Mainboard IPOs of 2023: subscription and listing gains
Every mainboard IPO whose bidding closed in 2023, 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.
57
Mainboard IPOs
₹48,510 Cr
Raised
+26.8%
Avg listing gain
median +17.1%
80%
Listed at a premium
+34.7%
Avg day-1 high
33.9x
Median subscription
| Company | Closed | Size | Issue price | QIB | NII | Retail | Total | Listing gain | Day high | Day close | Now | AI estimate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Innova CaptabINNOVACAP · listed 29 Dec 2023 | 26 Dec | ₹577 Cr | ₹448 | 117x | 64.9x | 17.1x | 55.3x | +0.9% | +21.1% | +20.9% | +122.4% | +30.4%bt |
| Azad EngineeringAZAD · listed 28 Dec 2023 | 22 Dec | ₹751 Cr | ₹524 | 180x | 87.6x | 23.8x | 80.7x | +37.4% | +38.7% | +29.3% | +387.8% | +42.0%bt |
| RBZ JewellersRBZJEWEL · listed 27 Dec 2023 | 21 Dec | ₹100 Cr | ₹100 | 13.4x | 9.27x | 24.7x | 16.9x | 0.0% | +5.0% | +5.0% | +90.1% | +4.7%bt |
| Credo Brands MarketingMUFTI · listed 27 Dec 2023 | 21 Dec | ₹550 Cr | ₹280 | 105x | 55.5x | 19.9x | 51.9x | +0.8% | +16.0% | +11.5% | -76.7% | +26.7%bt |
| Happy ForgingHAPPYFORGE · listed 27 Dec 2023 | 21 Dec | ₹1,006 Cr | ₹850 | 220x | 62.2x | 15.1x | 82.0x | +17.6% | +27.9% | +21.3% | +113.9% | +46.5%bt |
| Motisons JewellersMOTISONS · listed 26 Dec 2023 | 20 Dec | ₹154 Cr | ₹55.0 | 157x | 234x | 122x | 160x | +98.2% | +99.6% | +88.3% | -71.1% | +81.5%bt |
| Suraj Estate DevelopersSURAJEST · listed 26 Dec 2023 | 20 Dec | ₹424 Cr | ₹360 | 24.3x | 18.9x | 9.30x | 15.6x | -5.6% | -1.5% | -7.1% | -48.8% | +0.6%bt |
| Muthoot MicrofinMUTHOOTMF · listed 26 Dec 2023 | 20 Dec | ₹1,009 Cr | ₹291 | 17.5x | 13.2x | 7.61x | 11.5x | -5.4% | -3.4% | -8.5% | -45.1% | -1.7%bt |
| INOX IndiaINOXINDIA · listed 21 Dec 2023 | 18 Dec | ₹1,459 Cr | ₹660 | 148x | 53.2x | 15.3x | 61.3x | +43.9% | +50.0% | +42.4% | +190.9% | +35.0%bt |
| India Shelter Finance CorporationINDIASHLTR · listed 20 Dec 2023 | 15 Dec | ₹1,261 Cr | ₹493 | 89.7x | 28.5x | 9.95x | 36.7x | +25.8% | +27.8% | +10.5% | +23.5% | +22.6%bt |
| DOMS IndustriesDOMS · listed 20 Dec 2023 | 15 Dec | ₹1,265 Cr | ₹790 | 116x | 66.5x | 69.7x | 93.5x | +77.2% | +81.5% | +67.8% | +146.7% | +73.0%bt |
| Flair Writing IndustriesFLAIR · listed 01 Dec 2023 | 24 Nov | ₹626 Cr | ₹304 | 116x | 33.4x | 13.0x | 46.7x | +64.8% | +69.2% | +48.3% | -25.8% | +31.3%bt |
