Expert Global’s 10 recent SME IPOs had eight 30-day falls

Expert Global Consultants Private Limited’s 10 most recent disclosed small and medium enterprise initial public offerings, or SME IPOs, included eight shares with a negative change from their listing-day closing price after 30 calendar days. Kiaasa Retail Limited recorded the largest fall at 65.43%, while only two issues posted gains below 2%.

How did Expert Global’s recent SME IPOs perform after 30 days?

Expert Global’s detailed price record shows that 8 of 10 SME IPOs, or 80%, were below their listing-day closing level at the 30-calendar-day observation point. The issues listed between September 18, 2024, when Innomed Advanced Materials Limited debuted, and March 2, 2026, when Kiaasa Retail Limited listed. The eight negative changes ranged from 1.42% for TSC India Limited to 65.43% for Kiaasa Retail.

The two positive outcomes were Innomed Advanced Materials, up 1.88%, and Chatterbox Technologies Limited, up 1.92%, after 30 calendar days. Expert Global describes this measure as the percentage change in closing price from listing day. When the 30th calendar day was not a trading day, the detailed table uses the next trading day’s closing price; when a share was not traded, it uses the last traded price.

The figures are post-listing price observations, not measures of issuer operations or returns from the IPO issue price. Expert Global separately presents the CNX Nifty as its benchmark index, with benchmark movement shown in brackets. Epptelone Engineers Limited fell 61.37% after 30 days while the stated benchmark rose 0.70%; Kiaasa Retail fell 65.43% while the benchmark fell 10.33%.

Which Expert Global IPOs accounted for the eight declines?

The eight negative 30-day changes were reported for Neelam Linens And Garments (India) Limited, Purple United Sales Limited, Epptelone Engineers, TSC India, Sharvaya Metals Limited, Vaishishtha Luxury Fashion Limited, Manas Polymers and Energies Limited, and Kiaasa Retail. The results were dispersed rather than uniform: three issues declined by more than 50%, while TSC India’s decline was 1.42%.

Kiaasa Retail, Epptelone Engineers and Vaishishtha Luxury Fashion were the three issues with 30-day declines exceeding 50%, at 65.43%, 61.37% and 51.91%, respectively. Manas Polymers and Energies declined 24.79%, while Sharvaya Metals declined 13.96%. At the lower end of the negative range, Neelam Linens And Garments (India) fell 5.44% and Purple United Sales fell 3.76%.

The 90-day figures show a broader negative pattern than the 30-day figures. All 10 issues had negative 90-day changes, ranging from Sharvaya Metals’ 4.51% decline to Manas Polymers and Energies’ 68.44% decline. Innomed Advanced Materials moved from a 1.88% gain at 30 days to a 43.31% decline at 90 days, while Chatterbox Technologies moved from a 1.92% gain to a 43.87% decline.

How large were the IPOs and their listing-day openings?

Expert Global’s 10 disclosed IPOs raised a combined Rs 353.68 crore, calculated from the issue sizes in its detailed table. Kiaasa Retail was the largest issue at Rs 69.74 crore, followed by Sharvaya Metals at Rs 58.80 crore. Vaishishtha Luxury Fashion was the smallest at Rs 8.87 crore, and Kiaasa Retail represented about one-fifth of the combined amount.

Eight of the 10 offerings opened above their issue price on listing day. Epptelone Engineers opened at Rs 243 against an issue price of Rs 128, while Manas Polymers and Energies opened at Rs 153.90 against an issue price of Rs 81. TSC India opened at Rs 68 against an issue price of Rs 70, and Kiaasa Retail opened at Rs 116.85 against Rs 127.

The opening-price comparison and the 30-day measure answer different questions. Epptelone Engineers, Vaishishtha Luxury Fashion and Manas Polymers and Energies each opened above their issue price but recorded negative changes from their listing-day closing price after 30 calendar days. Conversely, the detailed 30-day table does not state each issue’s return versus issue price at that later date.

Why does Expert Global’s annual summary show a different count?

Expert Global’s financial-year summary uses a premium-and-discount classification that is not the same disclosed measure as the detailed percentage change from listing day. For 2025-26, the summary reports seven IPOs that raised Rs 273.63 crore. It classifies four IPOs as trading at a discount and three as trading at a premium on the 30th calendar day.

The detailed table contains seven issues listed from June 24, 2025, through March 2, 2026, which align with that 2025-26 financial-year count. Six of those seven had negative changes from listing-day closing price after 30 calendar days, while Chatterbox Technologies was up 1.92%. The difference follows from the labels used: the detailed table measures change from listing day, whereas the summary groups shares into premium or discount bands.

The two disclosures also state different non-trading-day conventions. The detailed table uses the next trading day’s close when the relevant calendar day is not a trading day, while the summary note uses the immediately preceding trading day’s close on the issuer’s designated exchange. The summary’s final heading also refers to “80th calendar days” alongside 180-day categories, an apparent drafting inconsistency that the excerpt does not explain.

Conclusion

Expert Global’s disclosed record identifies eight 30-day declines among 10 recent SME IPOs, with three losses greater than 50% and only two gains, each below 2%. The 90-day figures extended the pattern to all 10 issues, but the data measures changes from listing-day closing prices rather than a uniform return from IPO issue prices.

The next disclosed price milestones are the 180-calendar-day observations, particularly for Kiaasa Retail and Innomed Advanced Materials, for which Expert Global marks the 180-day result as not available. Future comparisons should separate the detailed listing-day-change table from the annual premium-and-discount summary because the two use different classifications and non-trading-day conventions.