IPOs make a grand start to the first half of FY26

6 Oct 2025 , 12:29 PM

A GRAND START TO IPOS IN FY26

The first quarter of FY26 may have been tepid for IPOs, but they picked up in a big way in the second quarter. We have considered H1 IPO listings as the qualifying factor. Here are some highlights of the IPO story in H1FY26.

• A total of 55 IPOs listed in the first half of FY26. Out of these, 9 IPOs got listed in the first quarter of FY26 while the remaining 46 IPOs got listed in the second quarter of FY26.
• The first quarter saw ₹13,851 Crore raised across 9 IPOs, while Q2 saw ₹51,070 Crore raised across 46 IPOs. Overall, H1FY26 saw ₹64,921 Crore raised across 55 IPOs.
• Out of the 55 IPOs, 32 IPOs are trading above the IPO price, while 23 are below the IPO price. This can be misleading as most negative returns are from recently listed IPOs.
• The overall investor interest evinced for these 55 IPOs combined stood at 32.4 times, in terms of the overall oversubscription. That is a healthy level of oversubscription.
• Had an investor got allotment of 1 lot in each of these 55 IPOs, their return on investment would have been 19.81%. These are absolute returns, and not annualized.

Having seen the macro picture of IPOs in the first half of FY26, let us move to the ranking of IPOs in H1FY26 on various parameters.

H1FY26 IPOS RANKED ON POST LISTING RETURNS

The table below ranks the IPOs on absolute returns post listing. These returns are irrespective of the time elapsed since the IPO and are purely indicative.

Company	Listing Date	Issue Size	Subscribed	Issue Price	Market Price	Returns
Aditya Infotech	05-Aug-25	1,300.00	106.23	675.00	1,358.00	101.19%
Prostarm Info Systems	03-Jun-25	168.00	96.68	105.00	206.50	96.67%
Ather Energy	06-May-25	2,980.76	1.50	321.00	587.00	82.87%
Belrise Industries	28-May-25	2,150.00	43.14	90.00	163.35	81.50%
Urban Company	17-Sep-25	1,900.24	108.98	103.00	174.95	69.85%
NSDL Ltd	06-Aug-25	4,010.95	41.02	800.00	1,199.75	49.97%
GNG Electronics	30-Jul-25	460.43	150.21	237.00	352.25	48.63%
Sambhv Steels	02-Jul-25	540.00	30.33	82.00	117.44	43.22%
Smartworks Coworking	17-Jul-25	582.56	13.92	407.00	569.90	40.02%
Anlon Healthcare	03-Sep-25	121.03	7.12	91.00	126.99	39.55%
Anthem Biosciences	21-Jul-25	3,395.00	67.42	570.00	759.00	33.16%
Travel Food Services	14-Jul-25	2,000.00	3.03	1,100.00	1,400.00	27.27%
Sri Lotus Developers	06-Aug-25	792.00	74.10	150.00	190.25	26.83%
Scoda Tubes	04-Jun-25	220.00	57.37	140.00	173.45	23.89%
Oswal Pumps	20-Jun-25	1,387.34	34.42	614.00	755.00	22.96%

Data Source: NSE, BSE (Closing Price of 03-Oct)

The above table looks at the top 15 IPOs in H1FY26 based on point-to-point returns. Here are some quick findings from the return rankings of IPOs for H1FY26.

• Out of the 55 IPOs, only 1 IPO doubled since listing, while 5 IPOs gave over 50% returns and 17 IPOs gave over 20% returns. These are point-to-point returns.
• If you look at the average subscription of the top 15 IPOs by returns, the average subscription was 55.7X, which shows that even large IPOs have done well.
• If you look at the bottom 15 by post-listing returns, then 7 out of these 15 IPOs saw single-digit subscription.

Clearly, the level of subscription may not be everything, but it does matter substantially in determining post-listing returns.

H1FY26 IPOS RANKED ON SUBSCRIPTION (TIMES)

The table below ranks IPOs on the number of times they got subscribed, irrespective of the size of the IPO. This list tends to be biased in favour of smaller sized IPOs.

