India’s IPO street is having its best year in retail memory. Fifteen mainboard IPOs that pulled in retail subscription of roughly 25 times or more are now sitting on gains of up to 78% over their issue price, and 14 of the 15 are still trading above where they were sold.
In a market where sharp post-listing reversals are the more common story once valuations run hot or listing demand turns out to be short-term money, this batch of 2026 IPOs has done the opposite; it has rewarded the very retail investors who queued up for allotment, as of September 3, 2026.
Need to Know
- 15 mainboard IPOs of 2026 with retail subscription of 25x or higher are now trading up to 78% above their issue price
- Tempsens Instruments and Sunshine Pictures lead the group, each currently around 78% above issue price
- 14 of the 15 IPOs listed above their issue price on debut day, a roughly 93% listing-day success rate
- MV Electrosystems drew the heaviest retail demand of the 15, subscribed 211 times in the retail category alone
- Reuters called Tempsens Instruments’ debut the biggest listing gain on Indian exchanges in 2026, surpassing Bharat Coking Coal’s earlier record
- SEBI has cleared Jio Platforms’ IPO and the NSE’s own public issue, among the largest offers expected in Indian market history
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The Scoreboard: All 15 Retail Favourites, Ranked by Current Gain
| Company | Current Return vs Issue Price | Retail (RII) Subscription |
|---|---|---|
| Tempsens Instruments | ~78% | 59.02x |
| Sunshine Pictures | ~78% | 54.88x |
| Technocraft Ventures | ~76% | 25.35x |
| Advit Jewels | ~72.5% | 92.98x |
| MV Electrosystems | ~67% | 211x |
| Behari Lal Engineering | ~53% | ~53–54x (sources vary) |
| Hexagon Nutrition | ~47% | not disclosed in compiled data |
| Hy-Tech Engineers | ~42.62% | 170.58x |
| Shiprocket | ~39% | 46.42x |
| Kusumgar | ~35% | 26.47x |
| CMR Green Technologies | ~20% | not disclosed in compiled data |
| Caliber Mining | ~18% | not disclosed in compiled data |
| Augmont Enterprises | ~10% | ~31–33x (sources vary) |
| Ardee Industries | ~6.04% | 47.77x |
| 15th issue in the cohort | now below issue price | not disclosed in compiled data |
Compiled from exchange- and registrar-linked data as of September 3, 2026. Two subscription figures show genuine disagreement across tracking platforms—shown as ranges rather than false-precision single numbers.
Tempsens Instruments’ Debut Was the Story of the Year
Tempsens Instruments, a Rajasthan-based thermal engineering company making temperature sensors and specialised cables, priced its ₹650-crore IPO at ₹300 a share.
Shares opened at ₹580.70 on the NSE, up 93.57% by the end of listing day, August 28, and Reuters reported the stock touching ₹634, a 111.33% premium, in trade that day, valuing the company at roughly ₹53.15 billion (~$556 million).
Reuters called it the biggest listing gain on Indian exchanges in 2026, ahead of Bharat Coking Coal’s debut earlier in the year.
The IPO was subscribed 184 times overall, 59.02 times in the retail category. Even after cooling from that debut-day spike, the stock is holding a gain of around 78%, CY26’s best-performing mainboard listing so far.
Sunshine Pictures Backed Up Retail Demand With Institutional Buying
Sunshine Pictures, a media and film production company, priced its ₹282-crore issue at ₹360 and listed at ₹395.9 on August 25.
The retail category was subscribed 54.88 times, but institutions were just as enthusiastic, the QIB portion was booked 123.52 times, and the overall issue crossed 105 times.
That combination has kept the stock trading roughly level with Tempsens, near 78% above issue price.
What These 15 Have in Common: Retail Wanted In
MV Electrosystems topped the group with a retail subscription of 211 times, the heaviest demand in the cohort, and listed at a 22% premium before continuing to climb to its current ~67% gain, a slower burn than Tempsens’ front-loaded spike.
Hy-Tech Engineers followed at 170.58 times retail demand, Advit Jewels at 92.98 times, and Tempsens at 59.02 times. Even the names lower on the returns table cleared the 25x retail bar comfortably, Technocraft Ventures at 25.35 times, Shiprocket at 46.42 times.
The correlation isn’t perfect. Technocraft Ventures needed only 25.35x retail demand to deliver a 76% gain, while Hy-Tech Engineers needed nearly seven times that subscription level for a smaller 42.62% return, though Hy-Tech only listed on September 1, so it’s had barely 48 hours to build on its debut compared with weeks for the earlier names.
Kusumgar is the inverse case: it listed back in mid-July, giving it roughly seven weeks of trading versus Tempsens’ one week, yet sits at a comparatively modest 35% gain on 26.47x retail demand.
More time in the market hasn’t automatically meant a bigger cushion, the newest, hottest debuts are currently outrunning some of the longest-listed names in the group.
From Listing-Day Fireworks to a Cooler, Still-Profitable Market
Shiprocket, the e-commerce enablement and logistics SaaS platform, priced its ₹1,617-crore IPO at ₹97 and opened at ₹131 on August 19, a 35.05% listing-day gain on 46.42x retail demand.
Technocraft Ventures opened 34% above its ₹212 issue price on August 14 and closed its first day up 46.8%.
Hy-Tech Engineers opened at ₹75 against a ₹53 issue price, a 41.51% NSE premium, on September 1. Across the 15, 14 opened above issue price on day one, a roughly 93% hit rate.
What’s followed is profit-booking without a full reversal: Tempsens’ intraday high near 111% has settled to around 78%; Technocraft Ventures’ closing-day gain of 46.8% has eased to roughly 76%.
The direction has stayed positive even as the scale of the gains has moderated.
Not Every Bet Paid Off Equally
The spread is wide. Tempsens and Sunshine Pictures are up roughly 78%; Ardee Industries, a metals recycler with 47.77x retail demand, is holding onto just 6.04%, and Augmont Enterprises, the gold and silver platform that priced at ₹788 a share, is up around 10%.
One of the 15 has slipped below its issue price entirely. Heavy subscription raises the odds of a listing pop, but the roughly 72-percentage-point gap between this list’s best and weakest performer is the clearest evidence that it’s not a guarantee of a sustained return.
Why the IPO Pipeline Keeps Getting Longer
The BSE IPO index has climbed 17% year-to-date to 18,380.86, ahead of the nearly 15% gain over the same stretch a year earlier.
CY26 has already seen 53 mainboard IPOs list, with August alone contributing 17 of them and six of the year’s ten best listing-day performers.
The average listing gain across all 53 issues stands at 10.86%, making this retail-heavy group of 15 look considerably stronger than the broader market.
SEBI has cleared Jio Platforms’ IPO along with six other public offers, and the NSE’s own long-awaited listing is also in the pipeline, both expected to rank among the largest IPOs in Indian market history and both set to draw on the same pool of retail and institutional liquidity that has powered 2026’s smaller debutants.
Market watchers have flagged that issues of that size could tighten liquidity for smaller offerings in the months ahead, even as they argue fundamentally strong, fairly priced companies should keep finding buyers regardless of how crowded the calendar gets.
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Disclaimer: IPO returns and subscription figures are based on available market data and may change with market prices. This article is for informational purposes only and should not be considered investment advice. Investors should conduct their own research before making any investment decision.
