India’s primary market has remained one of the busiest parts of capital markets in 2026, and companies continue to attract strong investor interest despite bouts of volatility in the broader equity market. Strong subscription levels, grey market premiums (GMP) and strong listing expectations have kept IPO activity alive throughout the year.
So far in 2026, 36 mainboard IPOs and more than 90 SME IPOs have made their debut on Indian stock exchanges. While both segments have earned a lot of success, the post-listing results tell two very different stories.
Mainboard IPOs: More Stable Performance
The mainboard IPO segment has largely delivered balanced outcomes for investors.
Out of the 36 mainboard IPOs launched this year:
- 24 stocks listed at a premium.
- 8 stocks debuted at a discount.
- 16 stocks are trading above their issue prices.
- 16 stocks are below their issue prices.
That suggests that while listing day gains were common, not every IPO was able to maintain momentum over time.
The first IPO of the year, Bharat Coking Coal Limited (BCCL), came out with a profit of Rs 1,071 crore in January, and its share price was 96% higher than the IPO price. The stock is now down nearly 22% from the IPO price, but is still above the IPO price.
Another bright spot is Shadowfax Technologies, one of the year’s best-performing mainboard IPOs, which is up around 93% since its debut. A relatively weak listing in the market has sent shares up around 93% since its debut.
Central Mine Planning and Design Institute (CMPDI), too, surprised investors when it recovered strongly after it listed at a 7% discount. It is now trading more than 50% above its listing price, so businesses need to be evaluated beyond their listing day performance.
Among the top three biggest gainers on the first day of the listing were Kusumgar Ltd., Advit Jewels and CMR Green Technologies. Not all early winners kept their momentum up. Kusumgar, which started the day with a premium of more than 35%, has now turned negative.
Waterways Leisure Tourism, one of the biggest listing-day losers with a 17% discount, made a remarkable comeback and now trades over 32% above its listing price.
The recently listed SBI Funds Management also attracted investors, and it launched at a small 6.85% premium to its issue price.
SME IPOs: Higher Risk and Higher Rewards
If mainboard IPOs have been relatively stable, the SME IPO space has been significantly more volatile.
Many SME listings saw spectacular listing gains while a few others saw dramatic performance erosion as soon as the listing was made.
One of the best success stories has been Millworks Technologies, which had an additional 100% listing gain and continues to rise even after listing.
Other strong performers include:
Devson Catalyst
IC Electricals
Teja Engineering Industries
Among them, Teja Engineering Industries has emerged as one of the best-performing SME IPOs of the year and is now trading nearly 173% above its issue price.
However, the SME segment also suffered several disappointing listings.
Companies like Kanishk Aluminium India, Armour Security India, Yajur Fibres, Victory Electric Vehicles International, Manilam Industries India, UHM Vacation and M R Maniveni Foods launched at discounts between 20% and 25%. Many of these stocks are now trading 30%-70% lower than when they were listed, highlighting the risks associated with small companies.
The exception to this trend is Digilogic Systems, which turned out to be remarkable. After listing at a 20% discount, the stock has rebounded, and it is now 37% above its original price when compared to the listing price.
Which Segment Performed Better?
We see that SME IPOs have had higher potential returns but with much higher volatility. Investors who picked the right companies got considerable gains, but bad stock selection led to equally sharp losses.
On the contrary, mainboard IPOs have been performing much steadier, have less extreme moves in prices, and have a more balanced risk-return profile. While not every mainboard IPO got multibagger returns, the segment generally provided more stability and lower downside risk.
The key takeaway for investors is that listing gains alone won’t make investment decisions. You are going to look at a company’s financial health, business model, valuation, and future growth prospects when you are examining an IPO.
As the IPO market in India grows, both SMEs and mainboard offerings have their own opportunities— but success is now primarily about careful research rather than chasing grey market premiums or listing day excitement.
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