Sogracamus Capital Has Four of Five SME IPOs Below Issue Price

Sogracamus Capital Private Limited’s five disclosed recent small and medium enterprise, or SME, initial public offerings, or IPOs, included four trading below issue price 30 calendar days after listing. Kaytex Fabrics Limited had the largest decline, at 37.39%, while Yappeh Digital Limited was the only issue above issue price, at 12.38%.

How did Sogracamus Capital’s recent SME IPOs perform after 30 days?

Sogracamus Capital’s disclosed record shows that four of five SME IPOs, or 80%, traded below issue price on the 30th calendar day after listing. The five issues listed from December 26, 2024 to May 15, 2026, and their reported 30-day changes ranged from Kaytex Fabrics’ 37.39% decline to Yappeh Digital’s 12.38% gain.

The five offerings raised a combined Rs 256.03 crore based on the individual issue sizes in the mandated price-information table. The table reports the percentage change in closing price on the relevant post-listing day and, separately, the change in the designated benchmark’s closing price. All five benchmark changes shown for the 30-day observation were negative, ranging from 0.37% to 7.26%.

The 30-day measure is a closing-price observation rather than a measure of the opening price on listing day. Sogracamus Capital’s disclosure says that when the 30th calendar day was not a trading day, it used the next trading day’s closing price; when a security did not trade on that day, it used the last traded price. Those calculation rules determine how the five 30-day observations were recorded.

Which Sogracamus Capital IPO was above issue price after 30 days?

Yappeh Digital was the sole Sogracamus Capital-managed SME IPO above issue price after 30 calendar days, posting a 12.38% gain. Yappeh Digital listed on March 05, 2026 at an opening price of Rs 127 per share, compared with its Rs 145 issue price, illustrating that the listing opening and the 30-day closing-price measure are distinct observations.

Yappeh Digital’s 12.38% 30-day gain was reported alongside a 7.26% decline in its designated benchmark’s closing price. The prospectus says the BSE SENSEX and NIFTY are considered benchmark indices and that the designated exchange disclosed by each issuer at the time of its IPO is used for the performance presentation. The disclosure does not identify one common benchmark index applied to every row.

Kaytex Fabrics recorded the largest 30-day fall, at 37.39%, after listing on August 05, 2025 with an opening price of Rs 144 per share against an issue price of Rs 180 per share. Simca Advertising was down 21.80%, Invicta Diagnostic declined 6.41%, and Identical Brains Studios fell 4.63%. The four negative outcomes covered issue sizes from Rs 19.95 crore to Rs 69.81 crore.

How did Sogracamus Capital’s SME IPO results change after 90 and 180 days?

At 90 calendar days, three of the five Sogracamus Capital SME IPOs were below issue price and two were above it; at 180 days, all three issues with completed observations were below issue price. The count therefore improved from one positive issue at 30 days to two at 90 days, but the 180-day comparison covers only three listings.

The two positive 90-day outcomes followed different 30-day results. Yappeh Digital’s gain increased from 12.38% at 30 days to 36.93% at 90 days, while Simca Advertising moved from a 21.80% loss to a 31.58% gain. Kaytex Fabrics’ decline widened from 37.39% at 30 days to 68.61% at 180 days, the largest negative percentage shown in the table.

The prospectus marks Yappeh Digital and Simca Advertising as not applicable at 180 days because the securities had not completed 180 days from their listing dates. Consequently, the 30-day and 90-day comparisons each cover five issues, while the 180-day result is a three-issue subset. A complete five-issue 180-day comparison depends on the two pending observations becoming available under the same calculation method.

What does Sogracamus Capital’s disclosed record cover and not show?

Sogracamus Capital’s table covers five SME IPOs handled during the current financial year and the two preceding financial years, with no mainboard IPOs listed in the disclosure. A Securities and Exchange Board of India, or SEBI, circular dated October 30, 2015 permits the table to reflect a maximum of 10 IPOs managed by a lead manager, meaning the five disclosed issues are below that maximum.

The financial-year summary reports one IPO raising Rs 19.95 crore in 2024-2025, three raising Rs 178.04 crore in 2025-2026, and one raising Rs 58.04 crore in 2026-2027. The Rs 178.04 crore group accounted for 69.54% of the Rs 256.03 crore total from the five individual issue sizes. The record is therefore concentrated in the three IPOs assigned to 2025-2026.

The disclosure measures post-listing price changes and does not provide evidence that Sogracamus Capital caused any change in an issuer’s share price. It does not measure issuer operating performance, allotment results, subscription demand or the reasons for market-price movements. The prospectus states that the company and lead manager determine the issue price in consultation, while BSE says it does not endorse the reasonableness of that price.

Conclusion

Sogracamus Capital’s mandated performance table shows a 30-day record of four SME IPOs below issue price out of five disclosed offerings, with declines ranging from 4.63% to 37.39%. The subsequent data show different outcomes by 90 days, when Yappeh Digital and Simca Advertising were positive, while all three issues with available 180-day readings remained below issue price.

The next item to watch is completion of the 180-day observations for Yappeh Digital and Simca Advertising. The prospectus specifically marks both results as not applicable because the two listings had not completed 180 days, so their later figures will determine whether the current three-issue 180-day pattern holds across all five disclosed IPOs.