Khandwala Securities Limited: Five FY25 IPOs Fell Over 50%

Khandwala Securities reported that five of the six small and medium enterprise, or SME, initial public offerings, or IPOs, it handled in FY25 were in the more-than-50% discount category after 180 calendar days from listing. The six FY25 issues had aggregate stated issue sizes of Rs 202.15 crore, based on the individual issue-size figures disclosed in the prospectus.

How did Khandwala Securities’ FY25 SME IPOs perform after 180 days?

Khandwala Securities’ FY25, or financial year 2024-25, summary places five of six SME IPOs in the more-than-50% discount category at 180 calendar days from listing. The remaining IPO was in the 25%-to-50% discount category, while no FY25 issue was reported in any premium category at that point. The FY25 record comprised six SME IPOs and no main-board public issue.

The 180-day result changed materially from the 30-day position for the same six IPOs. At 30 calendar days, one IPO was in the more-than-50% discount category, four were in the 25%-to-50% discount category and one was in the less-than-5% discount category. By 180 days, the count in the deepest discount band had risen from one to five, while the 25%-to-50% group had declined from four to one.

Which IPOs made up Khandwala Securities’ FY25 record?

Khandwala Securities handled six FY25 SME IPOs: QVC Exports Limited, Bostanwo Green Tech Limited, Phoenix Overseas Limited, Premium Plast Limited, Supreme Facility Management Limited and Newmalyalam Steel Limited. The issues were listed between August 28, 2024 and December 27, 2024, and their stated issue sizes ranged from Rs 24.07 crore for QVC Exports Limited to Rs 50 crore for Supreme Facility Management Limited.

The six stated issue sizes total Rs 202.15 crore. Supreme Facility Management Limited accounted for Rs 50 crore, while Newmalyalam Steel Limited and Phoenix Overseas Limited accounted for Rs 41.76 crore and Rs 36.03 crore, respectively. The six-issue sample is therefore limited in scale and is not a record spanning main-board and SME offerings.

What does Khandwala Securities’ 180-day disclosure measure?

Khandwala Securities measures past-issue price status at 30, 90 and 180 calendar days from listing. If a security was not traded on the stated day, the disclosure uses the previous working day; it applies the same previous-working-day rule when the relevant calendar day is a holiday. The 180-day classification is therefore a prescribed observation point rather than necessarily a trade completed exactly on the 180th day.

The detailed price-information disclosure identifies the Sensex as the benchmark for securities listed on BSE SME or BSE Startups and the Nifty for securities listed on NSE Emerge. A benchmark is an index used to compare price movement. The summary groups past IPOs into discount and premium bands, rather than reporting issuer revenue, profit or other operating measures.

How does FY25 compare with Khandwala Securities’ later record?

Khandwala Securities reported one SME IPO in FY26, compared with six in FY25. The detailed table identifies the FY26 issue as Essex Marine Limited, with a stated issue size of Rs 23.01 crore. At the 180-day point, the FY26 summary placed that one IPO in the 25%-to-50% discount category and reported no IPO in the more-than-50% discount or premium categories.

For FY27, Khandwala Securities reported one SME IPO, Mopshop Distribution Limited, with a stated issue size of Rs 27.26 crore. Mopshop Distribution Limited listed on August 26, 2026, and its 30-, 90- and 180-day data were marked not available because those periods had not been completed as of the prospectus date. Across FY25, FY26 and FY27, the disclosure records eight SME IPOs and no main-board public issue handled by Khandwala Securities.

Why is Khandwala Securities’ track record separate from issuer disclosures?

Khandwala Securities is the lead manager, or LM, named in the prospectus. The document states that the LM is expected to exercise due diligence and furnish certificates in the prescribed format under the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018. It separately states that the issuer is primarily responsible for the correctness, adequacy and disclosure of relevant information in its prospectus.

The past-issue table is consequently a disclosure of IPOs handled by Khandwala Securities, not a financial statement or operating assessment of the issuer making the current offer. The prospectus also says that submission to SEBI must not be construed as clearance or approval, and that SEBI does not take responsibility for the financial soundness of a scheme or project. It does not state that the FY25 aftermarket record predicts the performance of a future IPO.

Conclusion

Khandwala Securities’ disclosed FY25 record shows a movement toward deeper discount categories between the 30th and 180th calendar days after listing. Five of six SME IPOs were in the more-than-50% discount category at 180 days, compared with one at 30 days, and the cohort had stated issue sizes totalling Rs 202.15 crore.

The outstanding item is the completion of Mopshop Distribution Limited’s 30-, 90- and 180-day observation periods, which were unavailable at the prospectus date. Any later disclosure of those results, and any subsequent IPOs handled by Khandwala Securities, would expand a record that contained eight SME IPOs and no main-board public issue through FY27.