Services: IPO Track Record
Mostly SME (86 of 117). The median gain at open since 2025 is 0.13% across 59 IPOs, against 12.67% before.
Listed IPOs
117
31 mainboard, 86 SME
Amount raised
INR 38,857.79 crore
2019 to 2026
Median gain at open
+4.17%
listing day, vs issue price
Median gain at close
+5%
listing day, vs issue price
Opened above issue price
63.25%
share of listings
Closed below issue price
35.90%
on listing day
Median subscription
16.67x
total, final day
Vs same-year IPOs
-2.81
percentage points; median gap at open
Best listing: Infollion Research (+154.88% at open, 8 June 2023). Weakest: Om Freight Forwarders (-39.63% at open, 8 October 2025).
Mainboard vs SME
| Segment | IPOs | Median gain at open | Median gain at close | Opened above issue | Closed below issue | Median subscription |
|---|---|---|---|---|---|---|
| Mainboard | 31 | +2.89% | +1.23% | 61.29% | 48.39% | 7.70x |
| SME | 86 | +4.30% | +6.44% | 63.95% | 31.40% | 30.42x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 18 | 0% | -6.92% | 44.44% | 3.33x |
| 2025 | 41 | +0.37% | +0.25% | 53.66% | 8.91x |
| 2024 | 28 | +19.54% | +20.81% | 82.14% | 85.02x |
| 2023 | 24 | +8.03% | +11.71% | 66.67% | 34.11x |
| 2022 | 4 | +8.69% | +16.95% | 100% | 4.84x |
| 2021 | 1 | +1.94% | +10.28% | 100% | 1.95x |
| 2019 | 1 | -4.17% | -5.04% | 0% | 1.46x |
All 117 IPOs
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Acme India Industries | 9 October 2026 | SME (BSE) | 196 | 121.69 | 124.31x | 221 | 232.05 | +12.76% | +18.39% |
| Pooja Logistics | 30 September 2026 | SME (NSE) | 115 | 44.23 | 3.19x | 118 | 123.90 | +2.61% | +7.74% |
| Elevate Campuses | 30 September 2026 | Mainboard | 362 | 2,100 | 1.89x | 355.10 | 322.95 | -1.91% | -10.79% |
| Coreintegra Consulting | 30 September 2026 | SME (NSE) | 78 | 21.99 | 1.45x | 78.10 | 78.90 | +0.13% | +1.15% |
| Apana Logistics | 15 September 2026 | SME (BSE) | 60 | 34.14 | 1.31x | 60 | 57 | 0% | -5% |
| Fly-Hi Maritime | 8 September 2026 | SME (BSE) | 102 | 52.63 | 2.18x | 81.60 | 77.55 | -20% | -23.97% |
| Skyways Air Services | 1 September 2026 | Mainboard | 138 | 582.80 | 71.25x | 124 | 125.56 | -10.14% | -9.01% |
| Shiprocket | 19 August 2026 | Mainboard | 97 | 1,617.49 | 102.27x | 131 | 143.45 | +35.05% | +47.89% |
| LEAP India | 14 August 2026 | Mainboard | 159 | 2,480 | 8.38x | 165.90 | 144.93 | +4.34% | -8.85% |
| Aegeus Technologies | 11 August 2026 | SME (BSE) | 105 | 23.71 | 30.11x | 124.50 | 130.70 | +18.57% | +24.48% |
| Propshop Events | 3 August 2026 | SME (NSE) | 69 | 28.57 | 1.58x | 55.20 | 57.15 | -20% | -17.17% |
| Gulf Lloyds | 27 July 2026 | SME (BSE) | 100 | 18.19 | 10.90x | 100 | 95 | 0% | -5% |
| Sampark India Logistics | 7 July 2026 | SME (BSE) | 84 | 27.22 | 5.02x | 89 | 93.45 | +5.95% | +11.25% |
