IPO Valuation vs Listing Performance Study 2026

This study examines how IPO valuation based on the P/E ratio relates to the listing performance of Mainboard and SME IPOs listed on Indian stock exchanges in 2026.

To get a complete picture of IPO outcomes, you can also explore our

IPO Listing Performance Tracker 2026, which tracks listing gains and trends of IPOs listed in 2026, and GMP vs Listing Accuracy Study 2026, where we analyze how grey market premium (GMP) predicts actual listing performance.

You can track all the upcoming and live IPOs at our IPO calendar of 2026 which is updated regularly.

Updated on 02.08.2026|11:00 PM

IPO Valuation Overview in 2026 (till July 2026)

Metric	Value
Total IPOs Analysed	137
IPOs with Valid P/E	132
Average IPO P/E Ratio	29.06
Median IPO P/E Ratio	14.96
Highest IPO P/E	953.8
Lowest IPO P/E	0.3

* Of the 137 IPOs analysed, 132 had reported P/E ratios and were included in the valuation analysis. Five IPOs were excluded because they had not reported P/E may be due to losses or anyother issue.

Complete IPO Valuation and Listing Data (2026)

This dataset summarises all IPOs listed on the NSE and BSE in 2026 across the Mainboard and SME segments, along with their valuation (P/E ratio) and listing performance.

