Financial Services: IPO Track Record
Mostly mainboard (72 of 88), with large issues (median INR 942.96 crore). One of only two sectors where listings since 2025 did better than before: 73.08% opened above the issue price, against 56.45%.
Listed IPOs
88
72 mainboard, 16 SME
Amount raised
INR 2,28,953 crore
2018 to 2026
Median gain at open
+5.08%
listing day, vs issue price
Median gain at close
+4.85%
listing day, vs issue price
Opened above issue price
61.36%
share of listings
Closed below issue price
34.09%
on listing day
Median subscription
15.42x
total, final day
Vs same-year IPOs
-4.60
percentage points; median gap at open
Best listing: Bajaj Housing Finance (+114.29% at open, 16 September 2024). Weakest: ICICI Securities (-16.35% at open, 4 April 2018).
Mainboard vs SME
| Segment | IPOs | Median gain at open | Median gain at close | Opened above issue | Closed below issue | Median subscription |
|---|---|---|---|---|---|---|
| Mainboard | 72 | +2.26% | +2.16% | 56.94% | 38.89% | 9.76x |
| SME | 16 | +18.30% | +18.66% | 81.25% | 12.50% | 28.13x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 11 | +0.84% | +1.85% | 54.55% | 9.50x |
| 2025 | 15 | +9.50% | +13.52% | 86.67% | 16.69x |
| 2024 | 21 | +18.18% | +15.29% | 76.19% | 55.12x |
| 2023 | 9 | +18.42% | +15.08% | 77.78% | 36.62x |
| 2022 | 8 | -0.55% | -7.87% | 25% | 2.72x |
| 2021 | 10 | -4.25% | -1.75% | 40% | 4.37x |
| 2020 | 5 | -9.75% | -9.75% | 20% | 3.94x |
| 2019 | 3 | +41.03% | +51.22% | 66.67% | 86.91x |
| 2018 | 6 | -1.34% | +1.24% | 50% | 4.44x |
All 88 IPOs
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Vaibhav Vyapaar | 21 October 2026 | SME (NSE) | 54 | 42.10 | 3.31x | 52.90 | 53.05 | -2.04% | -1.76% |
| Shah Investor's Home | 6 October 2026 | Mainboard | 167 | 90.17 | 38.12x | 171 | 173.79 | +2.40% | +4.07% |
| Moneyview | 1 October 2026 | Mainboard | 34 | 1,091.68 | 101.87x | 55 | 53.88 | +61.76% | +58.47% |
| National Stock Exchange | 24 September 2026 | Mainboard | 1,785 | 22,561.57 | 5.71x | 1,800 | 1,818 | +0.84% | +1.85% |
| Manipal Payment | 17 September 2026 | Mainboard | 339 | 805 | 1.42x | 330 | 345.15 | -2.65% | +1.81% |
| ARCIL | 17 September 2026 | Mainboard | 139 | 732.97 | 20.10x | 139 | 137.02 | 0% | -1.42% |
| Gaja Alternative | 26 August 2026 | Mainboard | 160 | 550 | 32.98x | 185 | 168.67 | +15.62% | +5.42% |
| SBI Funds Management | 21 July 2026 | Mainboard | 574 | 9,795.32 | 41.66x | 613.30 | 609.75 | +6.85% | +6.23% |
| Turtlemint Fintech | 29 June 2026 | Mainboard | 152 | 882.67 | 1.20x | 134.90 | 135.37 | -11.25% | -10.94% |
| OnEMI Technologies (Kissht) | 8 May 2026 | Mainboard | 171 | 925.92 | 9.50x | 190 | 208.63 | +11.11% | +22.01% |
| Aye Finance | 16 February 2026 | Mainboard | 129 | 1,010 | 0.97x | 129 | 128.91 | 0% | -0.07% |
