Most companies listed since March are demonstrating remarkable resilience, with 16 out of 23 firms that listed after March trading above their issue price, according to data from Prime Infobase. The average listing gain for these post-March companies stands at approximately 26 per cent, while overall performance across all 2026 listings shows even stronger results with 21 firms' stocks trading above offer price and an average listing gain of 30 per cent. Among the standout performers, Omnitech Engineering emerged as the top gainer with its stock price surging 147.5 per cent from its offer price, having opened its IPO on February 25, three days before the war began and listed on March 5.
Markets turned turbulent after February 28, when Israel and the US launched air strikes on Iran, killing supreme leader Ali Khamenei and blocking the Strait of Hormuz, a key crude oil corridor. This triggered a significant market reaction with Brent crude spot prices surging to nearly $116.8 per barrel intraday, the highest in four years. The Nifty and Sensex fell over 11 per cent in March, their worst monthly rout in years, as foreign portfolio investors (FPIs) pulled a record amount from Indian equities. However, domestic institutions and retail investors, supported by steady inflows from systematic investment plans (SIPs) in mutual funds, cushioned the fall.
According to G Chokkalingam, founder and chief executive of Equinomics Research, the performance variations among newly listed companies are primarily explained by business profiles rather than market conditions. He noted that roughly only 50 per cent of old-listed small and midcap stocks outperformed during the overall rally, with IT, chemicals, and solar stocks underperforming despite the broader small and midcap rally. Among post-war winners, Sedemac Mechatronics shares were up nearly 94 per cent, while OnEMI Technology Solutions shares rose 87.8 per cent. Conversely, Shree Ram Twistex shares declined 60.3 per cent, Innovision fell 44 per cent, and Amir Chand Jagdish Kumar's share price dropped 19.5 per cent.
The IPO market is positioned for a strong second half of 2026, with multiple major offerings expected to drive market recovery. SBI Funds Management's ₹9,813-crore IPO is set to list on July 21 after being subscribed more than 40 times, while NSE's massive ₹306 billion IPO is expected around September 2026, potentially becoming India's largest-ever public offering. Reliance Jio Platforms is preparing for an ₹37,700 crore IPO expected to raise around USD 4 billion, and Zepto is targeting USD 850 million through its IPO at a USD 4.5 billion pre-money valuation. Other significant offerings include Manipal Hospitals seeking ₹11,000 crore at a ₹80,000 crore valuation, PhonePe's USD 1.3-1.5 billion OFS at USD 15 billion valuation, and Oyo's ₹6,650 crore fresh issue targeting USD 7-8 billion valuation for debt repayment.