| Central Mine Planning | 30 March 2026 | Mainboard | 172 | 1,837.84 | 1.03x | 160 | 154.06 | -6.98% | -10.43% |
| Innovision | 23 March 2026 | Mainboard | 519 | 319.25 | 3.47x | 467.70 | 374.20 | -9.88% | -27.90% |
| PAN HR Solution | 13 February 2026 | SME (BSE) | 78 | 17.04 | 12.36x | 78.35 | 78.01 | +0.45% | +0.01% |
| Shadowfax Technologies | 28 January 2026 | Mainboard | 124 | 1,907.27 | 2.72x | 112.60 | 109.98 | -9.19% | -11.31% |
| Armour Security India | 22 January 2026 | SME (NSE) | 57 | 26.51 | 1.87x | 45.60 | 43.35 | -20% | -23.95% |
| Dhara Rail Projects | 31 December 2025 | SME (NSE) | 126 | 50.20 | 112.01x | 150 | 157.50 | +19.05% | +25% |
| MARC Technocrats | 24 December 2025 | SME (NSE) | 93 | 42.59 | 9.93x | 74.40 | 70.70 | -20% | -23.98% |
| Global Ocean Logistics | 24 December 2025 | SME (BSE) | 78 | 30.41 | 13.71x | 79.20 | 79.29 | +1.54% | +1.65% |
| Neptune Logitek | 22 December 2025 | SME (BSE) | 126 | 46.62 | 1.66x | 100.80 | 95.80 | -20% | -23.97% |
| Ashwini Container | 19 December 2025 | SME (NSE) | 142 | 71 | 1.78x | 147 | 140.10 | +3.52% | -1.34% |
| Shipwaves Online | 17 December 2025 | SME (BSE) | 12 | 56.35 | 1.70x | 12 | 11.40 | 0% | -5% |
| Encompass Design India | 12 December 2025 | SME (NSE) | 107 | 40.21 | 2.27x | 203.30 | 193.15 | +90% | +80.51% |
| Clear Secured Services | 8 December 2025 | SME (NSE) | 132 | 85.60 | 8.91x | 119 | 113.05 | -9.85% | -14.36% |
| Jayesh Logistics | 3 November 2025 | SME (NSE) | 122 | 28.63 | 65.66x | 120 | 117.80 | -1.64% | -3.44% |
| WeWork India | 10 October 2025 | Mainboard | 648 | 2,999.64 | 1.15x | 650 | 628.65 | +0.31% | -2.99% |
| NSB BPO Solutions | 10 October 2025 | SME (BSE) | 121 | 64.13 | 0.81x | 121.45 | 121.30 | +0.37% | +0.25% |
| Sunsky Logistics | 8 October 2025 | SME (BSE) | 46 | 16.84 | 1.52x | 51 | 53.55 | +10.87% | +16.41% |
| Sheel Biotech | 8 October 2025 | SME (NSE) | 63 | 34.02 | 16.04x | 91 | 95.55 | +44.44% | +51.67% |
| Om Freight Forwarders | 8 October 2025 | Mainboard | 135 | 122.31 | 7.70x | 81.50 | 85.57 | -39.63% | -36.61% |
| Glottis | 7 October 2025 | Mainboard | 129 | 307 | 2.05x | 84 | 83.70 | -34.88% | -35.12% |
| Dhillon Freight Carrier | 7 October 2025 | SME (BSE) | 72 | 10.08 | 2.97x | 57.60 | 54.72 | -20% | -24% |
| Dev Accelerator | 17 September 2025 | Mainboard | 61 | 143.35 | 63.97x | 61 | 64.05 | 0% | +5% |
| Shreeji Shipping Global | 26 August 2025 | Mainboard | 252 | 410.71 | 58.10x | 270 | 255.10 | +7.14% | +1.23% |
| Highway Infrastructure | 12 August 2025 | Mainboard | 70 | 130 | 300.61x | 115 | 120.75 | +64.29% | +72.50% |
| BLT Logistics | 11 August 2025 | SME (BSE) | 75 | 9.72 | 560.91x | 90.95 | 95.49 | +21.27% | +27.32% |
