Worst SME IPOs of 2023: These 5 public issues saw weakest listings

While Dalal Street saw a great year for SME IPOs, not every company could taste sweet victory in 2023. Some SME IPOs saw declining fortunes on listing day. Although a few could pull themselves out of the slump, others couldn’t. Here are the worst SME IPOs by listing gains of 2023, and how they have fared afterwards.

Cosmic CRF, which is into manufacturing railway components, had the worst SME listing in 2023, which is ironic considering the rally that railway related stocks have had this year. Cosmic CRF stock got listed at Rs 238.65 on June 30, a 24-percent discount to its issue price of Rs 314. However the stock recovered and gave 32.16 percent year to date return as it closed at Rs 415 on December 22. The IPO was subscribed 1.16 times. This is also the only company in the list whose stock price recovered from the listing day decline, thanks to railway stocks rally.

Saroja Pharma Industries was among the companies that had a very bad year. The stock listed at an 18.75-percent discount at Rs 68.25 on September 13 against its issue price of Rs 84. Things got worse for the company as the stock price kept declining throughout the year. It closed at Rs 55 on December 22, declining by 34.12 percent. The issue was subscribed 8.88 times.

Amanaya Ventures was listed at Rs 19.1 on March 9, at 16.96 percent discount to its issue price of Rs 23. The stock continued its downward trend as it ended at Rs 14.5 on December 22. The IPO of the bullion trader company was open between February 24 and 28 and was subscribed 1.75 times.

Vivaa Tradecom is another company that had a poor response to its IPO. It was listed at Rs 42.54 on October 12, at a discount of 16.59 percent from its issue price of Rs 51. The price continued to decline, ending at Rs 29.6 on December 22, falling 41.96 percent further. The garment manufacturing and trading company’s IPO was subscribed 1.81 times when it was open between September 27 and October 4.

The final company in this list is tea manufacturer Indong Tea. On February 21, the company’s stock listed at Rs 21.8, a 16.15 percent discount to its offer price of Rs 26. The stock continued to be weak as it closed at Rs 21 on December 22 -- a 19.23 percent fall. The company’s IPO was subscribed 4.97 times and was open for bidding from February 9 to February 13.