SL No	IPO	Segment	Issue Price	P/E Ratio	Listing Price	Listing Gain (%)
1	Shayona Engineering	BSE SME	₹140 – ₹144	15.75	144	0
2	Digilogic Systems	BSE SME	₹98 – ₹104	26.74	83.2	-20
3	Shadowfax Technologies	Mainboard	₹118 – ₹124	953.8	112.6	-9.2
4	KRM Ayurveda	NSE SME	₹128 – ₹135	16.75	172.1	27.48
5	Aritas Vinyl	BSE SME	₹40 – ₹47	3.58	47	0
6	Armour Security (India)	NSE SME	₹55 – ₹57	17.54	45.6	-20
7	Victory Electric Vehicles	NSE SME	₹41	12.42	34.45	-16
8	Yajur Fibres	BSE SME	₹168 – ₹174	23.48	139.2	-20
9	E to E Transportation Infrastructure	NSE SME	₹164 – ₹174	15.02	330.6	90
10	Modern Diagnostic & Research Centre	BSE SME	₹85 – ₹90	11.04	99.5	10.56
11	Gabion Technologies	BSE SME	₹76 – ₹81	12.20	89	9.88
12	Amagi Media Labs	Mainboard	₹343 – ₹361	-	318	-11.91
13	Avana Electrosystems	NSE SME	₹56 – ₹59	12.39	77.5	31.36
14	GRE Renew Enertech	BSE SME	₹100 – ₹105	15.65	96	-8.6
15	Narmadesh Brass Industries	BSE SME	₹515	19.63	495	-3.9
16	Indo SMC	BSE SME	₹141 – ₹149	15.50	149	0
17	Bharat Coking Coal (BCCL)	Mainboard	₹21 – ₹23	8.65	45	95.65
18	Defrail Technologies	BSE SME	₹70 – ₹74	10.85	95	28.38
19	Gaudium IVF	Mainboard	₹75 – ₹79	25.32	83	5.06
20	Manilam Industries	NSE SME	₹65 – ₹69	14.87	55.2	-20
21	Yashhtej Industries (India)	BSE SME	₹110	14.27	88	-20
22	Fractal Industries	BSE SME	₹205 – ₹216	15.77	229	6.02
23	Marushika Technology	NSE SME	₹111 – ₹117	12.06	120	2.56
24	Fractal Analytics	Mainboard	₹857 – ₹900	67.37	876	-2.7
25	Aye Finance	Mainboard	₹122 – ₹129	13.56	129	0
26	Biopol Chemicals	NSE SME	₹102 – ₹108	19.74	111	2.78
27	PAN HR Solution	BSE SME	₹74 – ₹78	7.67	78.35	0.45
28	Brandman Retail	NSE SME	₹167 – ₹176	10.71	183	3.98
29	Grover Jewells	NSE SME	₹83 – ₹88	12.31	96	9.09
30	C K K Retail Mart	NSE SME	₹155 – ₹163	14.90	163	0
31	Msafe Equipments	BSE SME	₹116 – ₹123	15.13	144	17.07
32	Kanishk Aluminium India	BSE SME	₹73	22.67	58.4	-20
33	Accretion Nutraveda	BSE SME	₹122 – ₹129	10.57	191	48.06
34	Kasturi Metal Composite	BSE SME	₹61 – ₹64	22.38	64	0
35	Hannah Joseph Hospital	BSE SME	₹67 – ₹70	16.2	65	-7.1
36	Speciality Medicines	BSE SME	₹117 – ₹124	8.79	124	0
37	Central Mine Planning & Design Institute Limited (CMPDIL)	Mainboard	₹163 – ₹172	18.49	160	-7
38	Novus Loyalty	BSE SME	₹139 – ₹146	49.83	146	0
39	GSP Crop Science	Mainboard	₹304 – ₹320	15.09	328	2.5
40	Apsis Aerocom	NSE SME	₹104 – ₹110	14.58	153	39.09
41	Raajmarg Infra InvIT	Mainboard	₹99 – ₹100	-	107	7
42	Innovision Limited	Mainboard	₹521 – ₹548	35.08	467.7	-14.7
43	Rajputana Stainless	Mainboard	₹116 – ₹122	21.11	122	0
44	Srinibas Pradhan Constructions	NSE SME	₹91 – ₹98	8.65	100.05	2.09
45	Elfin Agro India	BSE SME	₹47	13.05	47.3	0.64
46	Sedemac Mechatronics Limited	Mainboard	₹1,287 – ₹1,352	123.69	1535	13.54
47	Acetech E-Commerce	NSE SME	₹106 – ₹112	14.66	112	0
48	Striders Impex Limited	NSE SME	₹71–₹72	11.48	70	-2.8
49	Omnitech Engineering Limited	Mainboard	₹216 – ₹227	53.29	202	-11
50	Yaap Digital Limited	NSE SME	₹138 – ₹145	18.24	127	-12.4
51	PNGS Reva Diamond Jewellery Limited	Mainboard	₹367 – ₹386	10.96	375	-2.8
52	Clean Max Enviro Energy Solutions Limited	Mainboard	₹1,000 – ₹1,053	377.42	960	-8.8
53	Shree Ram Twistex Limited	Mainboard	₹95 – ₹104	38.2	68	-34.6
54	Kiaasa Retail Limited	BSE SME	₹121 – ₹127	19.3	123	-3.1
55	Accord Transformer & Switchgear Limited	BSE SME	₹43 – ₹46	10.57	50	8.7
56	Mobilise App Lab Limited	NSE SME	₹75 – ₹80	0.3	64.1	-19.9
57	Highness Microelectronics	BSE SME	₹114 – ₹120	16.7	125	4.17
58	Amir Chand Jagdish Kumar (Exports) Limited	Mainboard	₹201 – ₹212	28.41	200	-5.7
59	Powerica Limited	Mainboard	₹375 – ₹395	25.88	366	-7.3
60	Sai Parenteral’s Limited	Mainboard	₹372 – ₹392	72.19	400	2.04
61	Tipco Engineering India Limited	BSE SME	₹84 – ₹89	8.18	89.25	0.28
62	Adisoft Technologies	NSE SME	₹163 – ₹172	12.82	205	19.19
63	Citius TransNet InvIT	Mainboard	₹99 – ₹100	-	104.6	4.6
64	Mehul Telecom	BSE SME	₹96 – ₹98	11.8	108	10.2
65	Om Power Transmission	Mainboard	₹166 – ₹175	19.48	186	6.29
66	Safety Controls & Devices	BSE SME	₹75 to ₹80	11.46	83	3.75
