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Biggest IPO Failures in India 2023

The performance of an IPO is measured based on its price movements on the listing day. When the closing price of the IPO on the listing day is below the issue price, the IPO is said to have flopped.

The listing day is viewed as an important day for many investors who wish to make quick profits by selling the IPO shares on that day. The real demand and value of the share gets assessed on the listing day when the share becomes accessible to all who missed to buy the IPO shares or did not get an allotment.

An IPO can fail on account of many factors that may include issue with company fundamentals, management, wrong timing, incorrect valuation, lack of planning, etc. Thus, an investor should assess the company well before investing the hard earned money.

Biggest IPO Flops 2023

Issuer Company Issue Type Listing Date Issue Size Subscribed Issue Price Listing Day Price Current Price 52 Week High 52 Week Low
Cosmic CRF LimitedCosmic CRF Limited IPO detailCosmic CRF Limited Share Price, Chart and TipsSMEJun 30, 2023Rs 57.21 Cr1.16xRs 314.00Rs 238.65 (-24%)Rs 969.15 (208.65%)Rs 1,157.15 (Apr 23, 2024)Rs 181.00 (Jul 24, 2023)
Saroja Pharma Industries India LimitedSaroja Pharma Industries India Limited IPO detailSaroja Pharma Industries India Limited Share Price, Chart and TipsSMESep 13, 2023Rs 9.11 Cr8.88xRs 84.00Rs 68.25 (-18.75%)Rs 46.65 (-44.46%)
Amanaya Ventures LimitedAmanaya Ventures Limited IPO detailAmanaya Ventures Limited Share Price, Chart and TipsSMEMar 09, 2023Rs 2.76 Cr1.75xRs 23.00Rs 19.10 (-16.96%)Rs 26.18 (13.83%)Rs 28.38 (Mar 21, 2024)Rs 11.25 (Oct 04, 2023)
Vivaa Tradecom LimitedVivaa Tradecom Limited IPO detailVivaa Tradecom Limited Share Price, Chart and TipsSMEOct 12, 2023Rs 7.99 Cr1.81xRs 51.00Rs 42.54 (-16.59%)Rs 31.50 (-38.24%)Rs 43.99 (Oct 13, 2023)Rs 22.55 (Mar 27, 2024)
Indong Tea Company LimitedIndong Tea Company Limited IPO detailIndong Tea Company Limited Share Price, Chart and TipsSMEFeb 21, 2023Rs 13.01 Cr4.97xRs 26.00Rs 21.80 (-16.15%)Rs 22.00 (-15.38%)Rs 31.10 (May 30, 2023)Rs 12.50 (May 09, 2023)
Yasons Chemex Care LimitedYasons Chemex Care Limited IPO detailYasons Chemex Care Limited Share Price, Chart and TipsSMEAug 03, 2023Rs 20.57 Cr59.6xRs 40.00Rs 33.60 (-16%)Rs 28.20 (-29.5%)
Spectrum Talent Management LimitedSpectrum Talent Management Limited IPO detailSpectrum Talent Management Limited Share Price, Chart and TipsSMEJun 22, 2023Rs 105.14 Cr12.27xRs 173.00Rs 147.25 (-14.88%)Rs 98.40 (-43.12%)
Kundan Edifice LimitedKundan Edifice Limited IPO detailKundan Edifice Limited Share Price, Chart and TipsSMESep 26, 2023Rs 25.22 Cr42.27xRs 91.00Rs 78.75 (-13.46%)Rs 158.00 (73.63%)Rs 16.70 (Mar 18, 2024)Rs 9.91 (Mar 27, 2020)
Aatmaj Healthcare LimitedAatmaj Healthcare Limited IPO detailAatmaj Healthcare Limited Share Price, Chart and TipsSMEJun 30, 2023Rs 38.40 Cr33.6xRs 60.00Rs 53.20 (-11.33%)Rs 37.45 (-37.58%)
Udayshivakumar Infra LimitedUdayshivakumar Infra Limited IPO detailUdayshivakumar Infra Limited Share Price, Chart and TipsMainlineApr 03, 2023Rs 66.00 Cr32.49xRs 35.00Rs 31.50 (-10%)Rs 47.65 (36.14%)Rs 72.50 (Feb 16, 2024)Rs 27.30 (Apr 25, 2023)
