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beyond the noise
The listings you remember

What happened to every IPO since 2021?

Every mainboard company that listed on the NSE since October 2021, all 600 of them. Each arrived with a queue, a grey market premium and somebody explaining why this one was different. Here is the boring part nobody runs afterwards: what they are worth now, measured from the day you could first buy them.

Listing day to today

Pick a year

Each figure is what ₹1,00,000 would be worth today, had you put it in at the closing price on that company's first day of trading. That close is the first price an ordinary buyer could actually get. Not the IPO issue price, which only allottees paid.

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Why most of these numbers are reported wrong

A bonus issue is not a crash

When a company issues bonus shares or splits its stock, the price per share drops mechanically and your holding multiplies to match. You have lost nothing. But the raw price history does not know that, so a stock that did nothing wrong can look like it collapsed, and a quiet winner can look ordinary. Fifteen of the 600 below would be badly misreported if you skipped this check.

It cuts both ways, which is the part worth remembering. The same oversight that invents a collapse at one company hides a fivefold understatement at another. Every one of the 600 figures on this page is checked against the exchange's own record of splits and bonuses.

What this does and does not say

Read this before you draw a conclusion

It does not say IPOs are bad

Seventy three of the 600 at least doubled. It says the odds of picking which one are not what the queue outside the application window implies.

Mainboard only, new companies only

SME listings are excluded, and so is anything already trading elsewhere before it joined the main board. A few demergers may still slip in.

Dividends are not counted

These are price returns only. The companies that paid dividends did better than shown. Most of the ones that fell paid nothing.

We are not telling you what to buy

This is arithmetic on published prices, not a view on any company. Picking one for you is advice, and that takes a registration we do not hold.

How this was worked out

Method

The two prices

Entry is the closing price on the company's first day of trading on the NSE, taken from the exchange's daily record. Exit is the closing price on .

The adjustment

Every company was checked against the exchange's corporate action record. Where a split or bonus happened, the listing price is restated into today's share terms before any return is calculated. Dividends are recorded but not added back.

The returns

The headline figure is the total change from entry to exit, not annual. The second figure is that same return expressed as a yearly rate, so a five year holding and a two year holding can be compared honestly.

Source and date

Prices from the NSE's published daily data, pulled . Nothing here is live. If you are reading this much later, the prices have moved and the lesson has not.