Top 10 IPOs 2023
Rankings of mainboard IPOs on NSE and BSE that closed in 2023: size, listing day, demand from each investor category and how they have done since listing. Listing figures are NSE's prices against the issue price.
Biggest IPOs
| # | IPO | Issue size |
|---|---|---|
| 1 | Mankind Pharma Apr 2023 | ₹4,326 Cr |
| 2 | Tata Technologies Nov 2023 | ₹3,043 Cr |
| 3 | JSW Infrastructure Sep 2023 | ₹2,949 Cr |
| 4 | Cello World Nov 2023 | ₹2,068 Cr |
| 5 | R R Kabel Sep 2023 | ₹1,964 Cr |
| 6 | Honasa Consumer Nov 2023 | ₹1,702 Cr |
| 7 | Concord Biotech Aug 2023 | ₹1,551 Cr |
| 8 | INOX India Dec 2023 | ₹1,459 Cr |
| 9 | SAMHI Hotels Sep 2023 | ₹1,429 Cr |
| 10 | DOMS Industries Dec 2023 | ₹1,265 Cr |
Best listings
| # | IPO | Listing gain |
|---|---|---|
| 1 | Tata Technologies Nov 2023 | +140.0% |
| 2 | Motisons Jewellers Dec 2023 | +98.2% |
| 3 | Ideaforge Technology Jun 2023 | +93.5% |
| 4 | Netweb Technologies India Jul 2023 | +89.4% |
| 5 | DOMS Industries Dec 2023 | +77.2% |
| 6 | Gandhar Oil Refinery (India) Nov 2023 | +76.3% |
| 7 | Aeroflex Industries Aug 2023 | +75.9% |
| 8 | Vishnu Prakash R Punglia Aug 2023 | +66.7% |
| 9 | Flair Writing Industries Nov 2023 | +64.8% |
| 10 | Utkarsh Small Finance Bank Jul 2023 | +60.0% |
Worst listings
| # | IPO | Listing gain |
|---|---|---|
| 1 | Udayshivakumar Infra Mar 2023 | -14.3% |
| 2 | Yatra Online Sep 2023 | -10.2% |
| 3 | Suraj Estate Developers Dec 2023 | -5.6% |
| 4 | IRM ENERGY LIMITED Oct 2023 | -5.5% |
| 5 | Muthoot Microfin Dec 2023 | -5.4% |
| 6 | Updater Services Sep 2023 | -5.0% |
| 7 | Fedbank Financial Services Nov 2023 | -1.4% |
| 8 | RBZ Jewellers Dec 2023 | 0.0% |
| 9 | Manoj Vaibhav Gems N Jewellers Sep 2023 | 0.0% |
| 10 | Zaggle Prepaid Ocean Services Sep 2023 | 0.0% |
Highest day-1 high
| # | IPO | Day high vs issue |
|---|---|---|
| 1 | Tata Technologies Nov 2023 | +180.0% |
| 2 | Gandhar Oil Refinery (India) Nov 2023 | +103.6% |
| 3 | Ideaforge Technology Jun 2023 | +100.0% |
| 4 | Motisons Jewellers Dec 2023 | +99.6% |
| 5 | Utkarsh Small Finance Bank Jul 2023 | +92.0% |
| 6 | Netweb Technologies India Jul 2023 | +90.4% |
| 7 | Aeroflex Industries Aug 2023 | +81.8% |
| 8 | DOMS Industries Dec 2023 | +81.5% |
| 9 | Flair Writing Industries Nov 2023 | +69.2% |
| 10 | SBFC Finance Aug 2023 | +67.5% |
Most subscribed overall
| # | IPO | Total |
|---|---|---|
| 1 | Plaza Wires Oct 2023 | 161x |
| 2 | Motisons Jewellers Dec 2023 | 160x |
| 3 | Ideaforge Technology Jun 2023 | 106x |
| 4 | Utkarsh Small Finance Bank Jul 2023 | 102x |
| 5 | Aeroflex Industries Aug 2023 | 97.1x |
| 6 | Ratnaveer Precision Engineering Sep 2023 | 94.0x |
| 7 | DOMS Industries Dec 2023 | 93.5x |
| 8 | Netweb Technologies India Jul 2023 | 90.4x |
| 9 | Vishnu Prakash R Punglia Aug 2023 | 87.8x |
| 10 | Happy Forging Dec 2023 | 82.0x |
Most subscribed by institutions
| # | IPO | QIB |
|---|---|---|
| 1 | Netweb Technologies India Jul 2023 | 229x |
| 2 | Happy Forging Dec 2023 | 220x |
| 3 | Tata Technologies Nov 2023 | 203x |