| FlySBS Aviation | 8 August 2025 | SME (NSE) | 225 | 102.53 | 318.82x | 427.50 | 448.85 | +90% | +99.49% |
| IndiQube Spaces | 30 July 2025 | Mainboard | 237 | 700 | 12.41x | 216 | 217.97 | -8.86% | -8.03% |
| Monarch Surveyors | 29 July 2025 | SME (BSE) | 250 | 93.75 | 250.73x | 421.25 | 400.20 | +68.50% | +60.08% |
| Smartworks Coworking Spaces | 17 July 2025 | Mainboard | 407 | 582.88 | 13.45x | 435 | 445.05 | +6.88% | +9.35% |
| Happy Square Outsourcing Services | 10 July 2025 | SME (NSE) | 76 | 24.25 | 3.72x | 77 | 80.85 | +1.32% | +6.38% |
| 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% |
| Blue Water Logistics | 3 June 2025 | SME (NSE) | 135 | 40.50 | 9.44x | 141 | 148.05 | +4.44% | +9.67% |
| iWare Supplychain | 6 May 2025 | SME (NSE) | 95 | 27.13 | 3.02x | 85.05 | 80.90 | -10.47% | -14.84% |
| Rapid Fleet Management | 28 March 2025 | SME (NSE) | 192 | 43.87 | 1.97x | 195 | 200.90 | +1.56% | +4.64% |
| Paradeep Parivahan | 24 March 2025 | SME (BSE) | 98 | 44.86 | 1.99x | 78.40 | 82.32 | -20% | -16% |
| PDP Shipping & Projects | 18 March 2025 | SME (BSE) | 135 | 12.65 | 1.06x | 108.25 | 102.85 | -19.81% | -23.81% |
| Shreenath Paper | 5 March 2025 | SME (BSE) | 44 | 23.36 | 1.91x | 35.20 | 33.44 | -20% | -24% |
| Nukleus Office | 4 March 2025 | SME (BSE) | 234 | 31.70 | 1.34x | 187.20 | 196.55 | -20% | -16% |
| HP Telecom India | 28 February 2025 | SME (NSE) | 108 | 34.23 | 1.96x | 115.05 | 115.05 | +6.53% | +6.53% |
| Tejas Cargo | 24 February 2025 | SME (NSE) | 168 | 105.84 | 1.23x | 175 | 168 | +4.17% | 0% |
| Voler Car | 19 February 2025 | SME (NSE) | 90 | 27 | 13.73x | 90 | 91.45 | 0% | +1.61% |
| Eleganz Interiors | 14 February 2025 | SME (NSE) | 130 | 78.07 | 30.73x | 122 | 116.05 | -6.15% | -10.73% |
| Chamunda Electrical | 11 February 2025 | SME (NSE) | 50 | 14.60 | 738.03x | 70 | 66.50 | +40% | +33% |
| GB Logistics | 31 January 2025 | SME (BSE) | 102 | 25.07 | 185.31x | 81.60 | 81.75 | -20% | -19.85% |
| EMA Partners | 24 January 2025 | SME (NSE) | 124 | 76.01 | 221.14x | 156.50 | 148.70 | +26.21% | +19.92% |
| International Gemmological Institute | 20 December 2024 | Mainboard | 417 | 4,225 | 33.78x | 510 | 471.15 | +22.30% | +12.99% |
| Supreme Facility Management | 18 December 2024 | SME (NSE) | 76 | 50 | 27.07x | 75 | 71.25 | -1.32% | -6.25% |
| Zinka Logistics | 22 November 2024 | Mainboard | 273 | 1,114.72 | 1.86x | 280.90 | 260.05 | +2.89% | -4.74% |
| Mangal Compusolution | 21 November 2024 | SME (BSE) | 45 | 16.23 | 34.65x | 45 | 42.75 | 0% | -5% |
| Pranik Logistics | 17 October 2024 | SME (NSE) | 77 | 22.47 | 218.10x | 79 | 82.95 | +2.60% | +7.73% |
| Khyati Global Ventures | 11 October 2024 | SME (BSE) | 99 | 18.30 | 15.23x | 105 | 99.75 | +6.06% | +0.76% |
