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IPO track record

Pre-IPO returns: unlisted price vs listing day

Companies whose shares traded in the unlisted market before they listed on the stock exchange: their lowest, highest, midway and DRHP-date unlisted prices, and what those shares were worth at the close on listing day, as a multiple (MOIC) and a percentage.

Returns are compared against the midway pre-IPO price by default: halfway between the lowest and highest unlisted price before the IPO, against the closing price on listing day. Use the switch above the table to compare from the lowest, highest or DRHP-date price instead.

From the midway price, 11 of 20 closed higher on listing day.

Compare returns from

Returns compare the midway pre-IPO price with the closing price on listing day. This is the default. Midway is halfway between the lowest and highest unlisted price before the IPO.

Colour key3× or more1.5× – 3×Up to 1.5×Loss under 25%Loss over 25%

Pre-IPO prices are unlisted dealer quotes before the IPO, per post-IPO share: the lowest, the highest, the midway point between them, and the quote on the date the draft offer document (DRHP) was filed with SEBI. Returns use the closing price on listing day (NSE, or BSE for BSE-only listings), before taxes, fees and dealer spreads. Unlisted shares are illiquid and can lose value. Past performance doesn't predict future returns.

How we calculate

  • Lowest and highest pre-IPO price: the lowest and highest unlisted dealer quotes before the IPO, from one dealer’s price history, per post-IPO share (restated for any split or bonus).
  • Midway price (the default for returns): halfway between the lowest and highest pre-IPO price.
  • Price on DRHP date: the same dealer’s quote on the day the draft offer document was filed with SEBI (or the nearest quote around it). Shown as “—” where the dealer has no quote close to that date.
  • Listing-day close: the closing price on the day the shares listed, on NSE, or on BSE for companies listed only there (such as NSE itself).
  • MOIC (multiple on invested capital) is the listing-day close ÷ the chosen pre-IPO price (midway unless you switch); the % return is (MOIC − 1) × 100. Neither includes taxes, fees or dealer spreads.