| Gandhar Oil Refinery (India)GANDHAR · listed 30 Nov 2023 | 24 Nov | ₹509 Cr | ₹169 | 129x | 62.2x | 28.9x | 64.1x | +76.3% | +103.6% | +78.3% | +74.6% | +47.3%bt |
| Tata TechnologiesTATATECH · listed 30 Nov 2023 | 24 Nov | ₹3,043 Cr | ₹500 | 203x | 62.1x | 16.5x | 69.4x | +140.0% | +180.0% | +162.6% | +37.9% | +36.8%bt |
| Fedbank Financial ServicesFEDFINA · listed 30 Nov 2023 | 24 Nov | ₹1,105 Cr | ₹140 | 3.51x | 1.45x | 1.82x | 2.20x | -1.4% | +5.9% | +0.2% | +11.6% | -2.4%bt |
| ASK AutomotiveASKAUTOLTD · listed 15 Nov 2023 | 09 Nov | ₹834 Cr | ₹282 | 142x | 35.5x | 5.70x | 51.1x | +7.5% | +12.3% | +10.0% | +94.4% | +25.8%bt |
| Protean eGov TechnologiesPROTEAN | 08 Nov | ₹855 Cr | ₹1,381 | 46.9x | 31.6x | 8.93x | 23.9x | — | — | — | — | — |
| Honasa ConsumerHONASA · listed 07 Nov 2023 | 02 Nov | ₹1,702 Cr | ₹324 | 11.5x | 4.02x | 1.35x | 7.61x | +1.9% | +5.1% | +4.0% | +36.5% | +1.6%bt |
| Cello WorldCELLO · listed 06 Nov 2023 | 01 Nov | ₹2,068 Cr | ₹648 | 109x | 24.4x | 3.06x | 38.9x | +27.9% | +29.2% | +22.2% | -43.9% | +25.8%bt |
| Blue Jet HealthcareBLUEJET · listed 01 Nov 2023 | 27 Oct | ₹840 Cr | ₹346 | 13.7x | 13.6x | 2.24x | 7.95x | +9.8% | +20.8% | +19.5% | +41.0% | +0.4%bt |
| IRM ENERGY LIMITEDIRMENERGY · listed 26 Oct 2023 | 20 Oct | ₹545 Cr | ₹505 | 44.7x | 48.3x | 9.29x | 27.1x | -5.5% | -4.2% | -6.3% | -52.1% | +8.3%bt |
| Plaza WiresPLAZACABLE · listed 12 Oct 2023 | 05 Oct | ₹101 Cr | ₹54.0 | 42.8x | 388x | 375x | 161x | +40.7% | +48.5% | +48.5% | — | +52.4%bt |
| Valiant LaboratoriesVALIANTLAB · listed 06 Oct 2023 | 03 Oct | ₹152 Cr | ₹140 | 20.8x | 73.6x | 16.1x | 29.8x | +15.8% | +21.6% | +21.6% | — | +13.3%bt |
| JSW InfrastructureJSWINFRA · listed 03 Oct 2023 | 27 Sep | ₹2,949 Cr | ₹119 | 57.1x | 16.0x | 10.3x | 37.4x | +20.2% | +32.2% | +32.2% | — | +14.3%bt |
| Updater ServicesUDS · listed 04 Oct 2023 | 27 Sep | ₹649 Cr | ₹300 | 4.48x | 0.85x | 1.39x | 2.90x | -5.0% | -0.5% | -5.4% | — | -4.2%bt |
| Manoj Vaibhav Gems N JewellersMVGJL · listed 03 Oct 2023 | 26 Sep | ₹279 Cr | ₹215 | 1.06x | 5.18x | 1.66x | 2.25x | 0.0% | +3.3% | +0.2% | — | -0.4%bt |
| Signatureglobal (India)SIGNATURE · listed 27 Sep 2023 | 22 Sep | ₹794 Cr | ₹385 | 12.7x | 13.5x | 6.82x | 11.9x | +15.3% | +23.1% | +19.1% | — | -0.4%bt |
| Sai Silks (Kalamandir)KALAMANDIR · listed 27 Sep 2023 | 22 Sep | ₹1,210 Cr | ₹222 | 12.3x | 2.47x | 0.88x | 4.40x | +4.0% | +11.3% | +10.3% | — | +1.1%bt |