Avalon Technologies LimitedAvalon Technologies Limited IPO detailAvalon Technologies Limited Share Price, Chart and TipsMainlineApr 18, 2023Rs 865.00 Cr2.34xRs 436.00Rs 397.45 (-8.84%)Rs 511.75 (17.37%)Rs 732.10 (Jul 14, 2023)Rs 348.00 (May 09, 2023)
Muthoot Microfin LimitedMuthoot Microfin Limited IPO detailMuthoot Microfin Limited Share Price, Chart and TipsMainlineDec 26, 2023Rs 960.00 Cr12.3xRs 291.00Rs 266.20 (-8.52%)Rs 241.70 (-16.94%)Rs 281.00 (Dec 26, 2023)Rs 196.60 (Mar 13, 2024)
Suraj Estate Developers LimitedSuraj Estate Developers Limited IPO detailSuraj Estate Developers Limited Share Price, Chart and TipsMainlineDec 26, 2023Rs 400.00 Cr16.57xRs 360.00Rs 334.30 (-7.14%)Rs 406.90 (13.03%)Rs 367.00 (Feb 21, 2024)Rs 255.80 (Mar 27, 2024)
Innovatus Entertainment Networks LimitedInnovatus Entertainment Networks Limited IPO detailInnovatus Entertainment Networks Limited Share Price, Chart and TipsSMEAug 04, 2023Rs 7.74 Cr105.21xRs 50.00Rs 46.52 (-6.96%)Rs 38.00 (-24%)Rs 57.80 (Jan 25, 2024)Rs 26.50 (Nov 29, 2023)
IRM Energy LimitedIRM Energy Limited IPO detailIRM Energy Limited Share Price, Chart and TipsMainlineOct 26, 2023Rs 545.40 Cr27.05xRs 505.00Rs 472.95 (-6.35%)Rs 570.05 (12.88%)Rs 615.00 (Feb 01, 2024)Rs 435.05 (Nov 22, 2023)
Micropro Software Solutions LimitedMicropro Software Solutions Limited IPO detailMicropro Software Solutions Limited Share Price, Chart and TipsSMENov 10, 2023Rs 30.70 Cr36.88xRs 81.00Rs 76.00 (-6.17%)Rs 49.00 (-39.51%)
Vrundavan Plantation LimitedVrundavan Plantation Limited IPO detailVrundavan Plantation Limited Share Price, Chart and TipsSMENov 06, 2023Rs 15.29 Cr18.57xRs 108.00Rs 101.65 (-5.88%)Rs 52.00 (-51.85%)Rs 107.00 (Nov 06, 2023)Rs 32.00 (Mar 28, 2024)
Updater Services LimitedUpdater Services Limited IPO detailUpdater Services Limited Share Price, Chart and TipsMainlineOct 04, 2023Rs 640.00 Cr2.96xRs 300.00Rs 283.85 (-5.38%)Rs 308.95 (2.98%)Rs 384.90 (Feb 26, 2024)Rs 235.30 (Oct 25, 2023)
Command Polymers LimitedCommand Polymers Limited IPO detailCommand Polymers Limited Share Price, Chart and TipsSMEMar 29, 2023Rs 7.09 Cr1.39xRs 28.00Rs 26.50 (-5.36%)Rs 25.40 (-9.29%)Rs 30.30 (Feb 19, 2024)Rs 25.40 (Apr 23, 2024)
Sunrest Lifescience LimitedSunrest Lifescience Limited IPO detailSunrest Lifescience Limited Share Price, Chart and TipsSMENov 20, 2023Rs 10.85 Cr48.54xRs 84.00Rs 79.80 (-5%)Rs 70.25 (-16.37%)
Baba Food Processing India LimitedBaba Food Processing India Limited IPO detailBaba Food Processing India Limited Share Price, Chart and TipsSMENov 15, 2023Rs 33.00 Cr69.44xRs 76.00Rs 72.20 (-5%)Rs 56.50 (-25.66%)
Mangalam Alloys LimitedMangalam Alloys Limited IPO detailMangalam Alloys Limited Share Price, Chart and TipsSMEOct 04, 2023Rs 54.91 Cr5.57xRs 80.00Rs 76.00 (-5%)Rs 42.45 (-46.94%)Rs 2.54 (Apr 04, 2024)Rs 0.39 (Sep 11, 2019)
Vilin Bio Med LimitedVilin Bio Med Limited IPO detailVilin Bio Med Limited Share Price, Chart and TipsSMEJun 30, 2023Rs 12.00 Cr2.8xRs 30.00Rs 28.50 (-5%)Rs 21.00 (-30%)
Cell Point (India) LimitedCell Point (India) Limited IPO detailCell Point (India) Limited Share Price, Chart and TipsSMEJun 28, 2023Rs 50.34 Cr6.03xRs 100.00Rs 95.00 (-5%)Rs 39.15 (-60.85%)
Sudarshan Pharma Industries LtdSudarshan Pharma Industries Ltd IPO detailSudarshan Pharma Industries Ltd Share Price, Chart and TipsSMEMar 22, 2023Rs 50.10 Cr1.06xRs 73.00Rs 69.35 (-5%)Rs 75.63 (3.6%)Rs 91.90 (Aug 23, 2023)Rs 62.00 (Jul 26, 2023)