Sources

  • National Stock Exchange of India BSE: NSE
    Pre-IPO low ₹162 on 31 May 2019, high ₹2,590 on 21 Jun 2025: WWIPL price history
    DRHP filed 17 Jun 2026; quote ₹2,050 on 17 Jun 2026: filing
    Restated for the 4:1 bonus (record date 2 Nov 2024).
    IPO ₹1,785, closed at ₹1,818 on 24 Sept 2026: listing report
  • ESDS Software Solution NSE: ESDS
    Pre-IPO low ₹190 on 26 May 2024, high ₹540 on 1 Jan 2026: WWIPL price history
    DRHP filed 30 Mar 2025; quote ₹360 on 25 Mar 2025: filing
    IPO ₹429, closed at ₹908.40 on 4 Sept 2026: listing report
  • SBI Funds Management NSE: SBIFUNDS
    Pre-IPO low ₹220 on 3 Mar 2023, high ₹870 on 23 Jun 2026: WWIPL price history
    DRHP filed 19 Mar 2026; quote ₹750 on 19 Mar 2026: filing
    Restated for the 3:1 bonus (record date 18 Dec 2025).
    IPO ₹574, closed at ₹609.75 on 21 Jul 2026: listing report
  • Fractal Analytics NSE: FRACTAL
    Pre-IPO low ₹1,366 on 7 Feb 2026, high ₹1,966 on 1 Dec 2025: Altius price history
    IPO ₹900, closed at ₹847.15 on 16 Feb 2026: listing report
  • PhysicsWallah NSE: PWL
    Pre-IPO low ₹145 on 5 Aug 2025, high ₹162 on 3 Nov 2025: Sharescart price history
    UDRHP-I filed 6 Sept 2025; quote ₹145 on 5 Sept 2025: filing
    IPO ₹109, closed at ₹155.24 on 18 Nov 2025: listing report
  • Pine Labs NSE: PINELABS
    Pre-IPO low ₹280 on 31 Oct 2025, high ₹350 on 4 Aug 2025: WWIPL price history
    IPO ₹221, closed at ₹250.89 on 14 Nov 2025: listing report
  • Groww NSE: GROWW
    Pre-IPO low ₹124 on 28 Oct 2025, high ₹153 on 20 Sept 2025: Altius price history
    UDRHP-I filed 16 Sept 2025; quote ₹145 on 19 Sept 2025: filing
    IPO ₹100, closed at ₹131.33 on 12 Nov 2025: listing report
  • Lenskart NSE: LENSKART
    Pre-IPO low ₹400 on 26 Aug 2025, high ₹600 on 23 Oct 2025: WWIPL price history
    IPO ₹402, closed at ₹403.10 on 10 Nov 2025: listing report
  • Tata Capital NSE: TATACAP
    Pre-IPO low ₹400 on 19 Jun 2023, high ₹1,100 on 25 Apr 2024: WWIPL price history
    UDRHP-I filed 4 Aug 2025; quote ₹800 on 31 Jul 2025: filing
    IPO ₹326, closed at ₹330.50 on 13 Oct 2025: listing report
  • Vikram Solar NSE: VIKRAMSOLR
    Pre-IPO low ₹170 on 28 Mar 2024, high ₹475 on 3 Jan 2025: WWIPL price history
    DRHP filed 30 Sept 2024; quote ₹410 on 28 Sept 2024: filing
    IPO ₹332, closed at ₹356.40 on 26 Aug 2025: listing report
  • NSDL BSE: NSDL
    Pre-IPO low ₹700 on 17 Jun 2023, high ₹1,250 on 20 Feb 2025: WWIPL price history
    IPO ₹800, closed at ₹936 on 6 Aug 2025: listing report
  • HDB Financial Services NSE: HDBFS
    Pre-IPO low ₹570 on 26 May 2020, high ₹1,525 on 24 Sept 2024: WWIPL price history
    DRHP filed 30 Oct 2024; quote ₹1,295 on 30 Oct 2024: filing
    IPO ₹740, closed at ₹840.95 on 2 Jul 2025: listing report
  • Hexaware Technologies NSE: HEXT
    Pre-IPO low ₹237.50 on 29 Jan 2021, high ₹1,100 on 26 Sept 2024: WWIPL price history
    DRHP filed 6 Sept 2024; quote ₹775 on 4 Sept 2024: filing
    Restated for the 2:1 split (record date 27 May 2024).
    IPO ₹708, closed at ₹762.55 on 19 Feb 2025: listing report
  • MobiKwik NSE: MOBIKWIK
    Pre-IPO low ₹300 on 12 Apr 2023, high ₹1,275 on 18 Oct 2021: WWIPL price history
    DRHP filed 4 Jan 2024; quote ₹500 on 4 Jan 2024: filing
    IPO ₹279, closed at ₹528 on 18 Dec 2024: listing report
  • Swiggy NSE: SWIGGY
    Pre-IPO low ₹345 on 31 Mar 2024, high ₹500 on 2 Oct 2024: WWIPL price history
    UDRHP-I filed 26 Sept 2024; quote ₹490 on 13 Sept 2024: filing
    IPO ₹390, closed at ₹456 on 13 Nov 2024: listing report
  • Waaree Energies NSE: WAAREEENER
    Pre-IPO low ₹590 on 27 Jun 2023, high ₹2,850 on 25 Sept 2024: WWIPL price history
    DRHP filed 28 Dec 2023; quote ₹1,375 on 28 Dec 2023: filing
    IPO ₹1,503, closed at ₹2,339 on 28 Oct 2024: listing report
  • ixigo NSE: IXIGO
    Pre-IPO low ₹72 on 6 Jan 2023, high ₹210 on 11 Nov 2021: WWIPL price history
    DRHP filed 14 Feb 2024; quote ₹135 on 16 Feb 2024: filing
    IPO ₹93, closed at ₹165.72 on 18 Jun 2024: listing report
  • Tata Technologies NSE: TATATECH
    Pre-IPO low ₹100 on 16 Oct 2020, high ₹1,040 on 28 Jul 2023: WWIPL price history
    DRHP filed 9 Mar 2023; quote ₹780 on 28 Feb 2023: filing
    Restated for the January 2023 1:5 split plus 1:1 bonus (×10 shares).
    IPO ₹500, closed at ₹1,313 on 30 Nov 2023: listing report
  • Paytm NSE: PAYTM
    Pre-IPO low ₹900 on 5 Jan 2021, high ₹3,335 on 23 Oct 2021: WWIPL price history
    DRHP filed 15 Jul 2021; quote ₹2,425 on 13 Jul 2021: filing
    Restated for the 1:10 split (face value ₹10 → ₹1, 30 Jun 2021).
    IPO ₹2,150, closed at ₹1,561 on 18 Nov 2021: listing report
  • Nazara Technologies NSE: NAZARA
    Pre-IPO low ₹492 on 17 May 2020, high ₹1,400 on 13 Mar 2021: WWIPL price history
    DRHP filed 14 Jan 2021; quote ₹910 on 10 Jan 2021: filing
    IPO ₹1,101, closed at ₹1,592 on 30 Mar 2021: listing report

Pre-IPO returns: FAQ

Which price are the returns measured from?

By default, the midway pre-IPO price: halfway between the lowest and highest unlisted price quoted before the IPO. Most pre-IPO buyers paid somewhere in that range. You can switch the table to the lowest, the highest, or the price on the DRHP filing date.

What is the price on the DRHP date?

The unlisted price on the day the company filed its draft offer document (DRHP) with SEBI, the point at which an IPO becomes public knowledge. For companies that pre-filed confidentially, it is the date the public UDRHP was filed.

Why use the listing-day closing price?

It is the first full day's price set by the open market, and the one most widely reported when a company lists.

Could I have sold on listing day?

Usually not straight away. Shares bought before an IPO are typically locked in for six months after listing, so the price you could actually sell at may differ.

Are these returns after costs?

No. They are per share, before taxes, brokerage, dealer spreads and stamp duty.

Companies heading for an IPO →How pre-IPO investing works →
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