| Yatra OnlineYATRA · listed 28 Sep 2023 | 20 Sep | ₹796 Cr | ₹142 | 2.05x | 0.42x | 2.11x | 1.61x | -10.2% | -2.4% | -4.3% | — | -4.3%bt |
| Zaggle Prepaid Ocean ServicesZAGGLE · listed 22 Sep 2023 | 18 Sep | ₹574 Cr | ₹164 | 16.7x | 8.85x | 5.94x | 12.6x | 0.0% | +7.3% | -3.5% | — | -2.8%bt |
| SAMHI HotelsSAMHI · listed 22 Sep 2023 | 18 Sep | ₹1,429 Cr | ₹126 | 8.82x | 1.22x | 1.11x | 5.33x | +6.8% | +16.4% | +13.8% | — | -1.2%bt |
| R R KabelRRKABEL · listed 20 Sep 2023 | 15 Sep | ₹1,964 Cr | ₹1,035 | 52.3x | 13.2x | 2.13x | 18.7x | +14.0% | +17.2% | +15.8% | — | +2.1%bt |
| EMSEMSLIMITED · listed 21 Sep 2023 | 12 Sep | ₹322 Cr | ₹211 | 153x | 82.3x | 29.8x | 75.3x | +33.7% | +37.9% | +32.6% | — | +52.2%bt |
| Jupiter Life Line HospitalsJLHL · listed 18 Sep 2023 | 08 Sep | ₹886 Cr | ₹735 | 187x | 34.8x | 7.73x | 63.7x | +32.4% | +50.9% | +46.4% | — | +27.6%bt |
| Ratnaveer Precision EngineeringRATNAVEER · listed 11 Sep 2023 | 06 Sep | ₹165 Cr | ₹98.0 | 133x | 135x | 54.0x | 94.0x | +25.7% | +32.0% | +32.0% | — | +77.3%bt |
| Rishabh InstrumentsRISHABH · listed 11 Sep 2023 | 01 Sep | ₹491 Cr | ₹441 | 72.5x | 31.3x | 8.44x | 31.7x | +4.3% | +6.6% | +0.5% | — | +18.5%bt |
| Vishnu Prakash R PungliaVPRPL · listed 05 Sep 2023 | 28 Aug | ₹309 Cr | ₹99.0 | 172x | 111x | 32.0x | 87.8x | +66.7% | +66.7% | +47.2% | — | +62.9%bt |
| Aeroflex IndustriesAEROFLEX · listed 31 Aug 2023 | 24 Aug | ₹352 Cr | ₹108 | 195x | 126x | 34.4x | 97.1x | +75.9% | +81.8% | +51.2% | — | +64.1%bt |
| Pyramid TechnoplastPYRAMID · listed 29 Aug 2023 | 22 Aug | ₹153 Cr | ₹166 | 9.94x | 32.2x | 14.7x | 18.3x | +12.7% | +13.2% | +7.0% | — | +0.5%bt |
| TVS Supply Chain SolutionsTVSSCS · listed 23 Aug 2023 | 14 Aug | ₹895 Cr | ₹197 | 1.35x | 2.35x | 7.61x | 2.78x | +5.1% | +5.9% | +2.0% | — | -5.9%bt |
| Concord BiotechCONCORDBIO · listed 18 Aug 2023 | 08 Aug | ₹1,551 Cr | ₹741 | 67.7x | 17.0x | 3.78x | 24.9x | +21.5% | +33.3% | +27.2% | — | +2.2%bt |
| SBFC FinanceSBFC · listed 16 Aug 2023 | 07 Aug | ₹1,082 Cr | ₹57.0 | 193x | 49.1x | 11.0x | 70.2x | +43.9% | +67.5% | +61.8% | — | +39.8%bt |
| Yatharth Hospital and Trauma Care ServicesYATHARTH · listed 07 Aug 2023 | 28 Jul | ₹705 Cr | ₹300 | 85.1x | 37.2x | 8.34x | 36.2x | +2.0% | +14.4% | +11.3% | — | +23.6%bt |
| Netweb Technologies IndiaNETWEB · listed 27 Jul 2023 | 19 Jul | ₹625 Cr | ₹500 | 229x | 81.8x | 19.2x | 90.4x | +89.4% | +90.4% | +82.1% | — | +55.1%bt |
