The IPO market appears to be losing momentum, with only three out of nine recent listings delivering positive returns. Among four mainboard IPOs, only Anand Rathi Share and Stock Brokers reported a modest gain of nearly 8%.
On Tuesday, the following IPOs were launched: Anand Rathi Share and Stock Brokers, Jaro Institute of Technology Management and Research, Solarworld Energy Solutions, Seshaasai Technologies (mainboard IPOs), alongside Matrix Geo Solutions and Ecoline Exim (NSE-Emerge), as well as True Colors, BharatRohan Airborne Innovations, and Aptus Pharma (BSE-SME).
Aptus Pharma performed notably well, achieving a 21.2% gain, while Jaro Institute was the weakest performer, falling 16.3% on its debut. Analysts noted that despite the heavy oversubscription for many IPOs, most ended up delivering negative returns, reflecting underlying weak fundamentals.
Anand Rathi Share and Stock Brokers displayed a fluctuation between ₹431 and ₹458.70, ultimately settling at ₹445.55 on the NSE and ₹445.65 on the BSE. It debuted at a 4.3% premium over its IPO price of ₹414, listing at ₹432 on both exchanges. The ₹745-crore offering consisted entirely of a fresh issue, with no offer-for-sale component, priced within a ₹393 to ₹414 band. The IPO garnered a subscription of 20.66 times on the final bidding day and raised over ₹220 crore from anchor investors.
Jaro Institute of Technology Management and Research made a lackluster debut, aligning with its issue price of ₹890, before dropping over 16% to close at ₹745.05 on the BSE and ₹744.25 on the NSE. The ₹450-crore IPO, which was subscribed 22.06 times, included a fresh issue worth ₹170 crore and an offer-for-sale component of ₹280 crore by promoter Sanjay Namdeo Salunkhe, alongside ₹135 crore raised from anchor investors. It entered the market with a price band of ₹846-849.
Solarworld Energy Solutions initially gained 11% over its IPO price of ₹351, debuting at ₹388.50 on the NSE and ₹389 on the BSE. However, it later declined to close at around ₹324. The ₹490-crore IPO, which was subscribed 65 times, comprised both a fresh equity issue valued at ₹440 crore and an offer for sale worth ₹50 crore by promoter Pioneer Facor IT Infradevelopers.
Seshaasai Technologies posted initial gains but ended at ₹411.50 on the BSE and ₹411.45 on the NSE, having listed at a slight premium. The IPO, which was subscribed 68.13 times, had a total size of ₹813 crore, featuring a fresh issue worth ₹480 crore and the sale of 78.74 lakh shares valued at ₹333 crore.
In the SME category, Matrix Geo Solutions and Ecoline Exim had muted debuts on the NSE Emerge platform. Matrix Geo closed at ₹99.15 after an opening of ₹103.90 compared to its IPO price of ₹104, while Ecoline Exim ended at ₹140.50 after starting at ₹140.85, just below its issue price of ₹141. The ₹40.2 crore IPO of Matrix Geo was subscribed over 7 times, and the ₹76.42 crore IPO of Ecoline Exim was subscribed over 6 times.
True Colors debuted flat at ₹191 on the BSE SME platform but settled at ₹183.05 after hitting a lower circuit at ₹181.45. The ₹127.96 crore IPO saw overwhelming demand, with a subscription rate of 42.36 times. On a more positive note, BharatRohan ended 8.2% higher at ₹91.99 against its IPO price of ₹85.
Market experts recommend caution when investing in IPOs solely for listing gains, as retail investors have increasingly targeted quick profits. This approach may be ineffective in a market characterized by caution and numerous challenges.
Published on September 30, 2025
