The IPO market has been unusually busy. Over the past month, investors have watched marquee names such as NSE compete for attention with smaller companies that quietly delivered far bigger post-listing gains. And that creates an interesting question:
Are investors looking at the wrong IPOs?
Between August 26 and September 25, 2026, several recently listed companies delivered substantial gains from their issue prices. Some were SME IPOs that barely made the mainstream headlines, while others were relatively new-age businesses that attracted strong institutional and retail interest. The numbers show why looking beyond the headline IPO can sometimes uncover interesting opportunities.
1. ESDS – The IPO That Refused to Stay Quiet
ESDS Software Solution has been one of the standout IPO stories of the month. The company came to the market at an issue price of ₹429 and listed around ₹746–₹757, translating into a listing gain of roughly 74–77%. By September 25, the stock was trading around ₹1,700 levels, representing a gain of nearly 300% from its issue price.
What makes the story more interesting is the underlying business. ESDS operates in cloud computing, data centres and digital solutions. Its FY26 revenue rose 30.7% to ₹472.2 crore, while consolidated net profit increased 117% to ₹120.8 crore.
This is an important IPO lesson: strong listing momentum becomes more meaningful when it is supported by improving business fundamentals.
2. Shanti Inorganics – A Small IPO With a Big Move
One of the quieter names of the month was Shanti Inorganics. The SME IPO was priced at ₹83 and listed at ₹157.70, delivering a 90% listing gain. By September 25, the stock was around ₹179.85, translating into a gain of roughly 117% from the issue price.
The company manufactures sulphur-based inorganic chemicals used across food, pharmaceuticals, water treatment and other industries. Its revenue increased from ₹44.87 crore in FY24 to ₹71.22 crore in FY26, while profit rose from ₹5.12 crore to ₹10.22 crore over the same period.
This is exactly the type of company that can escape the attention of investors focused only on large IPOs.
3. Ashutosh Fibre – Another SME IPO Under the Radar
Ashutosh Fibre provides another example. The company came to the market at ₹92 per share and listed at ₹140, a 52.17% listing gain. Its shares subsequently remained above the issue price, with recent data showing a substantial gain from the IPO level.
The company manufactures technical textile yarns used across industrial, automotive and protective applications. Its revenue increased from ₹109.87 crore in FY24 to ₹117.37 crore in FY26, while FY26 profit reached ₹16.04 crore. The interesting part is not simply the return. It is the possibility that specialised businesses can attract investor interest even when they are far less visible than large consumer or technology IPOs.
4. Karamtara Engineering – Strong Listing, Strong Follow-Through
Karamtara Engineering was another notable September listing. Its IPO was priced at ₹254, while the stock opened at ₹320, giving investors a 25.98% listing gain. Recent market data showed the stock trading substantially above the issue price. Unlike some IPOs where the excitement fades immediately after listing, Karamtara continued to trade above its issue price. That distinction matters.
A listing gain tells you what happened on Day 1. Post-listing performance tells you whether the market continued to value the story.
5. Glass Wall Systems – The Quiet Performer
Glass Wall Systems is another example of why investors should not focus exclusively on the biggest IPOs. The company was issued at ₹182 and recent data showed the stock substantially above the issue price. Economic Times data placed its gain around 70% in September, while HDFC Securities’ September 25 data showed it at ₹274.19. The stock’s performance demonstrates another important IPO phenomenon: the market can re-rate a company after listing when demand remains strong.
What These IPOs Tell Investors
The biggest takeaway from the last month is not that every IPO generated spectacular returns. It is actually the opposite. The performance has been extremely uneven.
Some recent listings traded below their issue prices, while others delivered double-digit or even triple-digit gains. For example, HDFC Securities’ September 25 data showed several recent IPOs trading below issue price, including Vama Wovenfab, Fly-Hi Maritime and ABH Healthcare. That makes IPO investing less about blindly chasing subscription numbers and more about analysing the business behind the issue.
Listing Gain vs Investment Opportunity
There is a major difference between a listing gain and a genuine investment opportunity. A stock listing 50% above its issue price does not automatically mean it is undervalued. Likewise, an IPO that lists weakly is not automatically a bad business. Investors need to examine revenue growth, profitability, debt, valuation, industry outlook, promoter ownership, issue utilisation and the proportion of fresh issue versus offer for sale.
This is where stock market analysis AI and modern AI tools for stock analysis can potentially add value by helping investors process multiple data points instead of focusing on one headline number.
Where AI Can Change IPO Research
Imagine analysing 20 IPOs manually. You would need to compare financial statements, valuations, industry trends, subscription data, peer multiples and post-listing price behaviour. An AI for investment platform can help structure that process by screening companies, comparing financial signals and identifying patterns across a much larger universe.
For investors exploring best AI app for stock market or an AI investment platform, the bigger opportunity may therefore be using AI to identify what deserves deeper research not simply asking it which IPO to buy.
Final Thoughts
The past month has shown that IPO opportunities are not always hiding in the biggest names. ESDS Software Solution, Shanti Inorganics, Ashutosh Fibre, Karamtara Engineering and Glass Wall Systems all delivered substantial gains from their respective issue prices, while several other recent IPOs struggled.
The IPO headline gets attention, but the numbers tell the real story. Looking beyond subscription hype and studying fundamentals, valuations and post-listing performance can help investors understand whether a newly listed company deserves a place in their portfolio.
If you are looking for quality stocks to add to your portfolio post-listing, proper AI stock analysis can help evaluate companies beyond their initial IPO performance. Instead of relying only on listing gains, investors can focus on business fundamentals, risk and long-term potential.
For investors looking to build a long term stock portfolio, Jarvis Invest, a SEBI Registered Investment Advisor, combines AI-powered stock analysis with personalised portfolio recommendations and ongoing risk monitoring to help build and manage a portfolio suited to your investment goals.
