IIFL Capital Services Ltd.
IPOs where IIFL Capital Services Ltd. acted as a book-running lead manager, with each issue’s size and listing outcome.
Track record on ipostation
ipostation's database lists IIFL Capital Services Ltd. as a book-running lead manager on 29 IPOs: all of them mainboard issues. Bidding dates recorded here run from Jul 2026 to Oct 2026, and 6 issues have no bidding date recorded yet. Of these, 19 have listed, 4 are between scheduling and listing and 6 are at the draft-filing (announced) stage. It shared every one of these mandates with at least one other lead manager.
Issue size is recorded for 25 of the 29 IPOs. They range from ₹420 Cr (Acevector) to ₹30,213 Cr (Jio Platforms), with a median of ₹875 Cr. The 19 listed issues with a recorded size total ₹42,073.66 Cr; sizes for issues that have not listed are the amounts stated in their offer documents.
A listing-day change is recorded for 19 listed issues: 13 above, 5 below and 1 level with the issue price. The median change was +6.3%, from -11.6% (Acevector) to +64.7% (Orient Cables). These are past listing outcomes and say nothing about how a future issue will list.
Final overall subscription is recorded for all 22 issues whose bidding has closed. The median was 37.02x, ranging from 1.36x (Pernia's Pop-up Studio) to 135.8x (Kusumgar).
Currently between scheduling and listing: Jio Platforms, Tonbo Imaging India, Fusion CX and HD Fire Protect.
IIFL Capital Services Ltd. has worked alongside 29 other lead managers on these issues. The 5 most frequent, by number of shared issues:
- JM Financial Ltd. — 13 shared issues
- Axis Capital Ltd. — 12 shared issues
- Motilal Oswal Investment Advisors Ltd. — 9 shared issues
- ICICI Securities Ltd. — 7 shared issues
- Kotak Mahindra Capital Co.Ltd. — 6 shared issues
IPOs with IIFL Capital Services Ltd. as lead manager
| IPO | Board | Status | Open date | Issue size | Price | Subscription | Listing gain |
|---|---|---|---|---|---|---|---|
| Avaada Electro | Mainboard | Announced | — | ₹1,600 Cr | — | — | — |
| Crystal Crop Protection | Mainboard | Announced | — | — | — | — | — |
| Garuda Aerospace | Mainboard | Announced | — | — | — | — | — |
| InCred | Mainboard | Announced | — | — | — | — | — |
| Truhome Finance | Mainboard | Announced | — | ₹1,500 Cr | — | — | — |
| Zepto | Mainboard | Announced | — | — | — | — | — |
| Jio Platforms | Mainboard | Upcoming | 21 Oct 2026 | ₹30,213 Cr | ₹1,119 | — | — |
| Tonbo Imaging India | Mainboard | Closed | 15 Oct 2026 | ₹852.18 Cr | ₹700 | 7.78x | — |
| Fusion CX | Mainboard | Closed | 14 Oct 2026 | ₹702 Cr | ₹289 | 4.68x | — |
| HD Fire Protect | Mainboard | Closed | 13 Oct 2026 | ₹712.13 Cr | ₹271 | 131.73x | — |
| Acevector | Mainboard | Listed | 25 Sept 2026 | ₹420 Cr | ₹32 | 5.07x | -11.6% |
| Orient Cables | Mainboard | Listed | 25 Sept 2026 | ₹552 Cr | ₹272 | 97.28x | +64.7% |
| Moneyview | Mainboard | Listed | 24 Sept 2026 | ₹1,091.68 Cr | ₹34 | 101.87x | +63.6% |
| Elevate Campuses | Mainboard | Listed | 23 Sept 2026 | ₹2,100 Cr | ₹362 | 1.89x | -1.5% |
| NSE | Mainboard | Listed | 17 Sept 2026 | ₹22,562.71 Cr | ₹1,785 | 5.71x | +0.8% |
| Asset Reconstruction | Mainboard | Listed | 9 Sept 2026 | ₹732.97 Cr | ₹139 | 20.1x | +0.0% |
| Karamtara Engineering | Mainboard | Listed | 9 Sept 2026 | ₹875 Cr | ₹254 | 66.01x | +26.0% |
| Manipal Payment and Identity Solutions | Mainboard | Listed | 9 Sept 2026 | ₹805 Cr | ₹339 | 1.42x | -2.1% |
| Rentomojo | Mainboard | Listed | 9 Sept 2026 | ₹1,255.57 Cr | ₹404 | 72.89x | +18.8% |
| Glass Wall Systems | Mainboard | Listed | 8 Sept 2026 | ₹427.89 Cr | ₹182 | 81.65x | +4.5% |
| Kanohar Electricals | Mainboard | Listed | 8 Sept 2026 | ₹1,055.74 Cr | ₹632 | 90.59x | +6.3% |
| Pernia's Pop-up Studio | Mainboard | Listed | 31 Aug 2026 | ₹680 Cr | ₹575 | 1.36x | -6.3% |
| Gaja Alternative Asset Management | Mainboard | Listed | 19 Aug 2026 | ₹550 Cr | ₹160 | 32.98x | +15.8% |
| Horizon Industrial Parks | Mainboard | Listed | 17 Aug 2026 | ₹2,600.04 Cr | ₹60 | 1.52x | -0.6% |
| Milky Mist Dairy Food | Mainboard | Listed | 11 Aug 2026 | ₹1,553 Cr | ₹140 | 59.08x | +17.9% |
| Molbio Diagnostics | Mainboard | Listed | 10 Aug 2026 | ₹939.7 Cr | ₹807 | 70.27x | +21.4% |
| LEAP India | Mainboard | Listed | 7 Aug 2026 | ₹2,480 Cr | ₹159 | 8.82x | +4.4% |
| Laser Power & Infra | Mainboard | Listed | 9 Jul 2026 | ₹742 Cr | ₹214 | 41.05x | +25.7% |
| Kusumgar | Mainboard | Listed | 8 Jul 2026 | ₹650.36 Cr | ₹419 | 135.8x | +37.0% |
Subscription is the final overall figure once bidding has closed; listing gain is the listing-day change against the issue price. “—” means not available.
Year by year
| Bidding year | IPOs | Mainboard | SME | Total issue size | Median listing gain |
|---|---|---|---|---|---|
| 2026 | 23 | 23 | 0 | ₹74,552.97 Cr | +6.3% (19 listed) |
| Not yet scheduled | 6 | 6 | 0 | ₹3,100 Cr | — |
What a book-running lead manager does
Under Regulation 23 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, an issuer must appoint one or more SEBI-registered merchant bankers, at least one of whom is a lead manager to the issue. When more than one merchant banker manages an issue, each one’s responsibilities for disclosures, allotment, refunds and underwriting are fixed in advance and set out in the draft offer document and the offer document.