Utilities: IPO Track Record
The highest median gain at open of any sector with a page (33.96%), mostly from 2024, when 9 IPOs had a median of 90%.
Listed IPOs
19
7 mainboard, 12 SME
Amount raised
INR 3,587.67 crore
2021 to 2026
Median gain at open
+33.96%
listing day, vs issue price
Median gain at close
+33.13%
listing day, vs issue price
Opened above issue price
84.21%
share of listings
Closed below issue price
15.79%
on listing day
Median subscription
154.88x
total, final day
Vs same-year IPOs
+24.12
percentage points; median gap at open
Best listing: Apex Ecotech (+90% at open, 4 December 2024). Weakest: Z-Tech India (-9.09% at open, 5 June 2024).
Mainboard vs SME
| Segment | IPOs | Median gain at open | Median gain at close | Opened above issue | Closed below issue | Median subscription |
|---|---|---|---|---|---|---|
| Mainboard | 7 | +33.67% | +29.32% | 85.71% | 14.29% | 38.69x |
| SME | 12 | +65.50% | +73.75% | 83.33% | 16.67% | 231.29x |
Year by Year
| Year | IPOs | Median gain at open | Median gain at close | Opened above issue | Median subscription |
|---|---|---|---|---|---|
| 2026 | 1 | +33.96% | +46.77% | 100% | 38.69x |
| 2025 | 3 | +10.54% | +16.07% | 66.67% | 198.25x |
| 2024 | 9 | +90% | +99.45% | 88.89% | 236.86x |
| 2023 | 4 | +20.59% | +22.76% | 100% | 115.07x |
| 2022 | 1 | -7.69% | -9.08% | 0% | 1.55x |
| 2021 | 1 | +38.44% | +29.32% | 100% | 15.04x |
All 19 IPOs
| IPO | Listed | Segment | Issue price (INR) | Issue size (INR crore) | Subscription | Open (INR) | Close (INR) | Gain at open | Gain at close |
|---|---|---|---|---|---|---|---|---|---|
| Technocraft Ventures | 14 August 2026 | Mainboard | 212 | 251.88 | 38.69x | 284 | 311.15 | +33.96% | +46.77% |
| Greenleaf Envirotech | 9 October 2025 | SME (NSE) | 136 | 21.90 | 3.89x | 134.90 | 132.90 | -0.81% | -2.28% |
| Sattva Engineering | 3 September 2025 | SME (NSE) | 75 | 35.38 | 198.25x | 95.10 | 99.85 | +26.80% | +33.13% |
| Denta Water and Infra | 29 January 2025 | Mainboard | 294 | 220.50 | 221.68x | 325 | 341.25 | +10.54% | +16.07% |
| Concord Enviro Systems | 27 December 2024 | Mainboard | 701 | 500.33 | 10.67x | 826 | 827.10 | +17.83% | +17.99% |
| Apex Ecotech | 4 December 2024 | SME (NSE) | 73 | 25.54 | 457.15x | 138.70 | 145.60 | +90% | +99.45% |
| Rajesh Power Services | 2 December 2024 | SME (BSE) | 335 | 160.47 | 59.08x | 636.50 | 668.30 | +90% | +99.49% |
| Enviro Infra | 29 November 2024 | Mainboard | 148 | 650.30 | 89.90x | 220 | 207.07 | +48.65% | +39.91% |
| Namo eWaste | 11 September 2024 | SME (NSE) | 85 | 51.20 | 225.71x | 161.50 | 169.55 | +90% | +99.47% |
| VVIP Infratech | 30 July 2024 | SME (BSE) | 93 | 61.21 | 236.86x | 176.70 | 185.53 | +90% | +99.49% |
| Effwa Infra & Research | 12 July 2024 | SME (NSE) | 82 | 51.27 | 313.73x | 155.80 | 163.55 | +90% | +99.45% |
| GEM Enviro | 26 June 2024 | SME (BSE) | 75 | 44.93 | 244.09x | 142.50 | 149.62 | +90% | +99.49% |
| Z-Tech India | 5 June 2024 | SME (NSE) | 110 | 37.30 | 371.46x | 100 | 105 | -9.09% | -4.55% |
| Organic Recycling | 6 October 2023 | SME (BSE) | 200 | 50 | 3.13x | 215 | 225.75 | +7.50% | +12.87% |
| Hi-Green Carbon | 28 September 2023 | SME (NSE) | 75 | 52.80 | 154.88x | 77 | 80.85 | +2.67% | +7.80% |
| EMS Limited | 21 September 2023 | Mainboard | 211 | 321.25 | 75.26x | 282.05 | 279.90 | +33.67% | +32.65% |
| Urban Enviro | 22 June 2023 | SME (NSE) | 100 | 11.42 | 242.65x | 141 | 148.05 | +41% | +48.05% |
| Inox Green Energy | 23 November 2022 | Mainboard | 65 | 740 | 1.55x | 60 | 59.10 | -7.69% | -9.08% |
| Antony Waste Handling Cell | 1 January 2021 | Mainboard | 315 | 299.99 | 15.04x | 436.10 | 407.35 | +38.44% | +29.32% |