67	Emiac Technologies	BSE SME	₹93 – ₹98	19.8	107.8	10
68	Vivid Electromech	NSE SME	₹528 – ₹555	19.2	565	1.8
69	Autofurnish	BSE SME	₹41	10.7	43	4.88
70	Vegorama Punjabi Angithi	BSE SME	₹73 – ₹77	11.83	118.1	53.38
71	Teamtech Formwork	NSE SME	₹61 – ₹63	11.97	75	19.05
72	NFP Sampoorna Foods Limited	NSE SME	₹52 – ₹55	35.64	54.5	-0.91
73	Goldline Pharmaceutical	BSE SME	₹41 – ₹43	10.49	59.75	38.95
74	RFBL Flexi Pack	NSE SME	₹47 – ₹50	9.74	52.5	5
75	Simca Advertising	NSE SME	₹174 – ₹183	16.13	156	-14.75
76	Bagmane Prime Office REIT	Mainboard	₹95.00 – ₹100.00	-	103.5	3.5
77	Recode Studios	BSE SME	₹150 – ₹158	38.91	213.1	34.87
78	Value 360 Communications	NSE SME	₹95 – ₹98	18.11	78.4	-20
79	Kissht IPO	Mainboard	₹162 – ₹171	13.37	190	11.11
80	Amba Auto Sales & Services	NSE SME	₹130 – ₹135	23.43	134.5	-0.37
81	Q-Line Biotech	NSE SME	₹326 – ₹343	11.98	452	31.78
82	Bio Medica Laboratories	NSE SME	₹132 – ₹139	13.02	111.2	-20
83	Utkal Speciality Industries	NSE SME	62 – 66	12.91	66	0
84	Genxai Analytics	NSE SME	110 – 116	23.15	92.8	-20
85	Hexagon Nutrition	Mainboard	42 – 45	25.71	48.25	7.22
86	UHM Vacation	BSE SME	157 – 166	11.31	132.8	-20
87	Vahh Chemicals	BSE SME	60	12.02	70	16.67
88	CMR Green Technologies	Mainboard	182 – 192	29.53	268	39.58
89	Merritronix	BSE SME	141 – 149	10.7	283.1	90
90	Aureate Tradde	BSE SME	70	24.73	70	0
91	SMR Jewels	BSE SME	125 – 128*	18.98	102.95	-19.57
92	Rajnandini Fashion India	BSE SME	59 – 63	9.3	63	0
93	Yaashvi Jewellers Limited	BSE SME	83	5.6	83	0
94	M R Maniveni Foods	BSE SME	51 – 52	17.56	42.55	-18.17
95	Avience Biomedicals	NSE SME	196 – 208	10.91	395.2	90
96	Diksha Polymers	BSE SME	112	9.79	114.5	2.23
97	Clay Craft	NSE SME	193 – 203	11.38	211	3.94
98	Leapfrog Engineering	BSE SME	21 – 23	14.65	22	-4.35
99	Liotech Industries	BSE SME	321	23.13	257	-19.94
100	Horizon Reclaim (India)	BSE SME	98 – 103	13.97	151	46.6
101	Susan Electricals India	BSE SME	120 – 127	22.24	186	46.46
102	Turtlemint Fintech	Mainboard	144 – 152	-	134.9	-11.25
103	Anubhav Plast	BSE SME	77 – 80	10.66	80	0
104	Harikanta Overseas	BSE SME	85 - 91	14.35	79.75	-12.36
105	Adon Agro Commodities	BSE SME	₹66 – ₹70	16.2	78.25	11.79
106	Astha Spintex	Mainboard	₹126 – ₹136	16.4	130	-4.41
107	Crazy Snacks	BSE SME	₹39 – ₹42	11.89	44	4.76
108	CSM Technologies	Mainboard	₹107 – ₹113	30.37	113	0
109	Jivial Industries	BSE SME	₹196	21.83	156.8	-20
110	Cordelia Cruises	Mainboard	₹769 – ₹808	100.74	681	-15.72
111	Shreedhar Spinners	NSE SME	₹50 – ₹53	13.15	54.4	2.64
112	Advit Jewels	Mainboard	₹130 – ₹138	17.42	188.9	36.88
113	Riyaasat Lifestyle	BSE SME	₹102 – ₹108 ₹100 – ₹106	17.5	84.8	-20
114	SBI Funds Management	Mainboard	₹545 – ₹574	38.06	613.3	6.85
115	Millworks Technologies	BSE SME	₹315 – ₹331	10.79	628.9	90
116	Laser Power & Infra	Mainboard	₹203 – ₹214	16.24	250	16.82
117	Devson Catalyst	BSE SME	₹112 – ₹118	9.65	196.15	66.23
118	Happy Steels	NSE SME	₹62 – ₹66	9.76	68	3.03
119	Kusumgar	Mainboard	₹398 – ₹419	43.2	569	35.8
120	IC Electricals	NSE SME	₹94 – ₹99	9.44	166	67.68
121	Knack Packaging	Mainboard	₹161 – ₹170	18.34	188	10.59
122	Vinit Mobile	NSE SME	₹150 – ₹158	16.24	155	-1.9
123	Teja Engineering Industries	NSE SME	₹220	25	418	90
124	Seemax Resources	BSE SME	₹134 – ₹141	18.85	112.8	-20
125	Sampark India Logistics	BSE SME	₹80 – ₹84	8.65	89	5.95
126	Kratikal Tech	BSE SME	₹128 – ₹135	17.18	192	42.22
127	Atharva Polyplast	BSE SME	₹55 – ₹60	14.01	69	15
128	Silverstorm Parks and Resorts	BSE SME	₹123 – ₹133	10.56	132.9	-0.08
129	Lohia Corp	Mainboard	₹404 – ₹425	23.21	461	8.47
130	Indo-MIM	Mainboard	₹461 – ₹485	43.85	700	44.33
131	Xtranet Technologies	Mainboard	₹120 – ₹127	12.35	136	7.09
132	Shree Balaji (Mala) Textiles	BSE SME	₹66 – ₹70	8.61	133	90
133	Metalic Technoforge	NSE Emerge	₹72 – ₹77	10.81	87	12.99
134	Gulf Lloyds (India)	BSE SME	₹100	11.42	100	0
135	Caliber Mining and Logistics	Mainboard	₹402 – ₹424	14.38	500.25	17.98
136	Sotefin Bharat	BSE SME	₹178 – ₹187	13.96	205	9.63
137	Alpine Texworld	Mainboard	₹100 – ₹105	12.84	105	0

