Mainboard IPOs of 2022: subscription and listing gains
Every mainboard IPO whose bidding closed in 2022, with its size, issue price, how many times each investor category subscribed (NSE and BSE together) and how it did on its first day of trading on NSE. Click a column to sort.
39
Mainboard IPOs
₹60,301 Cr
Raised
+8.6%
Avg listing gain
median +3.3%
66%
Listed at a premium
+15.8%
Avg day-1 high
3.10x
Median subscription
| Company | Closed | Size | Issue price | QIB | NII | Retail | Total | Listing gain | Day high | Day close | Now | AI estimate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Radiant Cash Management ServicesRADIANTCMS · listed 04 Jan 2023 | 27 Dec | ₹368 Cr | ₹94.0 | 1.01x | 0.66x | 0.21x | 0.53x | +9.6% | +24.3% | +11.6% | — | -1.8%bt |
| Elin ElectronicsELIN · listed 30 Dec 2022 | 22 Dec | ₹501 Cr | ₹247 | 4.51x | 3.29x | 2.20x | 3.09x | -1.2% | -0.8% | -7.8% | — | -0.5%bt |
| KFin TechnologiesKFINTECH · listed 29 Dec 2022 | 21 Dec | ₹1,582 Cr | ₹366 | 4.17x | 0.23x | 1.36x | 2.59x | +0.3% | +1.9% | -0.6% | — | -1.2%bt |
| Abans HoldingsAHL · listed 23 Dec 2022 | 15 Dec | ₹397 Cr | ₹270 | 4.10x | 1.48x | 0.40x | 1.10x | +1.1% | +1.1% | -19.1% | — | +2.4%bt |
| Landmark CarsLANDMARK · listed 23 Dec 2022 | 15 Dec | ₹581 Cr | ₹506 | 8.71x | 1.32x | 0.59x | 3.06x | -6.9% | -4.9% | -9.4% | — | -2.0%bt |
| Sula VineyardsSULA · listed 22 Dec 2022 | 14 Dec | ₹960 Cr | ₹357 | 4.13x | 1.51x | 1.65x | 2.33x | +1.1% | +1.8% | -7.2% | — | -1.5%bt |
| Uniparts IndiaUNIPARTS · listed 12 Dec 2022 | 02 Dec | ₹836 Cr | ₹577 | 67.1x | 17.9x | 4.63x | 25.3x | -0.3% | 0.0% | -6.5% | — | +11.7%bt |
| Dharmaj Crop GuardDHARMAJ · listed 08 Dec 2022 | 30 Nov | ₹270 Cr | ₹237 | 48.2x | 52.3x | 21.5x | 35.5x | +12.3% | +17.7% | +12.4% | — | +15.6%bt |
| Keystone RealtorsRUSTOMJEE · listed 24 Nov 2022 | 16 Nov | ₹668 Cr | ₹541 | 3.84x | 3.03x | 0.53x | 2.01x | +2.6% | +5.3% | +2.9% | — | -3.3%bt |
| Inox Green Energy ServicesINOXGREEN · listed 23 Nov 2022 | 15 Nov | ₹789 Cr | ₹65.0 | 1.05x | 0.47x | 4.70x | 1.55x | -7.7% | -1.5% | -9.1% | — | -1.2%bt |
| Kaynes Technology IndiaKAYNES · listed 22 Nov 2022 | 14 Nov | ₹872 Cr | ₹587 | 98.5x | 21.2x | 4.10x | 34.2x | +32.5% | +33.9% | +17.5% | — | +25.6%bt |
| Archean Chemical IndustriesACI · listed 21 Nov 2022 | 11 Nov | — | ₹407 | — | — | — | — | +10.6% | +16.9% | +12.6% | — | — |
| FiveStar Business FinanceFIVESTAR · listed 21 Nov 2022 | 11 Nov | ₹2,065 Cr | ₹474 | 1.77x | 0.61x | 0.11x | 0.70x | -1.1% | +14.7% | +3.4% | — | -2.9%bt |