| ICICI Prudential AMC | 19 December 2025 | Mainboard | 2,165 | 10,602.65 | 39.17x | 2,600 | 2,585.90 | +20.09% | +19.44% |
| Pine Labs | 14 November 2025 | Mainboard | 221 | 3,899.91 | 2.46x | 242 | 250.89 | +9.50% | +13.52% |
| Finbud Financial Services | 13 November 2025 | SME (NSE) | 142 | 71.68 | 4.51x | 157 | 164.85 | +10.56% | +16.09% |
| Billionbrains Garage Ventures (Groww) | 12 November 2025 | Mainboard | 100 | 6,632.30 | 17.60x | 112 | 131.33 | +12% | +31.33% |
| Canara HSBC Life Insurance Company | 17 October 2025 | Mainboard | 106 | 2,515.95 | 2.29x | 106 | 111.42 | 0% | +5.11% |
| Canara Robeco Asset Management Company | 16 October 2025 | Mainboard | 266 | 1,326.13 | 9.74x | 280.25 | 300.45 | +5.36% | +12.95% |
| Tata Capital | 13 October 2025 | Mainboard | 326 | 15,511.87 | 1.95x | 330 | 330.50 | +1.23% | +1.38% |
| Sodhani Capital | 7 October 2025 | SME (BSE) | 51 | 10.71 | 4.85x | 80 | 84 | +56.86% | +64.71% |
| Seshaasai Technologies | 30 September 2025 | Mainboard | 423 | 813.07 | 68.13x | 432 | 411.45 | +2.13% | -2.73% |
| Anand Rathi Share and Stock Brokers | 30 September 2025 | Mainboard | 414 | 745 | 20.66x | 432 | 445.55 | +4.35% | +7.62% |
| NSDL | 6 August 2025 | Mainboard | 800 | 4,011.60 | 41.01x | 880 | 936 | +10% | +17% |
| Laxmi India Finance | 5 August 2025 | Mainboard | 158 | 254.26 | 1.87x | 137.52 | 134.11 | -12.96% | -15.12% |
| HDB Financial Services | 2 July 2025 | Mainboard | 740 | 12,500 | 16.69x | 835 | 840.95 | +12.84% | +13.64% |
| Dar Credit & Capital | 28 May 2025 | SME (NSE) | 60 | 25.66 | 106.16x | 65.15 | 63.95 | +8.58% | +6.58% |
| Rikhav Securities | 22 January 2025 | SME (BSE) | 86 | 88.82 | 307.08x | 163.40 | 171.55 | +90% | +99.48% |
| DAM Capital | 27 December 2024 | Mainboard | 283 | 840.25 | 82.08x | 393 | 415.10 | +38.87% | +46.68% |
| One Mobikwik Systems | 18 December 2024 | Mainboard | 279 | 572 | 119.38x | 440 | 528 | +57.71% | +89.25% |
| Nisus Finance | 11 December 2024 | SME (BSE) | 180 | 114.24 | 177.22x | 225 | 236.25 | +25% | +31.25% |
| Niva Bupa Health Insurance | 14 November 2024 | Mainboard | 74 | 2,200 | 1.80x | 78.14 | 74.02 | +5.59% | +0.03% |
| Usha Financial Services | 31 October 2024 | SME (NSE) | 168 | 98.45 | 19.45x | 164 | 155.85 | -2.38% | -7.23% |
| Manba Finance | 30 September 2024 | Mainboard | 120 | 150.84 | 224.10x | 145 | 152.25 | +20.83% | +26.88% |
| Northern Arc Capital | 24 September 2024 | Mainboard | 263 | 777 | 110.91x | 350 | 323.40 | +33.08% | +22.97% |
| Share Samadhan | 16 September 2024 | SME (BSE) | 74 | 24.06 | 14.66x | 73.05 | 74.87 | -1.28% | +1.18% |
| Bajaj Housing Finance | 16 September 2024 | Mainboard | 70 | 6,560 | 63.61x | 150 | 165 | +114.29% | +135.71% |
| My Mudra Fincorp | 12 September 2024 | SME (NSE) | 110 | 33.26 | 102.53x | 130 | 123.50 | +18.18% | +12.27% |