***Excluding Cube Highways Trust InvIT

IPO Listing Performance by Valuation Range

P/E Range	IPO Count	Average Listing Gain %	Premium Listings %
Below 15	66	15.08 %	66.67 %
15–30	50	3.52 %	42 %
30–50	9	7.96 %	44.44 %
Above 50	7	-4.55 %	28.57 %

*5 IPOs did not have any reported P/E values. For more details check the above table.

Average Listing Gain % vs. P_E Range (137 IPOs listed till July 2026)

Lower-Valuation IPOs Outperformed: Below 15x P/E Averaged 15.08% Listing Gains, While Above 50x P/E Lost 4.55%

Premium Listings % vs. P_E Range (137 IPOs listed till July 2026)

Lower-Valuation IPOs Listed at Premium More Often: 66.67% Below 15x P/E vs Just 28.57% Above 50x

High Valuation IPOs in 2026 (Above 50x P/E)

IPO	SEGMENT	P/E Ratio	Listing Gain (%)
Shadowfax Technologies	Mainboard	953.8	-9.2
Fractal Analytics	Mainboard	67.37	-2.7
Sedemac Mechatronics Limited	Mainboard	123.69	13.54
Omnitech Engineering Limited	Mainboard	53.29	-11
Clean Max Enviro Energy Solutions Limited	Mainboard	377.42	-8.8
Sai Parenteral’s	Mainboard	72.19	2.04
Cordelia Cruises (Waterways Leisure Tourism Limited)	Mainboard	100.74	-15.72

Low Valuation IPOs in 2026 (Below 15x P/E)

