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
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