| Global HealthMEDANTA · listed 16 Nov 2022 | 07 Nov | ₹2,252 Cr | ₹336 | 28.6x | 4.02x | 0.88x | 9.58x | +19.4% | +26.4% | +23.6% | — | +6.0%bt |
| Bikaji Foods InternationalBIKAJI · listed 16 Nov 2022 | 07 Nov | ₹881 Cr | ₹300 | 80.6x | 7.10x | 4.77x | 26.7x | +7.6% | +11.6% | +5.8% | — | +23.8%bt |
| Fusion Micro FinanceFUSION · listed 15 Nov 2022 | 04 Nov | ₹1,115 Cr | ₹368 | 8.59x | 1.38x | 0.51x | 2.95x | -2.3% | -0.9% | -11.7% | — | +3.0%bt |
| DCX System limitedDCX | 02 Nov | ₹554 Cr | ₹207 | 84.3x | 44.0x | 61.8x | 69.8x | — | — | — | — | — |
| Tracxn TechnologiesTRACXN · listed 20 Oct 2022 | 12 Oct | ₹309 Cr | ₹80.0 | 1.66x | 0.80x | 4.87x | 2.01x | +5.6% | +25.0% | +16.6% | — | +0.5%bt |
| Electronics Mart IndiaEMIL · listed 17 Oct 2022 | 07 Oct | ₹527 Cr | ₹59.0 | 62.3x | 24.5x | 12.8x | 29.4x | +52.5% | +54.2% | +43.2% | — | +20.8%bt |
| Harsha Engineers InternationalHARSHA · listed 26 Sep 2022 | 16 Sep | ₹794 Cr | ₹330 | 178x | 71.3x | 17.6x | 74.7x | +36.4% | +59.9% | +47.4% | — | +66.1%bt |
| Tamilnad Mercantile BankTMB · listed 15 Sep 2022 | 07 Sep | ₹808 Cr | ₹510 | 1.62x | 2.94x | 6.48x | 2.86x | -2.9% | +1.0% | -0.1% | — | -2.5%bt |
| Dreamfolks ServicesDREAMFOLKS · listed 06 Sep 2022 | 26 Aug | ₹562 Cr | ₹326 | 70.5x | 37.7x | 43.7x | 56.7x | +56.0% | +68.4% | +41.8% | — | +37.9%bt |
| Syrma SGS TechnologySYRMA · listed 26 Aug 2022 | 18 Aug | ₹911 Cr | ₹220 | 87.6x | 17.5x | 5.53x | 32.6x | +18.2% | +41.8% | +41.1% | — | +41.5%bt |
| Aether IndustriesAETHER · listed 03 Jun 2022 | 26 May | ₹865 Cr | ₹642 | 17.6x | 2.52x | 1.14x | 6.26x | +9.7% | +20.6% | +20.6% | — | -1.2%bt |
| eMudhraEMUDHRA · listed 01 Jun 2022 | 24 May | ₹411 Cr | ₹256 | 4.05x | 1.28x | 2.61x | 2.72x | +5.5% | +9.0% | +0.7% | — | +3.6%bt |
| ETHOSETHOSLTD · listed 30 May 2022 | 20 May | ₹505 Cr | ₹878 | 1.06x | 1.48x | 0.84x | 1.04x | -6.0% | -4.3% | -8.5% | — | -2.8%bt |
| Paradeep PhosphatesPARADEEP · listed 27 May 2022 | 19 May | ₹1,637 Cr | ₹42.0 | 3.01x | 0.82x | 1.37x | 1.75x | +4.8% | +12.5% | +4.5% | — | -2.1%bt |
| DelhiveryDELHIVERY · listed 24 May 2022 | 13 May | ₹5,519 Cr | ₹487 | 2.66x | 0.30x | 0.57x | 1.63x | +1.7% | +16.8% | +10.1% | — | -3.2%bt |
| Venus Pipes and TubesVENUSPIPES · listed 24 May 2022 | 13 May | ₹165 Cr | ₹326 | 12.0x | 15.7x | 19.0x | 16.3x | +3.5% | +8.7% | +8.7% | — | +12.6%bt |
| Prudent Corporate Advisory ServicesPRUDENT · listed 20 May 2022 | 12 May | ₹539 Cr | ₹630 | 1.26x | 0.99x | 1.29x | 1.22x | +3.2% | +3.2% | -10.8% | — | -3.1%bt |
