Gretex Corporate Services Limited: Nine of 10 IPOs Below Issue Price

Gretex Corporate Services Limited disclosed that nine of 10 past initial public offerings (IPOs) with completed 180-calendar-day observations were below their issue price. M P K Steels (I) Limited was the sole exception, up 52.1%, while Taurian MPS Limited recorded the largest decline, down 76.62%.

What does Gretex Corporate Services’ 180-day IPO record show?

Gretex Corporate Services’ disclosure shows that 90% of the 10 IPOs with completed 180-day data were below issue price at that checkpoint. The 10 completed observations cover Akme Fintrade (India) Limited, listed on June 26, 2024, and nine issuers listed from July 3, 2025 to February 11, 2026; their aggregate issue size was Rs 562.88 crore.

The nine negative 180-day changes ranged from 0.03% below issue price for Brandman Retail Limited to 76.62% below for Taurian MPS Limited. Akme Fintrade (India) Limited was down 28.58%, Moving Media Entertainment Limited 32.45%, Silky Overseas Limited 11.11%, Selikro Industries Limited 23.81%, ARC Insulation & Insulators Limited 63.92%, Munish Forge Limited 41.95%, and Flywings Simulator Training Centre Limited 19.90%.

The record is a mandated historical disclosure rather than a projection of any future IPO outcome. Gretex Corporate Services is identified as the book running lead manager, meaning the intermediary that manages the IPO process and furnishes due-diligence certifications under the Securities and Exchange Board of India, or SEBI, framework.

How did listing openings compare with the 180-day IPO record?

All 10 IPOs with completed 180-day data opened above their issue prices on their listing dates, but only M P K Steels (I) Limited remained above its issue price after 180 days. M P K Steels (I) Limited opened at Rs 80 on October 6, 2025, against an issue price of Rs 79, and subsequently showed a 52.1% 180-day gain.

Taurian MPS Limited illustrates the difference between an opening price and the later prescribed observation. Taurian MPS Limited opened at Rs 210 on September 16, 2025, compared with an issue price of Rs 171, but its disclosed 180-day change was negative 76.62%.

ARC Insulation & Insulators Limited followed a similar pattern, opening at Rs 145 on August 29, 2025 against an issue price of Rs 125 before recording a 63.92% decline at 180 days. A listing-day opening measures the first traded price, whereas the 180-day figure depends on the closing price at the required calendar-day observation.

Which IPO stayed above issue price after 180 days?

M P K Steels (I) Limited was the only IPO above issue price at the 180-day observation, with a 52.1% gain. Its Rs 25.74 crore issue size was the smallest among the 10 completed 180-day records, and its issue price was Rs 79.

Brandman Retail Limited was the closest of the other nine records to its issue price, but remained 0.03% below it after 180 days. Brandman Retail Limited listed on February 11, 2026 at Rs 183, above its Rs 176 issue price, and had an issue size of Rs 86.09 crore.

M P K Steels (I) Limited had also been positive at 90 days, when its disclosed change was 71.56%. Selikro Industries Limited was up 9.84% at 90 days but down 23.81% at 180 days, showing how an issuer above issue price at one scheduled checkpoint could be below it at the next.

How did the results change from 30 to 90 and 180 days?

The 10 completed IPOs had six issues below issue price at 30 days, eight at 90 days and nine at 180 days. At 30 days, Moving Media Entertainment Limited, Taurian MPS Limited, Munish Forge Limited and Flywings Simulator Training Centre Limited were above issue price, while the other six completed records were below it.

At 90 days, only Selikro Industries Limited and M P K Steels (I) Limited were above issue price, with gains of 9.84% and 71.56%, respectively. By 180 days, Selikro Industries Limited had moved below issue price, leaving one positive record out of 10.

Atechcomerce Limited India Limited is excluded from the 180-day comparison because its entry was marked not available for that period. The issuer listed on March 9, 2026 and showed gains of 14.54% at 30 days and 8.87% at 90 days; the disclosure footnote states that its 180-day period had not been completed.

What does the benchmark comparison add to the record?

Eight of the 10 completed IPOs underperformed the benchmark change displayed alongside their 180-day results. The disclosure identifies the BSE SENSEX and NSE NIFTY as benchmark indices and shows benchmark percentage changes in brackets beside each issuer’s share-price change.

Taurian MPS Limited fell 76.62% while its displayed benchmark change was positive 10.36%, and ARC Insulation & Insulators Limited fell 63.92% against a positive 4.32% benchmark change. M P K Steels (I) Limited gained 52.1% against a negative 10.36% benchmark change, while Brandman Retail Limited fell 0.03% but exceeded its displayed negative 5.28% benchmark change.

The stated methodology uses the immediately preceding working day if the 30th, 90th or 180th calendar day is not a trading day. If an issuer’s shares did not trade on that date, the immediately preceding trading-day price is used, so the disclosed figures are prescribed point-in-time comparisons rather than continuous price measurements.

Conclusion

Gretex Corporate Services’ disclosed record distinguishes sharply between listing-day openings and the 180-day IPO outcome: all 10 completed records opened above issue price, but nine were below it at the later observation. The number below issue price rose from six at 30 days to eight at 90 days and nine at 180 days.

The next disclosed development is the eventual 180-day observation for Atechcomerce Limited India Limited, which was not available after its March 9, 2026 listing. The document’s preceding-working-day and preceding-trading-day rules will determine the price used if the exact 180th calendar day does not provide a trading observation.