Mas Services: IPO Track Record
Mostly SME. 11 of its 24 IPOs closed below the issue price on listing day.
Listed IPOs
24
3 mainboard, 21 SME
Amount raised
INR 1,294.62 crore
2022 to 2026
Median gain at open
+6.09%
listing day, vs issue price
Median gain at close
+5%
listing day, vs issue price
Opened above issue price
58.33%
share of listings
Closed below issue price
45.83%
on listing day
Median subscription
48.30x
total, final day
Vs same-year IPOs
-2.53
percentage points; median gap at open
Best listing: Veritaas Advertising (+141.23% at open, 21 May 2024). Weakest: MVK Agro Food (-34.17% at open, 7 March 2024).
Mainboard vs SME
| Segment | IPOs | Median gain at open | Median gain at close | Opened above issue | Closed below issue | Median subscription |
|---|---|---|---|---|---|---|
| Mainboard | 3 | +11.76% | +17.35% | 66.67% | 33.33% | 30.63x |
| SME | 21 | +0.42% | +0.06% | 57.14% | 47.62% | 65.98x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 4 | -20% | -23.99% | 25% | 2x |
| 2025 | 6 | +9.68% | +10.38% | 66.67% | 115.80x |
| 2024 | 8 | +30.07% | +29.76% | 75% | 309.10x |
| 2023 | 5 | 0% | -5% | 40% | 30.63x |
| 2022 | 1 | +11.76% | +17.35% | 100% | 7.67x |
All 24 IPOs Handled
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Papadmalji Agro | 7 October 2026 | SME (NSE) | 72 | 20.18 | 2.59x | 72.30 | 68.75 | +0.42% | -4.51% |
| Manilam Industries | 27 February 2026 | SME (NSE) | 69 | 39.95 | 6.33x | 55.20 | 52.45 | -20% | -23.99% |
| Yashhtej Industries | 25 February 2026 | SME (BSE) | 110 | 88.88 | 1.42x | 88 | 83.60 | -20% | -24% |
| Yajur Fibres | 14 January 2026 | SME (BSE) | 174 | 120.41 | 1.38x | 139.20 | 132.25 | -20% | -23.99% |
| Luxury Time | 11 December 2025 | SME (BSE) | 82 | 18.74 | 635.67x | 155.80 | 163.59 | +90% | +99.50% |
| Shri Kanha Stainless | 10 December 2025 | SME (NSE) | 90 | 46.28 | 2.82x | 88 | 83.60 | -2.22% | -7.11% |
| Oval Projects Engineering | 4 September 2025 | SME (BSE) | 85 | 46.74 | 1.69x | 85.25 | 85.05 | +0.29% | +0.06% |
| Suntech Infra | 2 July 2025 | SME (NSE) | 86 | 44.39 | 223.71x | 109.10 | 103.80 | +26.86% | +20.70% |
| Swasth Foodtech | 28 February 2025 | SME (BSE) | 94 | 14.92 | 7.88x | 94 | 89.30 | 0% | -5% |
| Indo Farm Equipment | 7 January 2025 | Mainboard | 215 | 260.15 | 229.68x | 256 | 273.69 | +19.07% | +27.30% |
| Onyx Biotec | 22 November 2024 | SME (NSE) | 61 | 29.34 | 198.08x | 54.05 | 56.75 | -11.39% | -6.97% |
| Thinking Hats Entertainment | 3 October 2024 | SME (NSE) | 44 | 15.09 | 322.35x | 60 | 57 | +36.36% | +29.55% |
| Osel Devices | 24 September 2024 | SME (NSE) | 160 | 70.66 | 194.31x | 198.05 | 207.95 | +23.78% | +29.97% |
| Forcas Studio | 26 August 2024 | SME (NSE) | 80 | 37.44 | 417.05x | 152 | 144.40 | +90% | +80.50% |
| Veritaas Advertising | 21 May 2024 | SME (NSE) | 114 | 8.48 | 621.69x | 275 | 261.25 | +141.23% | +129.17% |
| Shree Karni Fabcom | 14 March 2024 | SME (NSE) | 227 | 42.49 | 295.84x | 260 | 273 | +14.54% | +20.26% |
| MVK Agro Food | 7 March 2024 | SME (NSE) | 120 | 65.88 | 8.51x | 79 | 82.95 | -34.17% | -30.87% |
| Euphoria Infotech | 30 January 2024 | SME (BSE) | 100 | 9.60 | 383.91x | 190 | 181.51 | +90% | +81.51% |
| Baba Food Processing | 15 November 2023 | SME (NSE) | 76 | 32.88 | 65.98x | 76 | 72.20 | 0% | -5% |
| Yudiz Solutions | 17 August 2023 | SME (NSE) | 165 | 44.84 | 4.75x | 185 | 181.40 | +12.12% | +9.94% |
| Cosmic CRF | 30 June 2023 | SME (BSE) | 314 | 57.21 | 1.21x | 251.20 | 238.65 | -20% | -24% |
| Vasa Denticity | 2 June 2023 | SME (NSE) | 128 | 54.07 | 66.96x | 211 | 221.55 | +64.84% | +73.09% |
| Udayshivakumar Infra | 3 April 2023 | Mainboard | 35 | 66 | 30.63x | 30 | 31.50 | -14.29% | -10% |
| Uma Exports | 7 April 2022 | Mainboard | 68 | 60 | 7.67x | 76 | 79.80 | +11.76% | +17.35% |