Updated on 25.04.2026|5:30 PM
A total of 89 IPOs were listed during October–December 2025 (Q3 FY26).
Some debuted with strong listing gains, some opened at losses, while others listed near their issue price.
But is the listing day performance alone enough to judge how an IPO truly performed?
To answer that, we analysed all 89 Q3 FY26 IPOs beyond just listing gains or losses.
This study tracks how these IPOs performed after listing over multiple timeframes —
3 months, 6 months, 9 months, and 1 year — to understand whether early excitement translated into real long-term returns. Track all the IPOs of 2026 in our upcoming and live IPO section.
Overview of Q3 FY26 IPOs (Oct–Dec Listings Data Snapshot)
Total IPOs analyzed: 89
Mainboard IPOs: 27
SME IPOs: 62How We Calculated IPO Returns
We calculate all returns from the issue price.
Listing Gains/Losses: ((Listing Price - Issue Price) / Issue Price) × 100
3 Months Returns: ((Stock Price After 3 Months - Issue Price) / Issue Price) × 100
It is important to compare from the issue price because it gives a clear view of how the IPO has performed from its IPO valuation.
Stock price after 3 months means the stock price after completing 3 months from the listing date.
Q3 FY26 IPO List with 3-Month Returns (Complete Data Table)
| Sl No | Company Name | Issue Price | Listing Price | 3M Returns |
| 1 | Om Metallogic . | 86 | 85 | -68.60 |
| 2 | Fabtech Technologies (Mainboard) | 191 | 192 | 3.59 |
| 3 | Advance Agrolife . | 100 | 113 | 31.00 |
| 4 | Zelio E-Mobility . | 136 | 154.9 | 179.93 |
| 5 | Valplast Technologies . | 54 | 57 | 0.00 |
| 6 | B.A.G. Convergence . | 87 | 101 | 37.93 |
| 7 | Tata Capital . | 326 | 330.15 | 8.01 |
| 8 | WeWork India Management Ltd | 648 | 650 | -6.40 |
| 9 | LG Electronics India . | 1140 | 1715 | 22.82 |
| 10 | Mittal Sections . | 143 | 114.4 | -74.76 |
| 11 | Rubicon Research . | 485 | 620.1 | 33.47 |
| 12 | Canara Robeco AMC . | 266 | 280.5 | 6.41 |
| 13 | SK Minerals & Additives . | 127 | 145 | 4.76 |
| 14 | Canara HSBC Life Insurance Co. | 106 | 106 | 35.33 |
| 15 | Sihora Industries . | 66 | 70 | -12.12 |
| 16 | Midwest . | 1065 | 1165 | 24.88 |
| 17 | Jayesh Logistics | 122 | 120 | 22.13 |
| 18 | Shreeji Global FMCG . | 125 | 117.5 | -5.60 |
| 19 | Game Changers Texfab . | 102 | 104.15 | 30.39 |
| 20 | Orkla India | 730 | 750 | -23.95 |
| 21 | Safecure Services . | 102 | 81.6 | -69.90 |
| 22 | Lenskart Solutions . | 402 | 390 | 15.86 |
| 23 | Studds Accessories . | 585 | 565 | -11.68 |
| 24 | Finbud Financial Services . | 142 | 157 | -20.42 |
| 25 | Groww (Billionbrains Garage) | 100 | 112 | 72.05 |
| 26 | Curis Lifesciences . | 128 | 146 | -18.75 |
| 27 | Shining Tools . | 114 | 104 | -46.49 |
| 28 | Pine Labs . | 221 | 242 | -8.00 |
| 29 | Mahamaya Lifesciences . | 114 | 116 | 57.89 |
| 30 | Physicswallah . | 109 | 143.1 | -4.59 |
| 31 | Emmvee Photovoltaic Power . | 217 | 217 | -0.22 |
| 32 | Workmates Core2Cloud Solution . | 204 | 387.6 | 64.71 |
| 33 | Tenneco Clean Air India . | 397 | 498 | 40.83 |
| 34 | Fujiyama Power Systems . | 228 | 222 | -8.68 |
