Opened above issue price: the share of IPOs whose first-day opening price was higher than the issue price.
  • Median: the middle value, so a few extreme listings do not move it the way they move an average.
  • Vs same-year IPOs: for each IPO, its gain at open minus the median gain at open of all IPOs in the same segment (mainboard or SME) that listed in the same year. The figure shown is the median of those differences, in percentage points. It separates a lead manager, registrar or sector from the market it happened to list in: a busy year for SME IPOs lifts everyone who listed then.
  • SME opening limits: since 4 July 2024 NSE has not allowed an SME IPO to open more than 90% above its issue price, and since 30 July 2025 not more than 20% below it. No BSE SME listing in the data opened more than 90% above its issue price.
  • Lead managers: an IPO with several book-running lead managers counts towards each of them. Firms that were renamed or took over another firm's merchant banking business are shown under the current name, with the earlier name noted.

What Is Left Out

  • Follow-on public offers (3), because the company was already listed and there is no debut.
  • Withdrawn issues (7) and IPOs that have not listed yet (15).
  • Pages for a lead manager, registrar or sector need at least 10 listed IPOs. Medians in the overview tables need at least 5.

Anchor Investors

  • Source: each IPO's anchor allocation letter, which the company files with NSE and BSE the day before bidding opens and NSE publishes as the "Anchor Allocation Report". Every investor, share count and amount is read from that letter; an IPO is used only when its rows add up exactly to the total the letter states. Letters that are scanned images were read by hand and checked the same way. Mutual fund schemes are shown under their current name in AMFI's scheme list where the letter's name matches it; other names are shown as the letter prints them.
  • Fund house: schemes, share classes and accounts of one manager are counted together (for example, every SBI Mutual Fund scheme counts as SBI Mutual Fund). Insurers and pension funds are separate from the mutual fund of the same group. Offshore derivative (ODI) accounts are shown under the bank that runs them. A fund group's alternative investment funds and offshore funds are shown separately from its mutual fund. Money that a pension fund, sovereign fund or university has given an outside manager to run is shown under the owner of that money. A firm is grouped only when its own name says so; investors whose parent is not stated stay under their own name.
  • Amount invested: shares allocated × the anchor allocation price.
  • Lock-in: half of an anchor investor's shares are locked in for 30 days from the allotment date and the rest for 90 days. "At 30-day unlock" and "At 90-day unlock" compare NSE's official closing price on the first trading day on or after allotment + 30 and + 90 days (the first day the shares can be sold) with the issue price. The 90-day lock-in applies to IPOs that opened on or after 1 April 2022; before that, all anchor shares were free after 30 days, so those IPOs have no 90-day figure. IPOs without an allotment date on record have no lock-in figures. On a day the stock did not trade, its last close is used. National Stock Exchange, NSDL and Protean eGov, which were not listed on NSE at the time, use BSE's closing price.
  • Coverage: Mainboard IPOs listed in 2018 to 2026 whose anchor allocation letter we could read and reconcile: 485 IPOs.
  • SME IPOs: SME IPOs listed in 2023 to 2026 whose anchor allocation letter we could read and reconcile: 500 IPOs. They cover NSE Emerge and BSE SME: NSE Emerge letters come from NSE's Anchor Allocation Reports, BSE SME letters from BSE's anchor allocation notices. Lock-in figures use the official closing price on the IPO's own exchange. On a day the stock did not trade, its last close is used.

Coverage

Mainboard IPOs from 2018 and SME IPOs from 2023: 1,391 listed IPOs as of 31 October 2026. New listings are added each week.

Corrections

If a figure looks wrong, write to IPO Central with the company name and the figure. Corrections are checked against the exchange's own records.