Maashitla Securities: IPO Track Record
SME only, with three-quarters of its IPOs (71 of 95) listed in 2025 or 2026. Those opened a median 2.86% above the issue price, against 47.72% for its 24 earlier ones.
Listed IPOs
95
95 SME
Amount raised
INR 3,978.29 crore
2023 to 2026
Median gain at open
+9.09%
listing day, vs issue price
Median gain at close
+11.25%
listing day, vs issue price
Opened above issue price
68.42%
share of listings
Closed below issue price
30.53%
on listing day
Median subscription
16.61x
total, final day
Vs same-year IPOs
+2.08
percentage points; median gap at open
Best listing: Indian Emulsifiers (+225.76% at open, 22 May 2024). Weakest: TNA Solutions (-20% at open, 9 October 2026).
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 32 | +4.85% | +7.87% | 71.88% | 4.10x |
| 2025 | 39 | +1.43% | +5% | 53.85% | 6.95x |
| 2024 | 15 | +58.09% | +65.99% | 86.67% | 236.86x |
| 2023 | 9 | +40% | +47% | 88.89% | 90.46x |
All 95 IPOs Handled
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| TNA Solutions | 9 October 2026 | SME (BSE) | 70 | 37.86 | 55.28x | 56 | 58.80 | -20% | -16% |
| SJP Ultrasonics | 8 October 2026 | SME (BSE) | 67 | 23.45 | 1.87x | 74.20 | 73.01 | +10.75% | +8.97% |
| EverestIMS Technologies | 8 October 2026 | SME (BSE) | 85 | 48.46 | 294.28x | 126 | 119.70 | +48.24% | +40.82% |
| Shivchem Agro | 6 October 2026 | SME (BSE) | 62 | 14.01 | 2.25x | 62 | 58.90 | 0% | -5% |
| Acme Universal | 6 October 2026 | SME (BSE) | 71 | 35.93 | 16.46x | 101 | 106.05 | +42.25% | +49.37% |
| Sai Urja Indo Ventures | 5 October 2026 | SME (BSE) | 113 | 24.95 | 5.11x | 133.80 | 140.45 | +18.41% | +24.29% |
| Himalayan Solar | 5 October 2026 | SME (NSE) | 103 | 68.03 | 1.25x | 85 | 84.85 | -17.48% | -17.62% |
| Dudani Retail | 5 October 2026 | SME (BSE) | 29 | 10.56 | 1.47x | 25 | 25 | -13.79% | -13.79% |
| Peshwa Wheat | 1 October 2026 | SME (BSE) | 101 | 53.52 | 2.83x | 100.05 | 95.05 | -0.94% | -5.89% |
| SK Offset | 30 September 2026 | SME (BSE) | 125 | 29.06 | 1.23x | 126 | 126.35 | +0.80% | +1.08% |
| Pooja Logistics | 30 September 2026 | SME (NSE) | 115 | 44.23 | 3.19x | 118 | 123.90 | +2.61% | +7.74% |
| Robokidz Eduventures | 28 September 2026 | SME (BSE) | 106 | 31.09 | 833.64x | 201.40 | 211.45 | +90% | +99.48% |
| SpectraA Technology | 24 September 2026 | SME (NSE) | 118 | 42.52 | 304.13x | 224.20 | 235.40 | +90% | +99.49% |
| Vama Wovenfab | 22 September 2026 | SME (BSE) | 341 | 49.54 | 2.72x | 341 | 323.95 | 0% | -5% |
| Panchatv Bharat | 18 September 2026 | SME (BSE) | 140 | 24.58 | 1.46x | 128.95 | 122.55 | -7.89% | -12.46% |
| Maharaja & Speedex | 18 September 2026 | SME (BSE) | 186 | 80.13 | 32.49x | 250 | 262.50 | +34.41% | +41.13% |
| Amtech Esters | 17 September 2026 | SME (BSE) | 75 | 17.88 | 25.78x | 100 | 105 | +33.33% | +40% |