Maiden Forgings LimitedMaiden Forgings Limited IPO detailMaiden Forgings Limited Share Price, Chart and TipsSMEApr 06, 2023Rs 23.84 Cr1.2xRs 63.00Rs 59.86 (-4.98%)Rs 100.00 (58.73%)Rs 138.70 (Nov 24, 2023)Rs 58.00 (May 16, 2023)
Synoptics Technologies LimitedSynoptics Technologies Limited IPO detailSynoptics Technologies Limited Share Price, Chart and TipsSMEJul 13, 2023Rs 54.03 Cr2.66xRs 237.00Rs 226.10 (-4.6%)Rs 121.10 (-48.9%)
Graphisads LimitedGraphisads Limited IPO detailGraphisads Limited Share Price, Chart and TipsSMEDec 13, 2023Rs 53.41 Cr3.86xRs 111.00Rs 105.95 (-4.55%)Rs 50.90 (-54.14%)
Yatra Online LimitedYatra Online Limited IPO detailYatra Online Limited Share Price, Chart and TipsMainlineSep 28, 2023Rs 775.00 Cr1.66xRs 142.00Rs 135.95 (-4.26%)Rs 143.75 (1.23%)Rs 194.00 (Feb 02, 2024)Rs 124.55 (Oct 26, 2023)
Zaggle Prepaid Ocean Services LimitedZaggle Prepaid Ocean Services Limited IPO detailZaggle Prepaid Ocean Services Limited Share Price, Chart and TipsMainlineSep 22, 2023Rs 563.38 Cr12.86xRs 164.00Rs 158.30 (-3.48%)Rs 306.15 (86.68%)Rs 389.45 (Mar 04, 2024)Rs 155.30 (Sep 22, 2023)
ITCONS E-Solutions LimitedITCONS E-Solutions Limited IPO detailITCONS E-Solutions Limited Share Price, Chart and TipsSMEMar 13, 2023Rs 8.67 Cr16.79xRs 51.00Rs 49.33 (-3.27%)Rs 63.23 (23.98%)Rs 77.90 (Feb 22, 2024)Rs 37.00 (Jun 06, 2023)
Auro Impex & Chemicals LimitedAuro Impex & Chemicals Limited IPO detailAuro Impex & Chemicals Limited Share Price, Chart and TipsSMEMay 23, 2023Rs 27.07 Cr66.94xRs 78.00Rs 75.70 (-2.95%)Rs 82.45 (5.71%)
Bizotic Commercial LimitedBizotic Commercial Limited IPO detailBizotic Commercial Limited Share Price, Chart and TipsSMEJun 23, 2023Rs 42.21 Cr1.87xRs 175.00Rs 171.00 (-2.29%)Rs 57.82 (-66.96%)Rs 182.00 (Jun 23, 2023)Rs 43.11 (Mar 28, 2024)
On Door Concepts LimitedOn Door Concepts Limited IPO detailOn Door Concepts Limited Share Price, Chart and TipsSMENov 01, 2023Rs 31.18 Cr5.59xRs 208.00Rs 203.40 (-2.21%)Rs 294.95 (41.8%)
Dev Labtech Venture LimitedDev Labtech Venture Limited IPO detailDev Labtech Venture Limited Share Price, Chart and TipsSMEMar 29, 2023Rs 11.22 Cr5.47xRs 51.00Rs 50.21 (-1.55%)Rs 126.65 (148.33%)Rs 136.89 (Apr 26, 2024)Rs 53.05 (May 05, 2023)
ResGen LimitedResGen Limited IPO detailResGen Limited Share Price, Chart and TipsSMEMar 13, 2023Rs 28.20 Cr2.5xRs 47.00Rs 46.57 (-0.91%)Rs 87.97 (87.17%)Rs 112.95 (Mar 11, 2024)Rs 41.41 (Jun 20, 2023)
Shelter Pharma LimitedShelter Pharma Limited IPO detailShelter Pharma Limited Share Price, Chart and TipsSMEAug 23, 2023Rs 16.03 Cr15.25xRs 42.00Rs 41.96 (-0.1%)Rs 62.27 (48.26%)Rs 80.90 (Jan 11, 2024)Rs 37.50 (Oct 11, 2023)
Patron Exim LimitedPatron Exim Limited IPO detailPatron Exim Limited Share Price, Chart and TipsSMEMar 06, 2023Rs 16.69 Cr1.07xRs 27.00Rs 26.98 (-0.07%)Rs 8.49 (-68.56%)Rs 15.47 (Jun 14, 2023)Rs 7.44 (Mar 28, 2024)
HMA Agro Industries LimitedHMA Agro Industries Limited IPO detailHMA Agro Industries Limited Share Price, Chart and TipsMainlineJul 04, 2023Rs 480.00 Cr1.62xRs 585.00Rs 584.75 (-0.04%)Rs 59.76 (2.15%)Rs 84.05 (Dec 29, 2023)Rs 48.50 (Mar 27, 2024)
  • The above list represents data from 2007 till date.
  • The current market price may not be a true reflection of the IPO performance as of today as it is includes the effect of price change on account of corporate actions like stock split, bonus (if any) till date.