IPO	Segment	P/E Ratio	Listing Gain (%)
Aritas Vinyl	BSE SME	3.58	0
Victory Electric Vehicles	NSE SME	12.42	-16
Modern Diagnostic & Research Centre	BSE SME	11.04	10.56
Gabion Technologies	BSE SME	12.2	9.88
Avana Electrosystems	NSE SME	12.39	31.36
Bharat Coking Coal (BCCL)	Mainboard	8.65	98.76
Defrail Technologies	BSE SME	10.85	28.38
Manilam Industries	NSE SME	14.87	-20
Yashhtej Industries (India)	BSE SME	14.27	-20
Marushika Technology	NSE SME	12.06	2.56
Aye Finance	Mainboard	13.56	0
PAN HR Solution	BSE SME	7.67	0.45
Brandman Retail	NSE SME	10.71	3.98
Grover Jewells	NSE SME	12.31	9.09
C K K Retail Mart	NSE SME	14.9	0
Accretion Nutraveda	BSE SME	10.57	48.06
Speciality Medicines	BSE SME	8.79	0
Apsis Aerocom	NSE SME	14.58	39.09
Srinibas Pradhan Constructions	NSE SME	8.65	2.09
Elfin Agro India	BSE SME	13.05	0.64
Acetech E-Commerce	NSE SME	14.66	0
Striders Impex Limited	NSE SME	11.48	-2.8
PNGS Reva Diamond Jewellery Limited	Mainboard	10.96	-2.8
Accord Transformer & Switchgear Limited	BSE SME	10.57	8.7
Mobilise App Lab Limited	NSE SME	0.3	-19.9
Tipco Engineering India Limited	BSE SME	8.18	0.28
Adisoft Technologies	NSE SME	12.82	19.19
Mehul Telecom	BSE SME	11.8	10.2
Safety Controls & Devices	BSE SME	11.46	3.75
Autofurnish	BSE SME	10.7	4.88
Vegorama Punjabi Angithi	BSE SME	11.83	53.38
Teamtech Formwork	NSE SME	11.97	19.05
Goldline Pharmaceutical	BSE SME	10.49	38.95
RFBL Flexi Pack	NSE SME	9.74	5
Kissht IPO	Mainboard	13.37	11.11
Q-Line Biotech	NSE SME	11.98	31.78
Bio Medica Laboratories	NSE SME	13.02	-20
Utkal Speciality Industries	NSE SME	12.91	0
UHM Vacation	BSE SME	11.31	-20
Vahh Chemicals	BSE SME	12.02	16.67
Merritronix	BSE SME	10.7	90
Rajnandini Fashion India	BSE SME	9.3	0
Yaashvi Jewellers Limited	BSE SME	5.6	0
Avience Biomedicals	NSE SME	10.91	90
Diksha Polymers	BSE SME	9.79	2.23
Clay Craft	NSE SME	11.38	3.94
Leapfrog Engineering	BSE SME	14.65	-4.35
Horizon Reclaim (India)	BSE SME	13.97	46.6
Anubhav Plast	BSE SME	10.66	0
Harikanta Overseas	BSE SME	14.35	-12.36
Crazy Snacks	BSE SME	11.89	4.76
Shreedhar Spinners	NSE SME	13.15	2.64
Millworks Technologies	BSE SME	10.79	90
Devson Catalyst	BSE SME	9.65	66.23
Happy Steels	NSE SME	9.76	3.03
IC Electricals SME	NSE SME	9.44	67.68
Sampark India Logistics	BSE SME	8.65	5.95
Atharva Polyplast	BSE SME	14.01	15
Silverstorm Parks and Resorts	BSE SME	10.56	-0.08
Xtranet Technologies	Mainboard	12.35	7.09
Shree Balaji (Mala) Textiles	BSE SME	8.61	90
Metalic Technoforge	NSE Emerge	10.81	12.99
Gulf Lloyds (India)	BSE SME	11.42	0
Caliber Mining and Logistics	Mainboard	14.38	17.98
Sotefin Bharat	BSE SME	13.96	9.63
Alpine Texworld	Mainboard	12.84	0

Key Insights from IPO Valuation and Listing Performance

Low-P/E IPOs strengthened their lead: The 66 IPOs valued below 15x P/E delivered a 15.08% average listing gain, the highest among all valuation ranges, with 66.67% listings at a premium.

The valuation-performance relationship is not perfectly linear: IPOs in the 30–50x P/E range averaged 7.96% gains, outperforming the 15–30x group at 3.52%. However, this bucket contains only 9 IPOs, versus 50 in the 15–30x range.

Above 50x P/E was the weakest valuation bucket: The 7 highly valued IPOs produced an average listing loss of 4.55%, while only 28.57% listed at a premium.

Extreme valuations showed particularly weak outcomes: Of the 7 IPOs above 50x P/E, only 2 listed at a premium. The highest-valued IPO, Shadowfax Technologies at 953.8x P/E, listed 9.2% below its issue price.

Methodology of the IPO Valuation vs Listing Study

The IPO valuation dataset is prepared using the following methodology:

P/E Ratio:
The P/E ratio is calculated as Price (upper band or fixed issue price) divided by Earnings Per Share (EPS). The upper band or fixed issue price is sourced from the Red Herring Prospectus (RHP) or from official exchange disclosures on the National Stock Exchange of India and BSE Limited. The Earnings Per Share (EPS) is taken from the company’s RHP.
Listing Price:
The listing price is taken from the respective stock exchange where the IPO is listed.
Listing Gain:
Listing gain is calculated using the following formula:
Listing Gain (%) = ((Listing Price − Issue Price) / Issue Price) × 100

Learn all IPO terms like P/E ratio, EPS, issue price, and listing gain in our complete IPO glossary, and analyze real IPO data using our dedicated IPO analytics page, including listing performance tracker, GMP vs listing performance, and valuation vs listing performance study.

Related IPO Resources

1. Latest SME & Mainboard IPOs

2. IPO Allotment Status – How to Check Allotment Status of IPO Shares

3. IPO Market Analytics and Data Research

4. Latest IPO Subscription Status Today | Live Updates

5. IPO Glossary: 100+ Important Terms Every Investor Should Know

6. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India

7. IPO GMP vs Listing Accuracy Study 2026

Disclaimer:

Investment in securities is subject to market risks. Investors are advised to read all relevant documents, including the RHP and DRHP, before making any investment decisions. The information and analysis presented are for informational and educational purposes only and should not be considered investment advice.