A bumper late-September to early-October 2026 IPO season delivered a sharply mixed scorecard
The primary market has been in overdrive. Across late September and early October 2026, dozens of mainboard and SME IPOs hit the bourses, and the listing-day results 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.