| Technocrats Plasma | 21 August 2026 | SME (BSE) | 132 | 60.98 | 203.44x | 230 | 241.50 | +74.24% | +82.95% |
| Optimystix Entertainment | 14 August 2026 | SME (NSE) | 175 | 108.50 | 2.21x | 180 | 189 | +2.86% | +8% |
| LAPL Automotive | 13 August 2026 | SME (BSE) | 94 | 32.40 | 344.32x | 135 | 128.29 | +43.62% | +36.48% |
| Fusion Klassroom | 7 August 2026 | SME (BSE) | 159 | 39.04 | 1.58x | 170 | 166.75 | +6.92% | +4.87% |
| Oneindig Technologies | 6 August 2026 | SME (BSE) | 96 | 27.65 | 1.81x | 120 | 126 | +25% | +31.25% |
| Sampark India Logistics | 7 July 2026 | SME (BSE) | 84 | 27.22 | 5.02x | 89 | 93.45 | +5.95% | +11.25% |
| Safety Controls | 13 April 2026 | SME (BSE) | 80 | 48 | 1.35x | 83 | 78.99 | +3.75% | -1.26% |
| Tipco Engineering | 1 April 2026 | SME (BSE) | 89 | 60.55 | 1.95x | 89.25 | 84.79 | +0.28% | -4.73% |
| Srinibas Pradhan Constructions | 13 March 2026 | SME (NSE) | 98 | 20.32 | 1.18x | 100.05 | 104.40 | +2.09% | +6.53% |
| PAN HR Solution | 13 February 2026 | SME (BSE) | 78 | 17.04 | 12.36x | 78.35 | 78.01 | +0.45% | +0.01% |
| Grover Jewells | 11 February 2026 | SME (NSE) | 88 | 33.83 | 19.24x | 96 | 100.80 | +9.09% | +14.55% |
| Msafe Equipments | 4 February 2026 | SME (BSE) | 123 | 66.42 | 166.81x | 144 | 150.30 | +17.07% | +22.20% |
| GRE Renew Enertech | 21 January 2026 | SME (BSE) | 105 | 39.56 | 16.61x | 96 | 91.20 | -8.57% | -13.14% |
| Defrail Technologies | 19 January 2026 | SME (BSE) | 74 | 13.77 | 105.61x | 95 | 90.25 | +28.38% | +21.96% |
| Victory Electric | 14 January 2026 | SME (NSE) | 41 | 34.56 | 1x | 34.45 | 32.75 | -15.98% | -20.12% |
| Bai Kakaji Polymers | 31 December 2025 | SME (BSE) | 186 | 105.17 | 5.79x | 190 | 188.20 | +2.15% | +1.18% |
| Admach Systems | 31 December 2025 | SME (BSE) | 239 | 42.60 | 4.19x | 191.20 | 200.75 | -20% | -16% |
| MARC Technocrats | 24 December 2025 | SME (NSE) | 93 | 42.59 | 9.93x | 74.40 | 70.70 | -20% | -23.98% |
| Exim Routes | 19 December 2025 | SME (NSE) | 88 | 43.73 | 15.30x | 110 | 115.50 | +25% | +31.25% |
| Riddhi Display Equipments | 15 December 2025 | SME (BSE) | 100 | 24.68 | 4.97x | 80 | 76 | -20% | -24% |
| MethodHub Software | 12 December 2025 | SME (BSE) | 194 | 102.49 | 28.98x | 155.20 | 162.90 | -20% | -16.03% |
| Helloji Holidays | 9 December 2025 | SME (BSE) | 118 | 10.96 | 30.23x | 118 | 123.90 | 0% | +5% |
| Purple Wave | 5 December 2025 | SME (BSE) | 126 | 31.45 | 6.95x | 132 | 130.50 | +4.76% | +3.57% |
| Logiciel Solutions | 5 December 2025 | SME (BSE) | 193 | 39.90 | 2.09x | 154.40 | 146.70 | -20% | -23.99% |
| Shining Tools | 14 November 2025 | SME (BSE) | 114 | 17.10 | 1.20x | 104 | 98.80 | -8.77% | -13.33% |
| SK Minerals | 17 October 2025 | SME (BSE) | 127 | 41.15 | 3.60x | 145 | 152.25 | +14.17% | +19.88% |
