IPO Performance in India

The Indian IPO market delivered mixed results in 2026. A total of 44 IPOs were listed across the NSE and BSE as of 25 June 2026, with SME IPOs outperforming mainboard IPOs in terms of average listing gains.

Key highlights include:

• Total IPOs listed in 2026 (YTD): 44
• Average listing-day gain: 6.56%
• Mainboard average listing gain: 1.68%
• SME average listing gain: 5.64%
• Top performer: OnEMI Technology (Kissht) with a return of 59.3%
• Largest decline: Skyways Air Services with a return of -42.2%
• Several IPOs generated returns above 25%, while others traded significantly below their issue prices.

The strongest-performing IPOs in 2026 came from both the mainboard and SME segments. Companies operating in consumer finance, manufacturing, packaging, engineering, and technology sectors featured among the top gainers.

Top-performing IPOs in 2026

Data updated as of 25 June 2026.

What do the top-performing IPOs indicate?

Several themes emerged from the best-performing IPOs in 2026:

• Both SME and mainboard IPOs featured among the top gainers.
• SME companies delivered some of the highest percentage returns.
• Investor interest remained strong in manufacturing, technology, consumer finance, and industrial businesses.
• Companies that maintained positive momentum after listing generally outperformed the broader IPO market average.

Not every IPO generated positive returns. Several companies traded below their issue prices after listing, resulting in losses for investors who purchased shares at the offer price.

Underperforming IPOs in 2026

Data updated as of 25 June 2026.

Why do some IPOs outperform while others decline?

IPO performance depends on several factors that influence investor sentiment and post-listing demand.

Key factors include:

• Company financial performance
• Valuation at the time of the IPO
• Industry growth prospects
• Market conditions during listing
• Demand from institutional and retail investors
• Business scalability and future growth expectations

The Indian IPO market experienced varied performance during the first half of 2026. While companies such as OnEMI Technology (Kissht), Vegorama Punjabi Angithi, RFBL Flexi Pack, and Powerica delivered substantial gains, others, including Skyways Air Services and Amir Chand Jagdish Kumar Exports, traded considerably below their issue prices.

With 44 IPOs listed and an average listing-day gain of 6.56%, investor participation remained strong across both the mainboard and SME segments. However, the wide gap between winners and losers demonstrates that IPO investing requires careful evaluation of business fundamentals, valuation, industry outlook, and risk factors. Conducting thorough research before investing can help investors make more informed decisions and better align investments with their financial goals.

IPO performance data, listing prices, issue prices, returns, and market statistics mentioned in this article are based on publicly available information and are updated as of 25 June 2026. Returns have been calculated using the issue price and prevailing market price on the stated date. IPO performance may change over time due to market movements, company-specific developments, and broader economic conditions