| 35 | Capillary Technologies India . | 577 | 560 | -7.79 |
| 36 | Excelsoft Technologies . | 120 | 135 | -25.84 |
| 37 | Gallard Steel . | 150 | 223 | 3.00 |
| 38 | Sudeep Pharma . | 593 | 730 | 10.46 |
| 39 | SSMD Agrotech India . | 120 | 73 | -68.34 |
| 40 | K K Silk Mills . | 38 | 32 | -71.05 |
| 41 | Mother Nutri Foods . | 117 | 118.4 | 21.45 |
| 42 | Ravelcare ., | 130 | 201 | 19.23 |
| 43 | Purple Wave Infocom . | 126 | 132 | -12.30 |
| 44 | Exato Technologies ., | 140 | 266 | 128.86 |
| 45 | Logiciel Solutions ., | 193 | 154.4 | -81.19 |
| 46 | Invicta Diagnostic . | 85 | 100 | -21.76 |
| 47 | Clear Secured Services . | 132 | 119 | -12.88 |
| 48 | Helloji Holidays . | 118 | 118 | 5.93 |
| 49 | Speb Adhesives . | 56 | 60 | -5.71 |
| 50 | Astron Multigrain . | 63 | 50.4 | -73.90 |
| 51 | Neochem Bio Solutions . | 98 | 108 | -21.33 |
| 52 | Meesho | 111 | 160 | 30.63 |
| 53 | Aequs . | 124 | 140 | 6.94 |
| 54 | Vidya Wires . | 52 | 52.13 | -1.96 |
| 55 | Luxury Time . | 82 | 155.8 | -25.00 |
| 56 | Western Overseas Study Abroad Limited | 56 | 54.9 | -66.07 |
| 57 | Shri Kanha Stainless Limited | 90 | 88 | -73.44 |
| 58 | Encompass Design India Ltd (ScaleSauce) | 107 | 203.3 | 138.79 |
| 59 | Wakefit Innovations Limited | 195 | 194.1 | -16.92 |
| 60 | Flywings Simulator Training Centre Limited | 191 | 195 | -6.81 |
| 61 | Methodhub Software Limited | 194 | 155.2 | -46.39 |
| 62 | Corona Remedies Limited | 1062 | 1470 | 45.01 |
| 63 | Prodocs Solutions Limited | 138 | 144 | 38.99 |
| 64 | Riddhi Display Equipments Limited | 100 | 80 | -67.50 |
| 65 | K. V. Toys India Limited | 239 | 320 | -7.11 |
| 66 | Nephrocare Health Services Limited | 460 | 490 | 13.96 |
| 67 | Neptune Logitek Limited | 126 | 100.8 | -62.90 |
| 68 | Park Medi World Limited | 162 | 158.8 | 14.44 |
| 69 | Pajson Agro India Limited, | 118 | 124 | 59.49 |
| 70 | Unisem Agritech Limited | 65 | 65 | -7.55 |
| 71 | Ashwini Container Movers Limited | 142 | 147 | 0.00 |
| 72 | Shipwaves Online Limited | 12 | 12 | -66.75 |
| 73 | ICICI Prudential Asset Management Company | 2,165 | 2600 | 36.42 |
| 74 | HRS Aluglaze Limited | 96 | 126 | 173.96 |
| 75 | Exim Routes Limited | 88 | 110 | 69.32 |
| 76 | Stanbik Agro Limited, | 30 | 31.75 | 11.67 |
| 77 | Shyam Dhani Industries Limited | 70 | 133 | -22.86 |
| 78 | KSH International Limited, | 384 | 399 | 11.22 |
| 79 | Global Ocean Logistics India Limited | 78 | 79.2 | 33.33 |
| 80 | MARC Technocrats Limited | 93 | 74.4 | -22.96 |
| 81 | Gujarat Kidney and Super Speciality Limited | 114 | 120 | -10.39 |
| 82 | Dachepalli Publishers Limited (DPL), | 102 | 81.6 | -49.90 |
| 83 | Admach Systems Limited (ASL). | 239 | 191.2 | -20.48 |
| 84 | EPW India Limited | 97 | 111 | 17.47 |
| 85 | Sundrex Oil Company Limited | 86 | 68.8 | -71.10 |
| 86 | Apollo Techno Industries Limited | 130 | 145 | -34.62 |
| 87 | Nanta Tech Limited | 220 | 234 | 27.16 |
| 88 | Dhara Rail Projects Limited | 126 | 123.65 | -27.78 |
| 89 | Bai-Kakaji Polymers Limited | 186 | 190 | -6.02 |
IPO Performance After 3 Months – Key Data Insights
Here is the brief performance summary of these IPOs.