| RNFI Services | 29 July 2024 | SME (NSE) | 105 | 70.81 | 221.58x | 199.50 | 189.55 | +90% | +80.52% |
| Akiko Global Services | 2 July 2024 | SME (NSE) | 77 | 23.11 | 36.52x | 98 | 93.35 | +27.27% | +21.23% |
| Akme Fintrade | 26 June 2024 | Mainboard | 120 | 132 | 55.12x | 127 | 133.35 | +5.83% | +11.12% |
| Beacon Trusteeship | 4 June 2024 | SME (NSE) | 60 | 32.52 | 465.08x | 90 | 94.50 | +50% | +57.50% |
| Go Digit General Insurance | 23 May 2024 | Mainboard | 272 | 2,614.65 | 9.60x | 286 | 306 | +5.15% | +12.50% |
| Aadhar Housing Finance | 15 May 2024 | Mainboard | 315 | 3,000 | 25.49x | 315 | 329.45 | 0% | +4.59% |
| Pune E-Stock Broking | 15 March 2024 | SME (BSE) | 83 | 38.23 | 296.65x | 130 | 133.18 | +56.63% | +60.46% |
| Jana Small Finance Bank | 14 February 2024 | Mainboard | 414 | 570 | 18.50x | 396 | 368.15 | -4.35% | -11.07% |
| Capital Small Finance Bank | 14 February 2024 | Mainboard | 468 | 523.07 | 4x | 430.25 | 435 | -8.07% | -7.05% |
| Medi Assist Healthcare | 23 January 2024 | Mainboard | 418 | 1,171.58 | 16.25x | 460 | 464.10 | +10.05% | +11.03% |
| IBL Finance | 16 January 2024 | SME (NSE) | 51 | 33.41 | 16.18x | 56 | 58.80 | +9.80% | +15.29% |
| Muthoot Microfin | 26 December 2023 | Mainboard | 291 | 960 | 11.52x | 275.30 | 266.15 | -5.40% | -8.54% |
| India Shelter Finance | 20 December 2023 | Mainboard | 493 | 1,200 | 36.62x | 620 | 544.70 | +25.76% | +10.49% |
| Fedbank Financial Services | 30 November 2023 | Mainboard | 140 | 1,092.26 | 2.20x | 138 | 140.25 | -1.43% | +0.18% |
| IREDA | 29 November 2023 | Mainboard | 32 | 2,150.21 | 38.80x | 50 | 60 | +56.25% | +87.50% |
| ESAF Small Finance Bank | 10 November 2023 | Mainboard | 60 | 463 | 73.14x | 71 | 69.05 | +18.33% | +15.08% |
| SBFC Finance | 16 August 2023 | Mainboard | 57 | 1,025 | 70.16x | 82 | 92.20 | +43.86% | +61.75% |
| Utkarsh Small Finance Bank | 21 July 2023 | Mainboard | 25 | 500 | 101.91x | 40 | 48 | +60% | +92% |
| MOS Utility | 18 April 2023 | SME (NSE) | 76 | 49.97 | 19.74x | 90 | 94.50 | +18.42% | +24.34% |
| DHARNI Capital | 31 January 2023 | SME (BSE) | 20 | 10.74 | 6.24x | 21 | 20.25 | +5% | +1.25% |
| KFin Technologies | 29 December 2022 | Mainboard | 366 | 1,500 | 2.59x | 367 | 363.85 | +0.27% | -0.59% |
| Abans Holdings | 23 December 2022 | Mainboard | 270 | 345.60 | 1.10x | 270 | 216.05 | 0% | -19.98% |
| Five-Star Business Finance | 21 November 2022 | Mainboard | 474 | 1,588.51 | 0.70x | 468.80 | 490 | -1.10% | +3.38% |
| Fusion Microfinance | 15 November 2022 | Mainboard | 368 | 1,103.99 | 2.95x | 359.50 | 324.80 | -2.31% | -11.74% |
| Tamilnad Mercantile Bank | 15 September 2022 | Mainboard | 510 | 807.84 | 2.86x | 495 | 509.65 | -2.94% | -0.07% |
| Prudent Corporate Advisory | 20 May 2022 | Mainboard | 630 | 428.28 | 1.22x | 650 | 561.75 | +3.17% | -10.83% |
