PO Listing Gains Tracker: Recent IPOs

A bumper late-September to early-October 2026 IPO season delivered a sharply mixed scorecard and not alI IPO listing gains were good

The primary market has been in overdrive. Across late September and early October 2026, dozens of mainboard and SME IPOs hit the bourses, but IPO listing gains have been anything but uniform. Some rewarded investors with instant 75–90% gains; others listed flat or at steep discounts.

This tracker breaks down how the recent crop actually performed on debut — the headline winners, the duds, and what the averages tell us about market appetite.

The Big Winners

A handful of issues delivered the kind of debut pops that make headlines:








Company	Platform	Issue Price (Rs)	Listing Price (Rs)	Listing Gain
Roopa Screen	BSE SME	64	121.60	+90%
Vans Electroengineerings	BSE SME	118	224.20	+90%
Sollfege Smart Electronics	BSE SME	55	104.40	+89.82%
Adroit Industries	Mainboard	134	235.00	+75.37%
Orient Cables	Mainboard	272	450.00	+65.44%
Moneyview	Mainboard	34	55.00	+61.76%

Topping the charts, Roopa Screen and Vans Electroengineerings both roughly doubled on debut (+90%), with Sollfege Smart Electronics just behind at +89.82% — a trio of SME names that hit the upper listing band. Among the mainboard heavyweights, Adroit Industries (+75.37%), Orient Cables (+65.44%) and Moneyview (+61.76%) stood out — Orient Cables and Moneyview having drawn heavy institutional and grey-market interest ahead of listing.

Strong Gainers

The next tier still delivered very healthy returns:








Company	Platform	Issue Price (Rs)	Listing Price (Rs)	Listing Gain
EverestIMS Technologies	BSE SME	85	126.00	+48.24%
Acme Universal Safezone 9	BSE SME	71	101.00	+42.25%
SRIT India	Mainboard	130	148.00	+13.85%

EverestIMS Technologies (+48.24%) and Acme Universal Safezone 9 (+42.25%) rounded out the standout SME debuts — notably, Acme listed strongly despite a cautious pre-IPO fundamental view, a reminder that listing-day sentiment and subscription demand can diverge from valuation calls.

Modest-to-Flat

A large cluster of issues listed in single-digit gains or near their issue price:








Company	Platform	Issue Price (Rs)	Listing Price (Rs)	Listing Gain
Sai Urja Indo Ventures	BSE SME	113	133.80	+18.41%
Shree TNB Polymers	BSE SME	53	60.00	+13.21%
A-One Steels India	Mainboard	405	455.00	+12.35%
Black Opal Consultants	BSE SME	197	200.00	+1.52%
SJP Ultrasonics	BSE SME	67	74.20	+10.75%
Swastika Infra	Mainboard	185	200.00	+8.11%
Nityas Gems & Jewellery	Mainboard	75	80.00	+6.67%
Varmora Granito	Mainboard	148	155.00	+4.73%
Himalaya Nutravedics	BSE SME	106	118.00	+11.32%
Pooja Logistics	NSE SME	115	118.00	+2.61%
Unitec Fibres	BSE SME	88	90.00	+2.27%
Shah Investor’s Home	Mainboard	167	171.00	+2.40%
Omara Ventures India	BSE SME	311	319.00	+2.57%

Several flagships were essentially flat on debut — ArMee Infotech (0%), Runwal Enterprises (0%), Bench Mark Infotech Services (0%), Green Asia Impex (0%) and Shivchem Agro (0%) all listed at or very close to their issue price, reflecting the lukewarm grey markets many of them carried into listing.

Listing-Day Discounts

Not every debut delivered. These issues listed below their issue price, handing day-one losses:








Company	Platform	Issue Price (Rs)	Listing Price (Rs)	Listing Loss
Pind Hospitality	BSE SME	99	79.20	−20%
Himalayan Solar	NSE SME	103	85.00	−17.48%
Dudani Retail	BSE SME	29	25.00	−13.79%
AceVector	Mainboard	32	28.32	−11.5%
Eventions	NSE SME	118	111.00	−5.93%
Vishal Nirmiti	Mainboard	220	215.00	−2.27%
Dove Soft	BSE SME	111	110.30	−0.63%
Peshwa Wheat	BSE SME	101	100.05	−0.94%

Pind Hospitality was the worst debut at −20%, followed by Himalayan Solar (−17.48%) and Dudani Retail (−13.79%) — the latter two having carried flat-to-weak grey markets and cautious fundamental reviews into listing. Among the large mainboard names, AceVector (Snapdeal’s parent) listed at a −11.5% discount — vindicating the widely-flagged “Avoid” view on the still-loss-making platform.

The Averages

Across this crop, the scorecard is clearly on two tracks:

The winners were concentrated in well-subscribed SME issues and a few marquee mainboard names (Orient Cables, Moneyview, Adroit Industries) — these saw triple-digit subscription multiples and strong grey markets, and delivered 50–90% pops.
The losers and flat debuts clustered around issues that carried weak or zero grey-market premiums and cautious fundamental reviews — high valuations, thin margins, window-dressing concerns and concentration risks showed up on listing day.

Listing gains tracked grey-market signals and subscription demand far more reliably than headline brand or issue size. Several large mainboard issues (ArMee, Runwal, Green Asia) listed flat despite their scale, while small, heavily-oversubscribed SME names (Roopa Screen, Vans, Sollfege) doubled. Meanwhile, cautiously-rated names like AceVector, Himalayan Solar and Dudani Retail delivered the losses the pre-IPO reviews had warned about.

Subscription and GMP matter. The biggest debut gains came from issues that were massively oversubscribed with strong grey markets — not simply the biggest or best-known companies.
Flat and negative debuts are real risk. Roughly a quarter of this crop listed flat or below issue price — a sharp contrast to the “guaranteed listing pop” narrative, and proof that fundamentals and valuation do bite on listing day.
Pre-IPO caution was often right. Names flagged as aggressively priced, loss-making or window-dressed (AceVector, Himalayan Solar, Dudani Retail, Pind Hospitality) largely underperformed — while reasonably-valued, high-demand issues rewarded applicants.

With India’s primary market pipeline still full, and the mega Jio Platforms IPO on the horizon, applicants would do well to keep weighing subscription momentum, grey-market signals and, above all, valuation and fundamentals, rather than chasing every issue, note analysts.

Courtesy MyWealthPost.com