Vama Wovenfab made its market debut on September 22, 2026, listing at ₹341 per share on the BSE SME platform, matching its IPO issue price exactly. However, the stock moved lower during morning trading, falling 5% to ₹323.95 by 10:16 AM IST. This flat listing performance adds to the broader trend of IPOs struggling to maintain momentum, with the stock now trading below its listing price just hours after debut.
The fall from listing highs has been particularly severe, with recent data confirming that all 10 IPO multibaggers are now trading below their listing-day highs. Vibhor Steel Tubes exemplifies this trend, having listed at ₹151 and reached a high of ₹442 on debut, but now trading at ₹112.35 as of September 18, 2026. Similarly, Mamata Machinery listed at ₹600 against an issue price of ₹243, touching ₹629.95 on debut but now trading at ₹403.45, down 36% from its high. The data shows that investors who chased the hottest listings of the last two years have mostly been punished, with falls as steep as 75% from peak performance levels.
Despite the overall decline trend, several IPOs continue to trade above their issue prices. KRN Heat Exchanger stands out as the only clear exception, having listed at ₹470 and now trading at ₹1,447.85, representing a 558% gain from issue price. Other stocks maintaining positive returns include BLS E-Services (up 134%), Premier Energies (up 101%), and Mamata Machinery (up 66%). However, many investors who bought at debut highs have entered at prices that the stock has never regained, highlighting the critical split in IPO performance where investors who bought at issue prices generally maintain positive returns while those who chased listing highs face significant losses.
The data reveals a critical split in IPO performance, with investors who bought at issue prices generally maintaining positive returns while those who chased listing highs face significant losses. As reported by The Economic Times, the damage is particularly severe for investors who entered at peak performance levels, with several cases showing they entered at prices that the stock has never regained. The trend highlights the risks of chasing momentum in the IPO market after stocks have already experienced substantial gains on debut, with even new listings like Vama Wovenfab struggling to maintain listing levels. The recent confirmation that all 10 IPO multibaggers are now trading below their listing-day highs underscores how costly it can be to buy into the frenzy after a stock has already doubled on debut.
