Nirmal Bang
Nirmal Bang is a Mumbai-headquartered, family-run financial services group offering equity and derivatives trading, commodities, currency, institutional broking, depository services and portfolio management across the NSE, BSE, MCX and NCDEX. Its research arm, Nirmal Bang Securities, publishes fundamental and technical coverage along with IPO notes for retail and institutional clients.
Visit website
31 Mainboard reviews
Reviews tracked
31
all time
Hit %
75%
average marks per call
Coverage %
23%
of IPOs given a call
Avg listing gain
+22.6%
on Apply calls
Calls at a glance
Every review on IPO Guru, all time.
Verdict mix
31
Apply · 100%
0
May Apply · 0%
0
Neutral · 0%
0
Avoid · 0%
Best and worst call
Call history
Each verdict next to the gain on listing day and the total gain till today, both from the issue price.
31 reviews
| IPO | Verdict | Total gain |
|---|---|---|
Jio Platforms Listed 28 Oct 2026
|
Apply | +24.8% |
Tonbo Imaging India Listed 23 Oct 2026
|
Apply | +66.9% |
Bonfiglioli Transmissions Listed 23 Oct 2026
|
Apply | +7.3% |
Sahajanand Medical Technologies Listed 23 Oct 2026
|
Apply | +37.3% |
Adroit Industries (India) Listed 30 Sep 2026
|
Apply | +26.7% |
National Stock Exchange of India Listed 24 Sep 2026
|
Apply | +0.3% |
Rentomojo Listed 17 Sep 2026
|
Apply | +34.6% |
Glass Wall Systems (India) Listed 16 Sep 2026
|
Apply | +17.1% |
ESDS Software Solution Listed 4 Sep 2026
|
Apply | +188.3% |
Symbiotec Pharmalab Listed 1 Sep 2026
|
Apply | +25.5% |
Augmont Enterprises Listed 31 Aug 2026
|
Apply | +35.2% |
Gaja Alternative Asset Management Listed 26 Aug 2026
|
Apply | -22.7% |
Lalithaa Jewellery Mart Listed 24 Aug 2026
|
Apply | +73.6% |
Shiprocket Listed 19 Aug 2026
|
Apply | +31.8% |
Dhoot Transmission Listed 17 Aug 2026
|
Apply | +78.9% |
Indo-MIM Listed 30 Jul 2026
|
Apply | +141.3% |
Caliber Mining & Logistics Listed 24 Jul 2026
|
Apply | +21.8% |
SBI Funds Management Listed 21 Jul 2026
|
Apply | -19.3% |
Kusumgar Listed 15 Jul 2026
|
Apply | +27.4% |
Knack packaging Listed 8 Jul 2026
|
Apply | +11.4% |
Past results do not guarantee future calls; for research only.
Frequently asked questions
Is Nirmal Bang SEBI registered?
Yes, Nirmal Bang is a SEBI registered Research Analyst (Registration No. INH000001766). SEBI registration means the analyst is regulated by the Securities and Exchange Board of India and authorised to publish investment research.
How many IPO reviews has Nirmal Bang given?
Nirmal Bang has reviewed 31 IPOs in total. The apply rate across all calls is 100%.
What is Nirmal Bang's IPO recommendation win rate?
Nirmal Bang has a 74% win rate: 74% of their Apply calls listed above the issue price on the NSE/BSE. The average listing gain on Apply calls is +22.6%.
What is Nirmal Bang's performance score on IPO Guru?
Nirmal Bang holds a Mainboard score of 88/100 (Top Performer), ranked #2 among mainboard IPO analysts on IPO Guru. The score is 80% hit (each call graded on its listing-day gain and its gain 180 days after listing), 10% selectivity (whether Apply picks beat Avoid picks) and 10% coverage (how many IPOs it took a stand on).
Where can I read Nirmal Bang's IPO recommendations?
All IPO reviews by Nirmal Bang are listed on this page. You can filter by the last 12 months or all time, and see each verdict (Apply / May Apply / Neutral / Avoid) next to the listing gain and total gain for that IPO.
Compare Nirmal Bang with every other analyst.
See who has called IPOs best over the last 18 months.
