Investors who participated in IPOs that listed between July and September 2026 have seen sharp gains in a handful of stocks, with seven companies from the three-month cohort more than doubling from their issue prices, even as the broader equity market remained under pressure.
Two of these stocks gained more than 260%, while two others advanced over 150%. At the other end of the spectrum, some stocks from the same IPO cohort fell more than 50% from their issue prices.
Data covering 59 IPOs listed during July, August and September 2026 shows that the average return from issue price to September 29 stood at 36.46%. Over the same period, the Nifty 50 declined 4.82%, the Nifty Midcap 150 fell 4.05%, while the Nifty Smallcap 150 gained 0.15%.
ESDS Software Solution led the pack, surging 269.78% from its IPO issue price. Millworks Technologies gained 260.35%, while Poojaa Precision Engineering and INDO-MIM rose 167.71% and 157.54%, respectively.
Milky Mist Dairy Food, Technocraft Ventures and Xtranet Technologies also more than doubled, gaining 127.21%, 127.10% and 114.02%, respectively.
For investors who missed these issues, however, the sharp gains also shift the focus from IPO performance to what comes next. For those already invested, the question is whether stock prices have moved ahead of the underlying fundamentals.
Kranthi Bathini, director, equity strategy at WealthMills Securities, said IPOs need to be assessed on a stock-specific basis rather than as a single basket.
ESDS Software, Millworks lead IPO wealth creation
ESDS Software Solution was the strongest performer among the 59 IPOs. The stock listed at Rs 746.30 against an issue price of Rs 429 and climbed to Rs 1,586.35 by September 29, translating into a 269.78% gain from the issue price.
Millworks Technologies followed with a 260.35% return. The stock was issued at Rs 331, listed at Rs 628.90 and subsequently rose to Rs 1,192.75 by September 29.
Poojaa Precision Engineering gained 167.71%, while INDO-MIM rose 157.54%. Milky Mist Dairy Food, Technocraft Ventures and Xtranet Technologies gained 127.21%, 127.10% and 114.02%, respectively.
Bathini pointed to ESDS Software as an example of how sharply stock performance can change even after an initial rally.
“ESDS Software, which was listed with a big bank. And later on, the stock went to an all-time high, giving multifold returns. And from there onwards, after receiving the business update, the stock was in a downward cycle.”
He also cited Millworks as an example of an SME stock that delivered strong returns to early investors.
“And there are some companies, SME companies like Millworks also, which have given strong returns to their early investors. Now, in the stock market, in the initial phase, it's a voting machine, and in the long term, it is a weighing machine.”
Strong listing gains extended well beyond debut
For several of the biggest winners, the gains did not end with listing-day premiums. Their stocks continued to rise substantially after entering the secondary market.
ESDS Software listed at Rs 746.30, a 74% premium to its Rs 429 issue price, before climbing to Rs 1,586.35 by September 29.
Millworks Technologies listed at Rs 628.90, a 90% premium to its Rs 331 issue price, and subsequently rose to Rs 1,192.75.