| DSM Fresh Foods | 9 October 2025 | SME (BSE) | 100 | 59.06 | 1.44x | 120 | 126 | +20% | +26% |
| Zelio E-Mobility | 8 October 2025 | SME (BSE) | 136 | 78.34 | 1.57x | 154.90 | 162.60 | +13.90% | +19.56% |
| BAG Convergence | 8 October 2025 | SME (NSE) | 87 | 48.72 | 1.45x | 101 | 106.05 | +16.09% | +21.90% |
| MPK Steels | 6 October 2025 | SME (BSE) | 79 | 25.74 | 1.60x | 80 | 83.50 | +1.27% | +5.70% |
| Solvex Edibles | 1 October 2025 | SME (BSE) | 72 | 18.87 | 1.07x | 68 | 64.60 | -5.56% | -10.28% |
| Praruh Technologies | 1 October 2025 | SME (BSE) | 63 | 23.50 | 1.29x | 63 | 64.25 | 0% | +1.98% |
| Matrix Geo | 30 September 2025 | SME (NSE) | 104 | 40.20 | 7.77x | 103.90 | 99.15 | -0.10% | -4.66% |
| Karbonsteel Engineering | 16 September 2025 | SME (BSE) | 159 | 59.30 | 76.67x | 185.10 | 194.35 | +16.42% | +22.23% |
| Rachit Prints | 8 September 2025 | SME (BSE) | 149 | 19.49 | 2.03x | 119.20 | 113.25 | -20% | -23.99% |
| NIS Management | 2 September 2025 | SME (BSE) | 111 | 60.01 | 3.23x | 108 | 102.60 | -2.70% | -7.57% |
| Shivashrit Foods | 1 September 2025 | SME (NSE) | 142 | 70.03 | 2.96x | 148.50 | 141.45 | +4.58% | -0.39% |
| Anondita Medicare | 1 September 2025 | SME (NSE) | 145 | 69.50 | 300.98x | 275.50 | 289.25 | +90% | +99.48% |
| ARC Insulation & Insulators | 29 August 2025 | SME (NSE) | 125 | 41.19 | 18.82x | 145 | 137.75 | +16% | +10.20% |
| Savy Infra and Logistics | 28 July 2025 | SME (NSE) | 120 | 69.98 | 114.58x | 136.50 | 143.30 | +13.75% | +19.42% |
| Asston Pharmaceuticals | 16 July 2025 | SME (BSE) | 123 | 27.56 | 186.66x | 119 | 124.95 | -3.25% | +1.59% |
| Smarten Power | 14 July 2025 | SME (NSE) | 100 | 50 | 5.54x | 144 | 151.20 | +44% | +51.20% |
| Marc Loire Fashions | 7 July 2025 | SME (BSE) | 100 | 21 | 2.66x | 80 | 76 | -20% | -24% |
| Moving Media Entertainment | 3 July 2025 | SME (NSE) | 70 | 43.40 | 73.86x | 71 | 74.55 | +1.43% | +6.50% |
| Icon Facilitators | 1 July 2025 | SME (BSE) | 91 | 19.11 | 2.55x | 90 | 85.50 | -1.10% | -6.04% |
| Safe Enterprises | 27 June 2025 | SME (NSE) | 138 | 169.74 | 10.35x | 151 | 158.55 | +9.42% | +14.89% |
| Mayasheel Ventures | 27 June 2025 | SME (NSE) | 47 | 27.28 | 232.81x | 58 | 60.90 | +23.40% | +29.57% |
| Influx Healthtech | 25 June 2025 | SME (NSE) | 96 | 58.57 | 201.44x | 132.50 | 126.20 | +38.02% | +31.46% |
| 3B Films | 6 June 2025 | SME (BSE) | 50 | 33.75 | 1.86x | 48.50 | 46.08 | -3% | -7.84% |
| Blue Water Logistics | 3 June 2025 | SME (NSE) | 135 | 40.50 | 9.44x | 141 | 148.05 | +4.44% | +9.67% |
| Virtual Galaxy | 19 May 2025 | SME (NSE) | 142 | 93.29 | 231.53x | 180 | 189 | +26.76% | +33.10% |
| GB Logistics | 31 January 2025 | SME (BSE) | 102 | 25.07 | 185.31x | 81.60 | 81.75 | -20% | -19.85% |
