As many as 36 mainboard and over 90 SME IPOs have debuted in the Indian capital markets so far this year. Despite broader market volatility, investor interest in new listings has remained strong, with companies tapping the markets to fund expansion, reduce debt and support strategic initiatives.
How Mainboard IPOs Performed?
Of the 36 mainboard IPOs in 2026, 24 listed at a premium while eight debuted at a discount. Currently, 16 stocks are trading above their issue prices, while 16 remain below them.
The year's first mainboard IPO, Bharat Coking Coal Limited (BCCL), raised Rs 1,071 crore in January and debuted with a 96% premium. The stock has since fallen about 22% from its listing price but continues to trade above its issue price.
Among other notable listings, Shadowfax Technologies has emerged as one of the best post-listing performers, gaining 93% despite a weak debut. Central Mine Planning and Design Institute, which listed at a 7% discount, now trades about 50% above its listing price.
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On listing day, Kusumgar Ltd., Advit Jewels and CMR Green Technologies recorded some of the biggest gains, while Waterways Leisure Tourism, Turtlemint Fintech Solutions, Amir Chand Jagdish Kumar and Shree Ram Twistex were among the biggest laggards. Waterways Leisure Tourism has since recovered to trade over 32% above its listing price, while SBI Funds Management debuted with a modest 6.85% premium this week.
On listing day, the mainboard issues with highest debuts included Kusumgar Ltd., Advit Jewels, CMR Green Technologies, among others. Kusumgar Ltd. shares, which opened at over 35% premium over the issue price, currently remain in the negative territory. Advit Jewels, which opened on listing day at over 37% premium, is up 7% since debut.
Similarly, the mainboard IPOs with highest discounts on debut included Waterways Leisure Tourism (17%), Turtlemint Fintech Solutions (10%), Amir Chand Jagdish Kumar (15%), Shree Ram Twistex Ltd. (31%), among others. Since its discounted debut, Waterways Leisure Tourism has surged over 32%. Turtlemint Fintech Solutions, which launched at the end of June, currently trades in the negative territory. Highly anticipated names such as SBI Funds Management, listed this week, showed modest debut gain of 6.85% premium over the issue price.
How SME IPOs Performed:
SME IPOs were considerably more volatile than their mainboard counterparts. Millworks Technologies delivered a 100% listing gain this week and has extended its gains further. Devson Catalyst, IC Electricals and Teja Engineering Industries also posted strong listing performances, with Teja Engineering now trading about 173% above its issue price.
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However, several SME IPOs disappointed investors. Kanishk Aluminium India, Armour Security India, Yajur Fibres, Victory Electric Vehicles International, Manilam Industries India, UHM Vacation and M R Maniveni Foods debuted at discounts of around 20-25%, with many now trading 30-70% below their listing prices.
Digilogic Systems stood out as an exception, rebounding to trade around 37% above its listing price despite debuting at a 20% discount.
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