| Phoenix Overseas | 27 September 2024 | SME (NSE) | 64 | 36.03 | 121.18x | 64 | 60.80 | 0% | -5% |
| Western Carriers | 24 September 2024 | Mainboard | 172 | 492.88 | 30.57x | 171 | 159.44 | -0.58% | -7.30% |
| Deccan Transcon Leasing | 24 September 2024 | SME (NSE) | 108 | 65.06 | 101.81x | 116 | 110.25 | +7.41% | +2.08% |
| Vision Infra | 13 September 2024 | SME (NSE) | 163 | 106.21 | 68.22x | 205 | 215.25 | +25.77% | +32.06% |
| ECOS Mobility | 4 September 2024 | Mainboard | 334 | 601.20 | 64.26x | 390 | 443.15 | +16.77% | +32.68% |
| Rapid Multimodal | 30 August 2024 | SME (BSE) | 84 | 8.49 | 350.52x | 103 | 108.10 | +22.62% | +28.69% |
| BracePort Logistics | 26 August 2024 | SME (NSE) | 80 | 24.41 | 657.87x | 152 | 159.60 | +90% | +99.50% |
| Positron Energy | 20 August 2024 | SME (NSE) | 250 | 51.21 | 413.05x | 475 | 498.75 | +90% | +99.50% |
| Afcom Holdings | 9 August 2024 | SME (BSE) | 108 | 73.83 | 303.11x | 205.20 | 215.45 | +90% | +99.49% |
| Ashapura Logistics | 6 August 2024 | SME (NSE) | 144 | 52.66 | 182.73x | 185 | 175.75 | +28.47% | +22.05% |
| Manglam Infra & Engineering | 31 July 2024 | SME (NSE) | 56 | 27.62 | 394.59x | 106.40 | 111.70 | +90% | +99.46% |
| Diensten Tech | 3 July 2024 | SME (NSE) | 100 | 22.08 | 54.01x | 240 | 252 | +140% | +152% |
| Falcon Technoprojects | 26 June 2024 | SME (NSE) | 92 | 13.69 | 66.50x | 84 | 88.20 | -8.70% | -4.13% |
| Awfis Space | 30 May 2024 | Mainboard | 383 | 598.93 | 108.15x | 435 | 421.75 | +13.58% | +10.12% |
| ABS Marine Services | 21 May 2024 | SME (NSE) | 147 | 96.29 | 143.09x | 294 | 279.30 | +100% | +90% |
| Premier Roadlines | 17 May 2024 | SME (NSE) | 67 | 40.36 | 115.29x | 87 | 91.35 | +29.85% | +36.34% |
| Gconnect Logitech | 3 April 2024 | SME (BSE) | 40 | 5.60 | 57.30x | 42 | 44.10 | +5% | +10.25% |
| Krystal Integrated | 21 March 2024 | Mainboard | 715 | 300.13 | 13.21x | 785 | 712.85 | +9.79% | -0.30% |
| Sadhav Shipping | 1 March 2024 | SME (NSE) | 95 | 38.18 | 125.10x | 135 | 141.75 | +42.11% | +49.21% |
| WTi Cabs | 19 February 2024 | SME (NSE) | 147 | 94.68 | 163.87x | 195 | 204.75 | +32.65% | +39.29% |
| Qualitek Labs | 29 January 2024 | SME (BSE) | 100 | 19.64 | 59x | 190 | 199.50 | +90% | +99.50% |
| HRH Next | 3 January 2024 | SME (NSE) | 36 | 9.57 | 61.98x | 41 | 43.05 | +13.89% | +19.58% |
| Sahara Maritime | 26 December 2023 | SME (BSE) | 81 | 6.88 | 22.73x | 81 | 81.16 | 0% | +0.20% |
| Shree OSFM E-Mobility | 21 December 2023 | SME (NSE) | 65 | 24.60 | 7.69x | 65 | 68.25 | 0% | +5% |
| S J Logistics | 19 December 2023 | SME (NSE) | 125 | 48 | 293.99x | 175 | 183.75 | +40% | +47% |
| Marinetrans India | 8 December 2023 | SME (NSE) | 26 | 10.92 | 30.85x | 30 | 31 | +15.38% | +19.23% |
