Khandwala Securities Ltd.
IPOs where Khandwala Securities Ltd. acted as a book-running lead manager, with each issue’s size and listing outcome.
Track record on ipostation
ipostation's database lists Khandwala Securities Ltd. as a book-running lead manager on 3 IPOs: 1 mainboard issue and 2 SME issues. Bidding dates recorded here run from Aug 2026 to Sept 2026. Of these, 3 have listed. It was the sole lead manager on 2 of the 3 and shared the mandate with other merchant bankers on the rest.
Issue size is recorded for all 3 IPOs. They range from ₹23.45 Cr (SJP Ultrasonic) to ₹300 Cr (ArMee Infotech), with a median of ₹27.26 Cr. The 3 listed issues with a recorded size total ₹350.71 Cr; sizes for issues that have not listed are the amounts stated in their offer documents.
A listing-day change is recorded for 3 listed issues: 1 above and 2 below the issue price. The median change was -0.7%, from -1.6% (ArMee Infotech) to +10.8% (SJP Ultrasonic). These are past listing outcomes and say nothing about how a future issue will list.
Final overall subscription is recorded for all 3 issues whose bidding has closed. The median was 1.82x, ranging from 1.59x (Mopshop Distribution) to 2.62x (ArMee Infotech).
Khandwala Securities Ltd. has worked alongside 1 other lead manager on these issues. The co-manager, with the number of shared issues:
- Saffron Capital Advisors Pvt.Ltd. — 1 shared issue
IPOs with Khandwala Securities Ltd. as lead manager
| IPO | Board | Status | Open date | Issue size | Price | Subscription | Listing gain |
|---|---|---|---|---|---|---|---|
| SJP Ultrasonic | SME | Listed | 30 Sept 2026 | ₹23.45 Cr | ₹67 | 1.82x | +10.8% |
| ArMee Infotech | Mainboard | Listed | 23 Sept 2026 | ₹300 Cr | ₹375 | 2.62x | -1.6% |
| Mopshop Distribution | SME | Listed | 19 Aug 2026 | ₹27.26 Cr | ₹138 | 1.59x | -0.7% |
Subscription is the final overall figure once bidding has closed; listing gain is the listing-day change against the issue price. “—” means not available.
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. For SME issues, Chapter IX of the same regulations adds underwriting (Regulation 260) and post-listing market-making (Regulation 261) obligations that the lead manager must arrange.