Outcomes · 2026

What actually happened

Everywhere else on this site is about issues that have not finished yet. This page is the part that can be checked: every IPO that listed in India this year, what it did on listing day, and where it trades now.

288 issues, 13 Jan 2026 to 30 Oct 2026. Prices to 30 Oct 2026 — 22 of them last traded before that date and carry their own, which is what a thin SME scrip looks like.

Issues settled: 288
Median listing day: +2.7%
Mean listing day: +12.4%
Opened below issue: 27%

Those two middle figures describe the same 288 issues and differ by roughly 10 percentage points. The mean is the larger of the two because a handful of issues roughly doubled while most did close to nothing— which makes the mean the right number for a fund holding all of them and the wrong one for a reader deciding about one. Everything below is reported as a median with its sample attached.

The three exits

The same issues, measured at the three moments an applicant can actually act.

If you had	Median	Mean	Below issue
Sold at the opening print288 issues	+2.7%	+12.4%	27%
Sold at the first day’s close262 issues	+3.3%	+12.6%	40%
Still held today288 issues	+3.1%	+18.1%	48%

Measured across the issues that have both, holding to the first day’s close beat selling into the opening print, on the median — while a larger share of issues finished that first day below their issue price than opened below it (40% against 27%). Both can be true at once, because the first day’s close is a wider distribution in both directions: the middle moved one way while the losing half grew. That close is known for 262 of the 288 issues here; the rest are counted in every other row and dashed in that one.

The last row is not an annual return. These issues listed across 10 months, so the earliest has had far longer to move than the most recent, which listed on the date these prices were taken, and nothing here adjusts for that. It answers one question only: of everything that listed this year, what is still above water.

The shape of listing day

One distribution, and the two averages that describe it very differently.

Where listing day actually landed

Every one of the 288 issues that listed in 2026, by what it did against its issue price at the opening print.

SME
Mainboard

The solid line is the median — the middle issue of the year. The dashed line is the mean, which sits where very few listings actually finished: it is pulled there by a short right tail of issues that roughly doubled. An SME listing cannot print outside -20% to +90% of its issue price in the special pre-open, and 32 of 2026’s SME listings closed that auction pinned exactly to one of those walls — 12 at the cap and 20 at the floor. Those are limits of the rulebook, not of demand, so both tails here are shorter than the market would have drawn them.

Did demand predict it?

This site caps sentiment at 8 of 100 scoring points. Here is the evidence behind that number rather than the argument for it.

Demand, against what happened next

Every settled issue of 2026 placed in a band by its final total subscription, and the median outcome of each band.

Median listing-day move
Median where it trades today

Subscription is the final total on this site’s convention, which excludes the anchor book. Bands are the ordinary market ones and were fixed before any outcome was looked at, so the shape below is not the product of edges chosen to produce it. A hatched bar holds fewer than 8 issues and should be read as a count, not as a finding. This is one year of one market: it describes what happened, and a relationship this strong in a single year is still a single year.

Across 285 issues the ordering holds at every step: the more heavily an issue was subscribed, the better its median listing day and the smaller the share that opened below issue price. In the 1–3× band — the single largest, at 114 issues — the median listing move was +0.0% and 47% opened below what applicants paid.

What this does not say is that subscription causes the outcome, or that it is knowable in time to act on. The final book is published after bidding closes; retail applications are already in by then. The bands are drawn from the figure at close precisely because that is the honest one — using the day-two number instead would flatter the relationship with information the applicant also lacked. Treat it as a description of what demand turned out to be worth, not as a rule.

Mainboard against SME

Two markets with one name, and they did not behave alike.

Mainboard104 issues

Median listing day: +7.2%
Opened below issue: 22%
Median today: +9.6%
Underwater today: 38%

SME184 issues

Median listing day: +1.1%
Opened below issue: 30%
Median today: −3.2%
Underwater today: 54%

The gap widens with time rather than closing. Mainboard’s median listing move was +7.2% against SME’s +1.1%; held to today that becomes +9.6% against −3.2%, with 54% of SME listings below their issue price.

One structural caveat belongs with every SME figure on this page. An SME listing cannot print outside -20% to +90% of the issue price in the special pre-open, and 32 of 184 SME listings this year finished that auction sitting exactly on one of those two walls. Their listing-day figure is what the rulebook allowed, not what the market thought — so the SME median is measured on a deliberately truncated distribution, and the tails are shorter than they would otherwise be.

The ends

The issues the medians above are built around.

Best listing day

Against the issue price, at the opening print.

Worst listing day

Several SME names here are pinned to the −20% floor rather than found there.

Furthest ahead today

Against the issue price, at 30 Oct 2026.

Furthest behind today

A listing gain is not an outcome. These all finished listing day somewhere, and kept going.

How this is counted

Including what has been left out of it.

Every issue, not a selection. This dataset covers all of 2026’s mainboard and SME issues, so these are not figures assembled from the ones worth remembering. Nothing was chosen, and nothing that listed has been dropped.

One denominator throughout. Every return is measured against the issue price — recovered from the listing price and the listing gain, then checked against the top of the price band. Where the two disagree the first-day close is dashed rather than estimated, because a close measured against a price nobody paid is worse than no close at all.

3 issues are missing from the demand bands. 2 carry no subscription figure at all, and 1 quotes its book on a denominator that counts the anchor in — a convention that can differ from this site’s by a factor of three on the same issue. It keeps every other figure on this page and loses only the band, because restating a book onto a convention it was not measured on is a guess wearing a decimal point. That leaves 285 of 288 issues in the band table.

A band under 8 issues is a count, not a result. Those bars are drawn hatched and labelled with their sample. Removing them would leave a hole where the most interesting part of the shape is; relying on them would be worse.

Prices lag where trading does. The current price is the last captured trade, dated per issue. An SME scrip that did not trade for a week carries a week-old price, and 22 issues here are in that state. None of them is marked to a model.

It is one year. 2026 was a particular market and these relationships are described, not established. A monotonic series across six bands in a single year is still a single year, and nothing on this page should be read as a forecast of the next one.

How the score these outcomes test is built →

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.