| 4 | Aeroflex Industries Aug 2023 | 195x |
| 5 | SBFC Finance Aug 2023 | 193x |
| 6 | Jupiter Life Line Hospitals Sep 2023 | 187x |
| 7 | Senco Gold Jul 2023 | 181x |
| 8 | Azad Engineering Dec 2023 | 180x |
| 9 | Vishnu Prakash R Punglia Aug 2023 | 172x |
| 10 | IKIO Lighting Jun 2023 | 164x |
Most subscribed by HNIs
| # | IPO | NII |
|---|---|---|
| 1 | Plaza Wires Oct 2023 | 388x |
| 2 | Motisons Jewellers Dec 2023 | 234x |
| 3 | Ratnaveer Precision Engineering Sep 2023 | 135x |
| 4 | Aeroflex Industries Aug 2023 | 126x |
| 5 | Vishnu Prakash R Punglia Aug 2023 | 111x |
| 6 | Azad Engineering Dec 2023 | 87.6x |
| 7 | EMS Sep 2023 | 82.3x |
| 8 | Netweb Technologies India Jul 2023 | 81.8x |
| 9 | Utkarsh Small Finance Bank Jul 2023 | 81.6x |
| 10 | Ideaforge Technology Jun 2023 | 80.6x |
Most subscribed by retail
| # | IPO | Retail |
|---|---|---|
| 1 | Plaza Wires Oct 2023 | 375x |
| 2 | Motisons Jewellers Dec 2023 | 122x |
| 3 | Ideaforge Technology Jun 2023 | 85.2x |
| 4 | Utkarsh Small Finance Bank Jul 2023 | 72.1x |
| 5 | DOMS Industries Dec 2023 | 69.7x |
| 6 | Ratnaveer Precision Engineering Sep 2023 | 54.0x |
| 7 | Cyient DLM Jun 2023 | 49.2x |
| 8 | Sah Polymers Jan 2023 | 39.8x |
| 9 | Aeroflex Industries Aug 2023 | 34.4x |
| 10 | Vishnu Prakash R Punglia Aug 2023 | 32.0x |
Best since listing
| # | IPO | Now vs issue |
|---|---|---|
| 1 | Azad Engineering Dec 2023 | +373.0% |
| 2 | INOX India Dec 2023 | +182.4% |
| 3 | DOMS Industries Dec 2023 | +137.2% |
| 4 | Innova Captab Dec 2023 | +120.4% |
| 5 | Happy Forging Dec 2023 | +107.3% |
| 6 | ASK Automotive Nov 2023 | +95.3% |
| 7 | RBZ Jewellers Dec 2023 | +80.6% |
| 8 | Gandhar Oil Refinery (India) Nov 2023 | +73.4% |
| 9 | Blue Jet Healthcare Oct 2023 | +37.4% |
| 10 | Honasa Consumer Nov 2023 | +33.3% |
Worst since listing
| # | IPO | Now vs issue |
|---|---|---|
| 1 | Credo Brands Marketing Dec 2023 | -77.3% |
| 2 | Motisons Jewellers Dec 2023 | -72.8% |
| 3 | IRM ENERGY LIMITED Oct 2023 | -54.2% |
| 4 | Suraj Estate Developers Dec 2023 | -52.5% |
| 5 | Muthoot Microfin Dec 2023 | -47.0% |
| 6 | Cello World Nov 2023 | -45.4% |
| 7 | Flair Writing Industries Nov 2023 | -26.6% |
| 8 | Fedbank Financial Services Nov 2023 | +6.9% |
| 9 | India Shelter Finance Corporation Dec 2023 | +24.4% |
| 10 | Tata Technologies Nov 2023 | +31.5% |
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Important: The AI listing estimates on Flash Finance are statistical estimates drawn from
how past Indian IPOs have listed. They are not a forecast of what any IPO will do, not a recommendation to apply, buy or sell,
and not investment advice. Listing prices depend on market conditions on the listing day and can differ widely from any
estimate; past patterns may not repeat. Subscription figures are as published by NSE (bids on NSE and BSE together) and can be
revised. Flash Finance is not a SEBI-registered investment adviser or research analyst. Read the issue's Red Herring
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