| Rocking Deals | 30 November 2023 | SME (NSE) | 140 | 21 | 198.51x | 300 | 315 | +114.29% | +125% |
| Vrundavan Plantation | 6 November 2023 | SME (BSE) | 108 | 15.29 | 17.68x | 107 | 101.65 | -0.93% | -5.88% |
| Arvind and Company Shipping | 25 October 2023 | SME (NSE) | 45 | 14.74 | 359.62x | 80 | 80.05 | +77.78% | +77.89% |
| Committed Cargo | 18 October 2023 | SME (NSE) | 77 | 24.95 | 81.36x | 82 | 86.10 | +6.49% | +11.82% |
| Plada Infotech | 13 October 2023 | SME (NSE) | 48 | 12.36 | 54x | 59 | 56.05 | +22.92% | +16.77% |
| Oneclick Logistics | 11 October 2023 | SME (NSE) | 99 | 9.91 | 172.28x | 140 | 133 | +41.41% | +34.34% |
| Kontor Space | 10 October 2023 | SME (NSE) | 93 | 15.62 | 65.20x | 122 | 115.90 | +31.18% | +24.62% |
| Updater Services | 4 October 2023 | Mainboard | 300 | 640 | 2.89x | 285 | 283.90 | -5% | -5.37% |
| JSW Infra | 3 October 2023 | Mainboard | 119 | 2,800 | 37.37x | 143 | 157.30 | +20.17% | +32.18% |
| Techknowgreen Solutions | 27 September 2023 | SME (BSE) | 86 | 16.72 | 12.37x | 87 | 91.35 | +1.16% | +6.22% |
| TVS Supply Chain Solutions | 23 August 2023 | Mainboard | 197 | 880 | 2.78x | 207.05 | 201 | +5.10% | +2.03% |
| Zeal Global Services | 9 August 2023 | SME (NSE) | 103 | 36.46 | 3.90x | 147 | 154.35 | +42.72% | +49.85% |
| Service Care | 26 July 2023 | SME (NSE) | 67 | 20.68 | 6.16x | 70.90 | 67.55 | +5.82% | +0.82% |
| Tridhya Tech | 13 July 2023 | SME (NSE) | 42 | 26.41 | 67.75x | 42 | 44.10 | 0% | +5% |
| Spectrum Talent | 22 June 2023 | SME (NSE) | 173 | 105.14 | 11.70x | 155 | 147.25 | -10.40% | -14.88% |
| Infollion Research | 8 June 2023 | SME (NSE) | 82 | 21.45 | 259.05x | 209 | 198.55 | +154.88% | +142.13% |
| ITCONS E-Solutions | 13 March 2023 | SME (BSE) | 51 | 8.67 | 16.67x | 46.99 | 49.33 | -7.86% | -3.27% |
| Transvoy Logistics | 2 February 2023 | SME (BSE) | 71 | 5.11 | 174.50x | 71 | 74.55 | 0% | +5% |
| Anlon Technology Solutions | 10 January 2023 | SME (NSE) | 100 | 15 | 397.97x | 251.10 | 263.65 | +151.10% | +163.65% |
| Radiant Cash Management | 4 January 2023 | Mainboard | 94 | 264.10 | 0.53x | 103 | 104.90 | +9.57% | +11.60% |
| Tracxn Technologies | 20 October 2022 | Mainboard | 80 | 309.38 | 2.01x | 84.50 | 93.25 | +5.62% | +16.56% |
| DreamFolks | 6 September 2022 | Mainboard | 326 | 562.10 | 56.68x | 508.70 | 462.40 | +56.04% | +41.84% |
| Delhivery | 24 May 2022 | Mainboard | 487 | 5,235 | 1.63x | 495.20 | 536.35 | +1.68% | +10.13% |
| Uma Exports | 7 April 2022 | Mainboard | 68 | 60 | 7.67x | 76 | 79.80 | +11.76% | +17.35% |
| CMS Infosystems | 31 December 2021 | Mainboard | 216 | 1,100 | 1.95x | 220.20 | 238.20 | +1.94% | +10.28% |
| MSTC | 29 March 2019 | Mainboard | 120 | 211.04 | 1.46x | 115 | 113.95 | -4.17% | -5.04% |