The average IPO listing-day gains for companies that debuted between July 1 and August 19 rose to 20.9%, compared with just 1.72% for those listed during January-June, according to an analysis of 47 mainboard IPOs listed through August 21, 2026. The nearly 12-fold increase points to a sharp revival in investor appetite for new offerings.

Key Highlights

• Average IPO listing-day gains rose to almost 12 times the previous average of 1.72% in Jul-Aug 2026.
• Behari Lal Engineering pushed ahead of Bharat Coking Coal to become the top listed 2026 IPO, as it gained 78.25% on the listing day.

It is observed that 47 companies have been analysed, 22 of which debuted in the market in H1 CY26 and 25 others in the period, beginning July 1 and ending Aug. 19. On average, listings saw an increase of 11.9% over the course of the day for all 47 IPOs.

Market Stages Sharp Turnaround in H2 CY26

There has been a marked increase in investor appetite for new offerings, with many companies posting double-digit returns and in some instances, spectacular returns on their debut day on the exchange.

Behari Lal Engineering had the highest listing day gain of 78.25%, to become the top performer of the day and take over Bharat Coking Coal to become the best IPO performer till now in 2026. Shiprocket was followed by the listing of Avani Trading.The next listing was of Avani Trading, which listed 47.94% higher than the opening price. Technocraft Ventures was up 46.77%, MV Electrosystems was up 46.53%, Dhoot Transmission was up 36.34%, Milky Mist Dairy Food was up 29.61%, and Molbio Diagnostics jumped 28.41%.

Among other top-performing IPOs of 2026, Indo-MIM gained 52.95%, while Kusumgar Industries rose 46.53% and Advit Jewels advanced 30.04%. Other strong performers included CMR Green Technologies, Laser Power & Infra and Caliber Mining & Logistics. Even some larger offerings, such as Manipal Health Enterprises and Juniper Green Energy, posted healthy listing-day gains of 13% and 15.38%, respectively.

Some Disappointments Persist

Despite the broader rally, there were still notable disappointments. LEAP India closed 8.74% below its issue price, while Alpine Texworld, CSM Technologies and Waterways Leisure Tourism also ended their debut sessions in the red. However, the number and magnitude of strong gainers were enough to lift the average listing-day gain for the July-August period sharply higher.

The rebound suggests that investors are once again becoming more willing to chase growth-oriented businesses, sector-specific themes and companies with strong earnings visibility. It also points to a revival in risk appetite following the more selective and valuation-conscious approach that characterised the market earlier in the year.

Also Read: IPO Market Defies Slump: Rs 22,572 Cr Raised by 27 Firms in H1

Weak Sentiment Hit H1 Performance

The first half of the year saw some big companies having their IPOs perform poorly on the day of the IPO. A number of stocks finished lower than the issue price, with Bharat Coking Coal posting a stellar gain of 76.78% on its first day of trading in January. On the respective listing days, Shadowfax Technologies tumbled by 11.37%, Fractal Analytics by 5.84%, Clean Max Enviro Energy Solutions by 17.58%, Shree Ram Twistex by 29.38% and Innovvision down 28.17%.

The mixed performance left the average IPO listing-day gains for the first half of the year, as of June 25, at a modest 1.72%, once again evidencing the cautious mood in the primary market during the first six months of the year.

Secondary Market Volatility Also Weighed on H1 IPOs

The secondary market volatility during the first half also had a negative impact on overall IPO performance. The Nifty 50 index dipped about 9% in the first half of the year, as FIIs are withdrawing and geopolitical events in the West Asian region and price corrections in specific sectors took a toll on the group.

The benchmark, driven by a rally in IT shares as well as a few select rallies across the Indian stock market, has picked up the pace a bit in the second half thus far, rising by around 1.8% from its end-June level.