| LIC | 17 May 2022 | Mainboard | 949 | 20,557.23 | 2.95x | 872 | 875.25 | -8.11% | -7.77% |
| AGS Transact | 31 January 2022 | Mainboard | 175 | 680 | 7.79x | 175 | 161.05 | 0% | -7.97% |
| Anand Rathi Wealth | 14 December 2021 | Mainboard | 550 | 659.38 | 9.78x | 600 | 583.55 | +9.09% | +6.10% |
| Star Health | 10 December 2021 | Mainboard | 900 | 6,018.68 | 0.79x | 845 | 906.85 | -6.11% | +0.76% |
| One97 Communications (Paytm) | 18 November 2021 | Mainboard | 2,150 | 18,300 | 1.89x | 1,950 | 1,560.80 | -9.30% | -27.40% |
| PB Fintech (PolicyBazaar) | 15 November 2021 | Mainboard | 980 | 5,709.71 | 16.59x | 1,150 | 1,202.30 | +17.35% | +22.68% |
| Fino Payments Bank | 12 November 2021 | Mainboard | 577 | 1,200.29 | 2.03x | 544.35 | 543.90 | -5.66% | -5.74% |
| Aditya Birla AMC | 11 October 2021 | Mainboard | 712 | 2,768.26 | 5.25x | 715 | 699.45 | +0.42% | -1.76% |
| Aptus Value Housing Finance | 24 August 2021 | Mainboard | 353 | 2,780.05 | 17.20x | 333 | 346.90 | -5.67% | -1.73% |
| Suryoday Small Finance Bank | 26 March 2021 | Mainboard | 305 | 580.84 | 2.37x | 292 | 277.80 | -4.26% | -8.92% |
| Home First Finance | 3 February 2021 | Mainboard | 518 | 1,153.72 | 26.66x | 618.80 | 527.55 | +19.46% | +1.84% |
| IRFC | 29 January 2021 | Mainboard | 26 | 4,633.38 | 3.49x | 24.90 | 24.80 | -4.23% | -4.62% |
| Equitas Small Finance Bank | 2 November 2020 | Mainboard | 33 | 517.60 | 1.95x | 31.10 | 32.80 | -5.76% | -0.61% |
| UTI AMC | 12 October 2020 | Mainboard | 554 | 2,159.88 | 2.31x | 500 | 476.20 | -9.75% | -14.04% |
| Angel Broking | 5 October 2020 | Mainboard | 306 | 600 | 3.94x | 275 | 275.80 | -10.13% | -9.87% |
| CAMS | 1 October 2020 | Mainboard | 1,230 | 2,242.11 | 46.99x | 1,518 | 1,401.60 | +23.41% | +13.95% |
| SBI Cards | 16 March 2020 | Mainboard | 755 | 10,340.79 | 26.54x | 661 | 681.40 | -12.45% | -9.75% |
| Ujjivan Small Finance Bank | 12 December 2019 | Mainboard | 37 | 745.95 | 165.66x | 58.75 | 55.95 | +58.78% | +51.22% |
| CSB Bank | 4 December 2019 | Mainboard | 195 | 409.68 | 86.91x | 275 | 300.05 | +41.03% | +53.87% |
| Spandana Sphoorti Financial | 19 August 2019 | Mainboard | 856 | 1,189.85 | 1.05x | 825 | 847.80 | -3.62% | -0.96% |
| Aavas Financiers | 8 October 2018 | Mainboard | 821 | 1,640.32 | 0.97x | 750 | 774.35 | -8.65% | -5.68% |
| Creditaccess Grameen | 23 August 2018 | Mainboard | 422 | 1,131.19 | 2.22x | 390 | 422.05 | -7.58% | +0.01% |
| HDFC AMC | 6 August 2018 | Mainboard | 1,100 | 2,800.33 | 82.99x | 1,726.25 | 1,815.95 | +56.93% | +65.09% |
| Indostar Capital Finance | 21 May 2018 | Mainboard | 572 | 1,844 | 6.65x | 600 | 586.10 | +4.90% | +2.47% |
| ICICI Securities | 4 April 2018 | Mainboard | 520 | 3,514.85 | 0.78x | 435 | 445.10 | -16.35% | -14.40% |
| Bandhan Bank | 27 March 2018 | Mainboard | 375 | 4,473.02 | 14.56x | 499 | 476.85 | +33.07% | +27.16% |