| Life Insurance Corporation of IndiaLICI · listed 17 May 2022 | 09 May | ₹21,008 Cr | ₹949 | 2.83x | 2.91x | 1.99x | 2.95x | -8.1% | -3.2% | -7.8% | — | +4.8%bt |
| Rainbow Childrens MedicareRAINBOW · listed 10 May 2022 | 29 Apr | ₹1,581 Cr | ₹542 | 38.9x | 3.73x | 1.38x | 12.4x | -5.9% | -4.5% | -16.9% | — | +0.7%bt |
| Campus ActivewearCAMPUS · listed 09 May 2022 | 28 Apr | ₹1,400 Cr | ₹292 | 152x | 22.3x | 7.68x | 51.8x | +23.3% | +43.1% | +29.8% | — | +37.6%bt |
| Hariom Pipe IndustriesHARIOMPIPE · listed 13 Apr 2022 | 05 Apr | — | ₹153 | — | — | — | — | +43.8% | +51.0% | +51.0% | — | — |
| Veranda Learning SolutionsVERANDA · listed 11 Apr 2022 | 31 Mar | ₹325 Cr | ₹137 | 2.02x | 3.87x | 10.8x | 3.53x | -8.8% | -4.2% | -4.2% | — | +4.6%bt |
| UMA ExportsUMAEXPORTS · listed 07 Apr 2022 | 30 Mar | ₹64.7 Cr | ₹68.0 | 2.81x | 2.22x | 10.1x | 7.67x | +11.8% | +17.4% | +17.4% | — | +3.6%bt |
| Vedant FashionsMANYAVAR · listed 16 Feb 2022 | 08 Feb | ₹3,149 Cr | ₹866 | 7.49x | 1.07x | 0.39x | 2.57x | +8.0% | +14.6% | +7.8% | — | +8.1%bt |
| Adani WilmarAWL · listed 08 Feb 2022 | 31 Jan | ₹3,810 Cr | ₹230 | 0.11x | 0.05x | 0.53x | 0.26x | -1.3% | +17.9% | +16.6% | — | +1.2%bt |
| AGS Transact TechnologiesAGSTRA · listed 31 Jan 2022 | 21 Jan | ₹717 Cr | ₹175 | 2.68x | 25.6x | 3.08x | 7.79x | 0.0% | +3.9% | -8.0% | — | +2.7%bt |
Subscription and issue size: for these issues, the figures NSE publishes (NSE and BSE bids together; for issues sized in rupees NSE counts the shares on offer at the lower end of the price band, so these can be up to about 7% below final figures quoted elsewhere) and an issue size estimated from the shares on offer (including the anchor book) at the issue price. "Now" is the latest NSE close against the issue price, not adjusted for later splits or bonuses. bt marks a back-tested AI estimate: scored by a model that had only seen earlier years' IPOs.
AI estimates for 2022 against the outcome
36
IPOs scored
58%
Right side of issue price
92%
On clear calls
estimate ±5% or more
6.4 pts
Median miss
78%
Inside likely range
2022 listings by QIB demand
| QIB subscription | IPOs | Avg listing gain | Median | At a premium | Median day high |
|---|---|---|---|---|---|
| Below 1x | 1 | -1.3% | -1.3% | 0% | +17.9% |
| 1x to 10x | 22 | +0.5% | +0.7% | 55% | +2.5% |
| 10x to 50x | 5 | +7.8% | +9.7% | 80% | +17.7% |
| 50x to 150x | 6 | +27.8% | +25.4% | 83% | +37.9% |
| Above 150x | 2 | +29.8% | +29.8% | 100% | +51.5% |
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
Prospectus and consult a SEBI-registered adviser before you invest.
