Direct answer: This page tracks all completed IPOs from 2020 onwards with actual listing gains, GMP accuracy, and subscription rates so you can see which grey market signals held up and which did not. Average listing gain across tracked IPOs: +39.3%.
Subscription data, listing gains, and stoicHQ analysis for 36+ Indian mainboard IPOs from 2020 to 2026. Use this to understand how GMP, QIB subscription, and market conditions affected listing outcomes.
| IPO Name | Sector | Issue Price | Listing Gain | QIB Sub | stoicHQ Note |
|---|---|---|---|---|---|
| Quadrant Future Tek IPO | Defence / Railway Technology | ₹290 | +135.2% | 197.07x | 135% listing gain - 2025's standout |
| Laxmi Dental IPO | Healthcare / Dental | ₹428 | +114.0% | 197.05x | 114% listing gain |
| Hexaware Technologies IPO | Technology / IT Services | ₹708 | -7.1% | 6.90x | 7% listing discount |
| Dr Agarwals Eye Hospital IPO | Healthcare / Ophthalmology | ₹402 | -23.4% | 0.39x | 0.39x QIB - institutions rejected the valuation outright |
| Anthem Biosciences IPO | Pharmaceuticals / CDMO | ₹570 | +51.4% | 197.69x | 197x QIB subscription |
| Aegis Vopak Terminals IPO | Infrastructure / Liquid Storage | ₹223 | +17.5% | 77.04x | Vopak Netherlands - world's largest independent terminal operator |
| IndiQube Spaces IPO | Real Estate / Coworking | ₹237 | +27.0% | 129.77x | 129x QIB subscription |
| IPO Name | Sector | Issue Price | Listing Gain | QIB Sub | stoicHQ Note |
|---|---|---|---|---|---|
| Bajaj Housing Finance IPO | Housing Finance | ₹70 | +114.3% | 209.36x | 114% listing gain - one of 2024's best |
| Hyundai Motor India IPO | Automotive | ₹1960 | -1.3% | 6.97x | 100% OFS - Korean parent extracting capital |
| Ola Electric IPO | Electric Vehicles | ₹76 | +0.0% | 5.27x | - |
| Waaree Energies IPO | Renewable Energy / Solar | ₹1503 | +70.2% | 197.54x | India's largest solar module manufacturer |
| Premier Energies IPO | Renewable Energy / Solar | ₹450 | +120.0% | 150.44x | 120% listing gain |
| Swiggy IPO | Technology / Food Delivery | ₹390 | +17.4% | 6.02x | India's 2nd largest food delivery platform |
| IPO Name | Sector | Issue Price | Listing Gain | QIB Sub | stoicHQ Note |
|---|---|---|---|---|---|
| Mankind Pharma IPO | Pharmaceuticals | ₹1080 | +20.4% | 22.58x | Strong consumer pharma brand portfolio (Prega News, Manforce) |
| Tata Technologies IPO | Technology / Engineering Services | ₹500 | +140.0% | 203.41x | Tata Group - first Tata IPO in 19 years |
| IREDA IPO | Finance / Renewable Energy | ₹32 | +56.3% | 36.03x | Government of India enterprise |
| ideaForge Technology IPO | Defence / Drones | ₹672 | +60.0% | 197.08x | India's largest drone manufacturer |
| Utkarsh Small Finance Bank IPO | Banking / Small Finance | ₹25 | +48.0% | 136.81x | 48% listing gain |
| JSW Infrastructure IPO | Infrastructure / Ports | ₹119 | +20.2% | 57.88x | JSW Group backing |
| IPO Name | Sector | Issue Price | Listing Gain | QIB Sub | stoicHQ Note |
|---|---|---|---|---|---|
| Vedant Fashions IPO (Manyavar) | Consumer / Apparel | ₹866 | +28.2% | 3.55x | Market leader in Indian ethnic wear |
| Adani Wilmar IPO | FMCG / Edible Oil | ₹230 | -1.3% | 46.98x | Slight listing discount |
| Campus Activewear IPO | Consumer / Footwear | ₹292 | +0.0% | 100.89x | - |
| Rainbow Children's Medicare IPO | Healthcare / Paediatrics | ₹542 | +11.3% | 194.71x | Only listed pure-play paediatric hospital chain |
| Delhivery IPO | Logistics | ₹487 | +1.2% | 5.54x | Market leader in Indian logistics |
| LIC IPO | Insurance | ₹949 | -8.1% | 2.83x | Listed at discount |
| Harsha Engineers IPO | Engineering / Manufacturing | ₹330 | +33.6% | 193.01x | 193x QIB subscription |
| Dreamfolks Services IPO | Technology / Travel Services | ₹326 | +31.3% | 108.41x | Asset-light model - very high EBITDA margins |
| Global Health IPO (Medanta) | Healthcare / Hospitals | ₹336 | +19.3% | 19.46x | Medanta brand - top-tier super-specialty |
| IPO Name | Sector | Issue Price | Listing Gain | QIB Sub | stoicHQ Note |
|---|---|---|---|---|---|
| Zomato IPO | Technology / Food Delivery | ₹76 | +52.6% | 51.79x | India's largest food delivery platform |
| Nykaa IPO | E-Commerce / Beauty | ₹1125 | +78.0% | 91.18x | Market leader in Indian beauty commerce |
| Paytm IPO | Technology / Fintech | ₹2150 | -27.3% | 2.79x | 27% listing discount - one of India's worst ever |
| PolicyBazaar IPO | Technology / Insurtech | ₹980 | +18.2% | 23.43x | India's largest insurance aggregator |
| MapmyIndia IPO | Technology / Maps | ₹1033 | +52.9% | 378.22x | 378x QIB - among highest in Indian IPO history |
| Nazara Technologies IPO | Technology / Gaming | ₹1101 | +81.0% | 179.52x | 81% listing gain |
| IRFC IPO | Finance / Railways | ₹26 | +7.7% | 3.44x | Government of India backing - near-zero credit risk |
| Devyani International IPO | QSR / Food and Beverages | ₹90 | +56.7% | 164.54x | 56.7% listing gain |