Overall Returns: Profit vs Loss Ratio in Q3 FY26 IPOs
Avg Return: 1.27%
Median: -4.59%
% IPOs in Profit: 44.94%
% IPOs in Loss: 52.80%
% IPOs at Par with Issue Price: 2.24%
More than half of the Q3 FY26 IPOs traded below their issue price after 3 months, while 44.94% remained in profit.
Top Gainers and Losers After 3 Months
Top 10 performers after 3 Months
| Sl No | IPO Name | 3 Months Return | Segment |
| 1 | Zelio E-Mobility | 179.93 | BSE SME |
| 2 | HRS Aluglaze Limited | 173.96 | BSE SME |
| 3 | Encompass Design India Ltd (ScaleSauce) | 138.79 | NSE SME |
| 4 | Exato Technologies | 128.86 | BSE SME |
| 5 | Groww (Billionbrains Garage) | 72.05 | Mainboard |
| 6 | Exim Routes Limited | 69.32 | NSE SME |
| 7 | Workmates Core2Cloud Solution . | 64.71 | BSE SME |
| 8 | Pajson Agro India Limited | 59.49 | BSE SME |
| 9 | Mahamaya Lifesciences | 57.89 | BSE SME |
| 10 | Corona Remedies Limited | 45.01 | Mainboard |
Bottom 10 performers
| Sl No | IPO Name | 3 Months Return | Segment |
| 1 | Logiciel Solutions | -81.19 | BSE SME |
| 2 | Mittal Sections | -74.76 | BSE SME |
| 3 | Astron Multigrain | -73.9 | BSE SME |
| 4 | Shri Kanha Stainless Limited | -73.44 | NSE SME |
| 5 | Sundrex Oil Company Limited | -71.1 | NSE SME |
| 6 | K K Silk Mills | -71.05 | BSE SME |
| 7 | Safecure Services | -69.90 | BSE SME |
| 8 | Om Metallogic | -68.6 | BSE SME |
| 9 | SSMD Agrotech India | -68.34 | BSE SME |
| 10 | Riddhi Display Equipments Limited | -67.5 | BSE SME |
Q3 FY26 IPO returns showed sharp divergence, with top performers delivering multibagger gains while the weakest listings fell over 70% within 3 months.
SME vs Mainboard IPO Performance Comparison
Mainboard Total IPOs | 27 |
Avg Gain | 11.82% |
% of IPOs With Gain | 66.67% |
SME Total IPOs | 62 |
Avg Gain | -3.33% |
% IPOs with Gain | 35.48% |
Mainboard IPOs outperformed SME IPOs in both average returns and percentage of profitable listings after 3 months in Q3 FY26.
Mainboard IPOs clearly outperformed SME IPOs after 3 months in Q3 FY26.
While 66.67% of Mainboard IPOs remained in profit with an average gain of 11.82%, SME IPOs recorded an average return of -3.33%, with only 35.48% in profit.Key Takeaways from Q3 FY26 IPO Performance
Overall average return stood at 1.27%, reflecting mixed post-listing wealth creation across the quarter.
More IPOs were in loss (52.80%) than profit (44.94%) after 3 months.
Mainboard IPOs significantly outperformed SME IPOs in both returns and consistency.
SME IPOs were highly volatile, but also produced 4 multibaggers, showing high-risk, high-reward outcomes.
IPO selection mattered more than broad participation during this quarter.
Did IPOs Sustain Listing Gains After 3 Months?
% IPOs Above Listing Price After 3 Months: 37.08%
% IPOs Below Listing Price After 3 Months: 62.92%
Most IPOs failed to sustain their listing performance after 3 months, showing that early listing momentum faded for a majority of Q3 FY26 IPOs.
What Drives IPO Performance After Listing? (Earnings, Sentiment & Lock-in Impact)
IPO listing gains may be driven by short-term sentiment, but sustained performance usually depends on fundamentals like growth, profitability, operational efficiency, capital allocation, and cash flow.
These strengths often emerge after initial excitement fades.
Upcoming Updates: Tracking IPO Performance Beyond 3 Months
This report will be updated with:
6-month performance
9-month performance
1-year performance
Conclusion:
Q3 FY26 IPO performance after 3 months remained mixed, with more IPOs in loss than profit and an overall average return of 1.27%.
Mainboard IPOs delivered stronger and more consistent returns, while SME IPOs remained highly volatile.
Most IPOs failed to sustain early listing gains, suggesting that fundamentals matter more over time.
This report will be further updated with 6-month, 9-month, and 1-year performance trends.
Important IPO Resources:
1. IPO Market Analytic and Research