Company	Listing Date	Issue Size	Subscribed	Issue Price	Market Price	Returns
Highway Infrastructure Ltd	12-Aug-25	130.00	316.64	70.00	80.20	14.57%
Regaal Resources	20-Aug-25	306.00	159.87	102.00	92.26	-9.55%
GNG Electronics	30-Jul-25	460.43	150.21	237.00	352.25	48.63%
Borana Weaves	27-May-25	144.89	147.85	216.00	222.50	3.01%
Urban Company	17-Sep-25	1,900.24	108.98	103.00	174.95	69.85%
Aditya Infotech	05-Aug-25	1,300.00	106.23	675.00	1,358.00	101.19%
VMS TMT Ltd	24-Sep-25	148.50	102.24	99.00	80.29	-18.90%
Prostarm Info Systems	03-Jun-25	168.00	96.68	105.00	206.50	96.67%
Patel Retail Ltd	26-Aug-25	242.66	95.69	255.00	232.93	-8.65%
GK Energy Ltd	26-Sep-25	464.26	93.58	153.00	177.01	15.69%
Amantha Healthcare	09-Sep-25	126.00	82.60	126.00	137.30	8.97%
Globe Civil Projects	01-Jul-25	119.00	80.97	71.00	75.40	6.20%
Shanti Gold International	01-Aug-25	360.11	80.78	199.00	212.76	6.91%
Sri Lotus Developers	06-Aug-25	792.00	74.10	150.00	190.25	26.83%
Atlanta Electricals	29-Sep-25	687.34	72.16	754.00	909.80	20.66%

Data Source: NSE, BSE (Closing Price of 03-Oct)

The above table looks at the top 15 IPOs in H1FY26 based on the extent of subscription and here are the quick findings.

• Out of the 55 IPOs in H1FY26, only 1 IPO got more than 300 times subscribed, while 7 IPOs got over 100X subscribed and 24 IPOs got over 50X subscription.
• If you look at the top-15 IPOs by subscription, the average returns were 25.47%. However, this list includes 3 IPOs with negative returns and 4 with single-digit returns.
• What about the subscription list at the bottom? The bottom 15 list has given average returns of 7.75%, with 9 out of 15 giving negative returns.

The moral of the story is that subscription level may not be the only driving force, but it has been an important determinant of post-listing returns. Pricing also matters a lot!

FINALLY, A TEST OF MARKET CAP ALPHA

Returns and subscription can be vulnerable to small size effect. One alternative is to look at value addition by the IPO in the market, over and above the IPO funds raised. That is the market cap alpha provided by the IPO. Here are the top 10 IPOs based on market cap alpha.

Company	Listing	issue Size	Subscribed	Issue Price	Returns	Alpha
Ather Energy	06-May-25	2,980.76	1.50	321.00	82.87%	2,470.04
NSDL Ltd	06-Aug-25	4,010.95	41.02	800.00	49.97%	2,004.22
Belrise Industries	28-May-25	2,150.00	43.14	90.00	81.50%	1,752.25
Urban Company	17-Sep-25	1,900.24	108.98	103.00	69.85%	1,327.40
Aditya Infotech	05-Aug-25	1,300.00	106.23	675.00	101.19%	1,315.41
Anthem Biosciences	21-Jul-25	3,395.00	67.42	570.00	33.16%	1,125.71
Aegis Vopak Terminal	02-Jun-25	2,800.00	2.20	235.00	20.34%	569.53
Travel Food Services	14-Jul-25	2,000.00	3.03	1,100.00	27.27%	545.45
Oswal Pumps	20-Jun-25	1,387.34	34.42	614.00	22.96%	318.59
HDB Financial Services	02-Jul-25	12,500.00	17.65	740.00	2.37%	296.45

Data Source: NSE, BSE (Closing Price of 03-Oct)

In the market cap alpha analysis, the focus is on actual wealth created for more investors in the IPO in the form of excess value created over and above the IPO funds raised. Out of the total alpha creation of ₹12,859 Crore by the 55 IPOs combined, the top 10 in the above list accounted for 91.2% of the overall alpha created. For IPO investors, their chances of making a profit are much higher if they are invested in these IPOs. After all, these 10 IPOs gave average returns of 49.15%. That is where the real cream lies for the IPO investors!