Over 360 Stocks Listed Since Last Budget; 57% Trade Below Issue Prices

A total of 366 companies have debuted on Dalal Street since the last Union Budget, and 211 of them, or 57%, are currently trading below their issue prices, according to data compiled by Trendlyne.

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The listings span the period following the previous Budget presentation and reflect continued activity in the primary market despite volatility in secondary markets.

SME Segment Dominates Listings

Out of the 366 listings, 263 companies, or 72%, were from the SME segment, Trendlyne data showed. The remaining listings were from the mainboard segment.

Several SME public issues recorded subscription levels above 100 times, even after the Securities and Exchange Board of India tightened disclosure and eligibility norms for SME IPOs. Retail investor participation remained strong across offerings during the period.

Post-Listing Performance

Trendlyne data shows that 150 stocks are trading between 20% and 83% below their issue prices. Some counters have declined more than 70% from their listing prices.

On the gainers’ side, 26 stocks are trading more than 100% above their issue prices. Anondita Medicare is trading about 557% above its IPO price, while Tankup Engineers has gained approximately 307% from its issue price, according to the data. Overall, 156 stocks are trading above their issue prices.

Primary Market Fundraising

The Economic Survey 2025–26 stated that India led the world in IPO issuances in FY26. The report noted that from FY22 to FY26, up to December 2025, primary markets mobilised ₹53 lakh crore through equity and debt issuances. Of this, ₹14 lakh crore was raised through equity issuances.

Sustainable investor participation and regulatory efforts taken by SEBI also helped the fundraising activity, according to the Survey.

Market Context

Such a surge in the number of listings occurred at a time of geopolitical tensions and trade-related uncertainties in the markets of the world. Despite the volatility in the benchmark indices of shares such as the Nifty 50 and the Sensex, the number of IPOs remained high.