IPO market trend for 9 October 2026: mainboard IPOs of ₹500–1,000 crore have listed with a median gain of 15.63% this year, the best of any size band. Issues of ₹1,000–5,000 crore managed 4.34%. Our records cover 100 mainboard listings in 2026.
How listing gains differ by issue size
We grouped every 2026 mainboard listing by the size of the issue. The table shows what each group did on debut and how much demand it drew.
| Issue size | Listings | Median listing gain | Opened above issue price | Median subscription |
|---|---|---|---|---|
| Under ₹500 crore | 48 | 6.63% | 33 | 20.85x |
| ₹500–1,000 crore | 23 | 15.63% | 14 | 41.05x |
| ₹1,000–5,000 crore | 25 | 4.34% | 15 | 8.38x |
| ₹5,000 crore and above | 4 | 6.93% | 4 | 9.73x |
Listing gain here means the opening price on the NSE against the issue price. A median is the middle result, so one outsized debut does not drag it up.
Demand tracks the listing gain
The ₹500–1,000 crore band drew a median subscription of 41.05x. The ₹1,000–5,000 crore band drew 8.38x. That is almost five times the demand for an issue that is roughly the same order of size.
The listing gains follow the same order. Where the book was thinner, the opening was weaker. The small-issue band sits in between at 20.85x subscription and a 6.63% median gain.
The biggest issues all opened above the issue price
Only four mainboard issues of ₹5,000 crore or more have listed in 2026. All four opened above the issue price, with a median gain of 6.93%. Four is a small sample, so read it as a fact about those four, not as a rule.
Count the openings above issue price and the picture is mixed. In the ₹500–1,000 crore band, 14 of 23 opened above (about 61%). In the ₹1,000–5,000 crore band it was 15 of 25 (60%). Under ₹500 crore, it was 33 of 48 (about 69%). A high median does not mean every issue in the band gained.
What our data shows
Across the 100 listings, 66 opened above the issue price. The small-issue band holds the highest share of such openings, while the ₹500–1,000 crore band holds the highest median gain. Size alone does not explain this. The subscription column moves the same way as the listing column, which is why we read the two together.
What to keep in mind
- These are opening-price figures on the listing day, not returns after listing.
- Medians hide the spread. Some issues in every band opened below the issue price.
- The bands hold different numbers of IPOs, from 4 to 48.
For the full listing record, see our IPO performance table. Earlier this month we looked at what happens after listing. We update these numbers as new issues list.