| Utkarsh Small Finance BankUTKARSHBNK · listed 21 Jul 2023 | 14 Jul | ₹543 Cr | ₹25.0 | 125x | 81.6x | 72.1x | 102x | +60.0% | +92.0% | +92.0% | — | +79.1%bt |
| Senco GoldSENCO · listed 14 Jul 2023 | 06 Jul | ₹427 Cr | ₹317 | 181x | 65.0x | 15.5x | 73.4x | +35.6% | +40.1% | +27.9% | — | +49.1%bt |
| PKH VenturesPKH | 04 Jul | ₹664 Cr | ₹148 | 0.11x | 1.67x | 0.99x | 0.65x | — | — | — | — | — |
| Ideaforge TechnologyIDEAFORGE · listed 07 Jul 2023 | 30 Jun | ₹567 Cr | ₹672 | 126x | 80.6x | 85.2x | 106x | +93.5% | +100.0% | +92.7% | — | +81.4%bt |
| Cyient DLMCYIENTDLM · listed 10 Jul 2023 | 30 Jun | ₹629 Cr | ₹265 | 90.4x | 45.1x | 49.2x | 67.3x | +52.1% | +61.1% | +58.7% | — | +64.0%bt |
| HMA Agro IndustriesHMAAGRO · listed 04 Jul 2023 | 23 Jun | — | ₹585 | — | — | — | — | +6.8% | +14.0% | +0.1% | — | — |
| IKIO LightingIKIO · listed 16 Jun 2023 | 08 Jun | ₹615 Cr | ₹285 | 164x | 63.4x | 13.9x | 66.3x | +37.7% | +50.0% | +41.7% | — | +43.8%bt |
| Mankind PharmaMANKIND · listed 09 May 2023 | 27 Apr | ₹4,326 Cr | ₹1,080 | 49.2x | 3.80x | 0.92x | 15.3x | +20.4% | +32.4% | +31.7% | — | +8.5%bt |
| Avalon TechnologiesAVALON · listed 18 Apr 2023 | 06 Apr | ₹909 Cr | ₹436 | 3.57x | 0.41x | 0.84x | 2.21x | 0.0% | 0.0% | -8.7% | — | -1.4%bt |
| Udayshivakumar InfraUSK · listed 03 Apr 2023 | 23 Mar | ₹80.5 Cr | ₹35.0 | 40.5x | 60.4x | 14.1x | 30.6x | -14.3% | -10.0% | -10.0% | — | +19.7%bt |
| Global SurfacesGSLSU · listed 23 Mar 2023 | 15 Mar | ₹155 Cr | ₹140 | 8.95x | 33.1x | 5.12x | 12.2x | +17.1% | +23.0% | +22.2% | — | +7.0%bt |
| Divgi TorqTransfer SystemsDIVGIITTS · listed 14 Mar 2023 | 03 Mar | ₹412 Cr | ₹590 | 7.83x | 1.40x | 4.31x | 5.44x | +5.1% | +5.1% | +2.6% | — | +2.5%bt |
| Sah PolymersSAH · listed 12 Jan 2023 | 04 Jan | ₹66.3 Cr | ₹65.0 | 2.40x | 32.7x | 39.8x | 17.5x | +30.8% | +37.3% | +37.3% | — | +13.3%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 2023 against the outcome
54
IPOs scored
87%
Right side of issue price
92%
On clear calls
estimate ±5% or more
11.3 pts
Median miss
59%
Inside likely range
2023 listings by QIB demand
| QIB subscription | IPOs | Avg listing gain | Median | At a premium | Median day high |
|---|---|---|---|---|---|
| 1x to 10x | 11 | +5.5% | +5.1% | 55% | +5.9% |
| 10x to 50x | 13 | +5.9% | +1.9% | 54% | +7.3% |
| 50x to 150x | 18 | +34.4% | +25.7% | 100% | +32.1% |
| Above 150x | 12 | +59.0% | +40.8% | 100% | +58.8% |
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.
