Realty: IPO Track Record
The lowest median gain at open of any sector with a page (2.01%); 8 of 20 closed below the issue price on listing day.
Listed IPOs
20
13 mainboard, 7 SME
Amount raised
INR 11,669.30 crore
2018 to 2026
Median gain at open
+2.01%
listing day, vs issue price
Median gain at close
+3.71%
listing day, vs issue price
Opened above issue price
60%
share of listings
Closed below issue price
40%
on listing day
Median subscription
8.27x
total, final day
Vs same-year IPOs
-2.71
percentage points; median gap at open
Best listing: Homesfy Realty (+39.62% at open, 2 January 2023). Weakest: Karda Constructions (KBC GLOBAL LIMITED) (-24.44% at open, 2 April 2018).
Mainboard vs SME
| Segment | IPOs | Median gain at open | Median gain at close | Opened above issue | Closed below issue | Median subscription |
|---|---|---|---|---|---|---|
| Mainboard | 13 | +0.42% | +2.93% | 53.85% | 46.15% | 4.60x |
| SME | 7 | +2.50% | +4.72% | 71.43% | 28.57% | 20.56x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 5 | +1.52% | +4.50% | 80% | 14.60x |
| 2025 | 4 | 0% | +2.19% | 25% | 3.46x |
| 2024 | 3 | +36.72% | +29.58% | 100% | 87.93x |
| 2023 | 4 | +8.91% | +13.30% | 75% | 13.77x |
| 2022 | 1 | +2.59% | +2.93% | 100% | 2.01x |
| 2021 | 2 | -17.01% | -9.93% | 0% | 2.98x |
| 2018 | 1 | -24.44% | -20.67% | 0% | 2.53x |
All 20 IPOs
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Black Opal Consultants | 7 October 2026 | SME (BSE) | 197 | 55.08 | 73.88x | 200 | 206.30 | +1.52% | +4.72% |
| Runwal Enterprises | 5 October 2026 | Mainboard | 305 | 500 | 2.63x | 305 | 301.45 | 0% | -1.16% |
| Veegaland Developers | 18 September 2026 | Mainboard | 140 | 210 | 14.60x | 154 | 146.30 | +10% | +4.50% |
| Pranav Constructions | 15 September 2026 | Mainboard | 124 | 351.03 | 126.34x | 165 | 132 | +33.06% | +6.45% |
| Horizon Industrial Parks | 24 August 2026 | Mainboard | 60 | 2,600 | 1.52x | 60.25 | 58.16 | +0.42% | -3.07% |
| Justo Realfintech | 1 October 2025 | SME (BSE) | 127 | 63 | 4.65x | 126.90 | 126.75 | -0.08% | -0.20% |
| Sri Lotus Developers | 6 August 2025 | Mainboard | 150 | 792 | 69.14x | 178 | 195.67 | +18.67% | +30.45% |
| Kalpataru | 1 July 2025 | Mainboard | 414 | 1,590 | 2.26x | 414 | 432.95 | 0% | +4.58% |
| Active Infrastructures | 28 March 2025 | SME (NSE) | 181 | 77.83 | 1.11x | 181 | 175.60 | 0% | -2.98% |
| Arkade Developers | 24 September 2024 | Mainboard | 128 | 410 | 106.83x | 175 | 165.86 | +36.72% | +29.58% |
| Mason Infratech | 1 July 2024 | SME (NSE) | 64 | 30.46 | 32.97x | 88 | 92.40 | +37.50% | +44.38% |
| V R Infraspace | 12 March 2024 | SME (NSE) | 85 | 20.40 | 87.93x | 90 | 87.40 | +5.88% | +2.82% |
| Suraj Estate Developers | 26 December 2023 | Mainboard | 360 | 400 | 15.65x | 340 | 334.50 | -5.56% | -7.08% |
| Signature Global | 27 September 2023 | Mainboard | 385 | 730 | 11.88x | 444 | 458.55 | +15.32% | +19.10% |
| SVS Ventures | 12 January 2023 | SME (BSE) | 20 | 11.24 | 1.21x | 20.50 | 21.50 | +2.50% | +7.50% |
| Homesfy Realty | 2 January 2023 | SME (NSE) | 197 | 15.86 | 20.56x | 275.05 | 287.95 | +39.62% | +46.17% |
| Keystone Realtors | 24 November 2022 | Mainboard | 541 | 635 | 2.01x | 555 | 556.85 | +2.59% | +2.93% |
| Shriram Properties | 20 December 2021 | Mainboard | 118 | 600 | 4.60x | 90 | 99.60 | -23.73% | -15.59% |
| Macrotech Developers (Lodha) | 19 April 2021 | Mainboard | 486 | 2,500 | 1.36x | 436 | 465.25 | -10.29% | -4.27% |
| Karda Constructions (KBC GLOBAL LIMITED) | 2 April 2018 | Mainboard | 180 | 77.40 | 2.53x | 136 | 142.80 | -24.44% | -20.67% |