| Barflex Polyfilms | 20 January 2025 | SME (NSE) | 60 | 39.41 | 151.56x | 60 | 63 | 0% | +5% |
| Fabtech Technologies Cleanrooms | 10 January 2025 | SME (BSE) | 85 | 27.74 | 740.45x | 161.50 | 169.57 | +90% | +99.49% |
| NACDAC Infrastructure | 24 December 2024 | SME (BSE) | 35 | 10.01 | 2,209.86x | 66.50 | 69.82 | +90% | +99.49% |
| Rajputana Biodiesel | 3 December 2024 | SME (NSE) | 130 | 24.70 | 718.92x | 247 | 259.35 | +90% | +99.50% |
| Pranik Logistics | 17 October 2024 | SME (NSE) | 77 | 22.47 | 218.10x | 79 | 82.95 | +2.60% | +7.73% |
| Namo eWaste | 11 September 2024 | SME (NSE) | 85 | 51.20 | 225.71x | 161.50 | 169.55 | +90% | +99.47% |
| Aeron Composite | 4 September 2024 | SME (NSE) | 125 | 56.10 | 38.31x | 150 | 157.50 | +20% | +26% |
| VVIP Infratech | 30 July 2024 | SME (BSE) | 93 | 61.21 | 236.86x | 176.70 | 185.53 | +90% | +99.49% |
| Macobs Technologies | 24 July 2024 | SME (NSE) | 75 | 19.46 | 195.06x | 96 | 100.80 | +28% | +34.40% |
| Aelea Commodities | 22 July 2024 | SME (BSE) | 95 | 51 | 195.87x | 165 | 173.25 | +73.68% | +82.37% |
| Z-Tech India | 5 June 2024 | SME (NSE) | 110 | 37.30 | 371.46x | 100 | 105 | -9.09% | -4.55% |
| Indian Emulsifiers | 22 May 2024 | SME (NSE) | 132 | 42.39 | 460.08x | 430 | 451.50 | +225.76% | +242.05% |
| Premier Roadlines | 17 May 2024 | SME (NSE) | 67 | 40.36 | 115.29x | 87 | 91.35 | +29.85% | +36.34% |
| Radiowalla | 5 April 2024 | SME (NSE) | 76 | 14.25 | 307.58x | 120.15 | 126.15 | +58.09% | +65.99% |
| Sona Machinery | 13 March 2024 | SME (NSE) | 143 | 51.82 | 273.57x | 125 | 131.25 | -12.59% | -8.22% |
| Sadhav Shipping | 1 March 2024 | SME (NSE) | 95 | 38.18 | 125.10x | 135 | 141.75 | +42.11% | +49.21% |
| Addictive Learning Technology | 30 January 2024 | SME (NSE) | 140 | 60.16 | 273.13x | 310 | 294.50 | +121.43% | +110.36% |
| Trident Techlabs | 29 December 2023 | SME (NSE) | 35 | 16.03 | 681.90x | 98.15 | 103.05 | +180.43% | +194.43% |
| S J Logistics | 19 December 2023 | SME (NSE) | 125 | 48 | 293.99x | 175 | 183.75 | +40% | +47% |
| Womancart | 27 October 2023 | SME (NSE) | 86 | 9.56 | 60.94x | 117 | 122.85 | +36.05% | +42.85% |
| E Factor Experiences | 9 October 2023 | SME (NSE) | 75 | 25.92 | 68.05x | 115 | 120.75 | +53.33% | +61% |
| Organic Recycling | 6 October 2023 | SME (BSE) | 200 | 50 | 3.13x | 215 | 225.75 | +7.50% | +12.87% |
| Inspire Films | 5 October 2023 | SME (NSE) | 59 | 21.23 | 90.46x | 67 | 67.85 | +13.56% | +15% |
| Meson Valves | 21 September 2023 | SME (BSE) | 102 | 31.09 | 173.71x | 193.80 | 203.45 | +90% | +99.46% |
| Drone Destination | 21 July 2023 | SME (NSE) | 65 | 44.20 | 148.47x | 107.45 | 102.10 | +65.31% | +57.08% |
| Maiden Forgings | 6 April 2023 | SME (BSE) | 63 | 23.84 | 1.20x | 63 | 59.86 | 0% | -4.98% |