Horizon Management: 19 of 26 SME IPOs fell in 30 days

Horizon Management Private Limited’s disclosed small and medium enterprise, or SME, initial public offering, or IPO, record shows that 19 of 26 issues with completed 30-calendar-day observations fell from their listing-day closing price. Seven of 26 rose. The measure is based on closing prices after listing, not a direct comparison with each IPO’s issue price.

What does Horizon Management’s 30-day SME IPO record show?

Horizon Management’s 30-day SME IPO record shows 19 declines and seven gains among 26 completed observations, meaning 73.08% of the completed issues had a negative change from the listing-day closing price. The completed observations run from Cosmic CRF Limited, listed on June 30, 2023, through Value 360 Communications Limited, listed on May 11, 2026.

The disclosure defines the 30th calendar day as listing day plus 29 calendar days. It uses each security’s closing price on listing day as the base price, so a negative percentage means that the later closing price was below the listing-day close. It does not establish that 19 issues traded below their IPO issue prices because the issue price is not the stated calculation base.

Atharva Poly-Plast Limited, listed on July 7, 2026, is marked not applicable for the 30-day measure because that period had not been completed when the disclosure was prepared. Horizon Management reported 27 SME IPOs across financial years 2023-24 to 2026-27, so the single unavailable 30-day reading accounts for the difference between the 27 managed issues and 26 completed observations.

How large were Horizon Management’s 30-day SME IPO moves?

Horizon Management’s disclosed 30-day moves ranged from a 67.18% increase for Shree Karni Fabcom Limited to a 62.75% decrease for Super Iron Foundry Limited. Shree Karni Fabcom listed on March 14, 2024, while Super Iron Foundry listed on March 19, 2025, illustrating the range within the 26 completed readings.

Super Iron Foundry was the only completed issue with a 30-day decline greater than 50%, at 62.75%. Yajur Fibres Limited was next at a 54.93% decline, while Citichem India Limited fell 46.41%, Veritaas Advertising Limited fell 40.00%, and Divine Hira Jewellers Limited fell 39.77%; these figures show that the negative group was not limited to small changes.

The seven positive readings also varied substantially. Shree Karni Fabcom gained 67.18% and Parth Electrical & Engineering Ltd gained 54.43%, whereas Neetu Yoshi Limited gained 1.10% and L. T. Elevator Limited gained 2.20%. The other positive 30-day outcomes were Cosmic CRF Limited at 10.83%, Swastika Castal Limited at 20.24%, and Clear Secured Services Limited at 14.33%.

How did Horizon Management’s results change by financial year?

Horizon Management’s annual summary shows that all 12 SME IPOs listed in financial year 2024-25 traded at a discount to their listing-day closing base after 30 calendar days. This differed from financial year 2023-24, when two of four issues were at a discount and two were at a premium, and financial year 2025-26, when four of nine were at a discount and five were at a premium.

The 2025-26 cohort contained more varied outcomes than the 12-issue 2024-25 group. The annual summary places one 2025-26 issue in the more-than-50% discount category, three in the less-than-25% discount category, one in the more-than-50% premium category and four in the less-than-25% premium category. The summary is based on issues listed in each financial year, rather than on the date each IPO was launched.

The 2026-27 summary reports two IPOs and two issues trading at a discount in the less-than-25% band, but the detailed table marks Atharva Poly-Plast’s 30-day figure as not applicable. Value 360 Communications, the other 2026-27 listing, recorded an 11.99% decline from its listing-day closing price at the completed 30-day point. The detailed issue table therefore supports 26 completed individual observations at the stated date.

Why is the listing-day close different from the IPO issue price?

Horizon Management’s 30-day calculation begins with the closing price on listing day, not the IPO issue price or the opening price on listing day. This distinction is material because listing-day opening prices varied from the issue prices before the prescribed 30-day calculation began.

Forcas Studio Limited opened at Rs 152 on August 26, 2024, against an issue price of Rs 80, then recorded a 34.42% decline from its listing-day closing price by the 30th calendar day. Conversely, MVK Agro Food Product Limited opened at Rs 79 on March 7, 2024, against an issue price of Rs 120 and then recorded a 36.29% decline from its listing-day closing base. Neither opening-price comparison changes the disclosure’s defined return measure.

This methodology means a 30-day loss can coexist with a listing price above the issue price, and a 30-day gain can follow a listing at or below the issue price. The prospectus provides issue prices and opening prices for each IPO, but its 30-, 90- and 180-day performance percentages use closing prices on listing day as the base. Any claim about how many issues were below issue price after 30 days would require a separate comparison not supplied in the summary.

What does the benchmark comparison show for these IPOs?

Horizon Management’s benchmark comparison shows that individual IPO moves differed from the relevant market index over the same 30-day period. The disclosure uses the BSE SENSEX or NIFTY 50 as the benchmark, depending on the designated stock exchange identified for the issuer.

Super Iron Foundry fell 62.75% over 30 calendar days while its disclosed benchmark rose 3.78%. Shree Karni Fabcom rose 67.18% while its benchmark rose 1.68%, indicating that the two largest opposite-direction IPO outcomes were both much larger than their stated index changes.

There were also cases in which the security and benchmark both fell. Citichem India declined 46.41% while its benchmark declined 13.00%, and Rexpro Enterprises Limited declined 24.06% while its benchmark declined 15.29%. Benchmark results provide a market comparator, but the disclosure calculates each issue’s result independently from its own listing-day closing price.

What limits apply to Horizon Management’s track record?

Horizon Management’s disclosed record covers SME-board issues only and reports no main-board public issues managed in financial years 2023-24, 2024-25, 2025-26 or 2026-27. The 27-issue history therefore cannot be treated as a combined SME and main-board sample.

The results are also subject to the disclosure’s trading-day convention. If a security did not trade on the 30th, 90th or 180th calendar day, the previous trading day’s closing price was used; if it did not trade then, the last traded price was used. If the relevant calendar day was a trading holiday, the previous trading day’s price was used for both the security and the benchmark.

Longer-period observations are less complete than the 30-day series. Yajur Fibres and Shayona Engineering Limited had not completed 180 calendar days, while Value 360 Communications and Atharva Poly-Plast had not completed the later measurement periods. The 90-day figure for Shayona Engineering was also marked not applicable at the disclosure date.

Conclusion

Horizon Management’s disclosed SME IPO history records negative 30-day changes for 19 of 26 completed issues, measured from listing-day closing prices. The largest 30-day gain was Shree Karni Fabcom’s 67.18%, while the largest decline was Super Iron Foundry’s 62.75%; the 12 issues listed in financial year 2024-25 were all classified at a 30-day discount under this method.

The next update to watch is the completion of the unavailable periods for later listings, particularly Atharva Poly-Plast’s 30-day observation and the 90- and 180-day observations for the most recent issues. Those results will depend on subsequent closing prices under Horizon Management’s stated convention for non-trading days and securities without trades.