Investors who chased the hottest listings of the last two years have mostly been punished. Ace Equity data on IPOs that delivered multibagger gains on listing shows that all 10 of 10 stocks are now trading below their listing-day highs.

The fall from those highs is as steep as 75%, showing how costly it can be to buy into the frenzy after a stock has already doubled on debut.

Vibhor Steel Tubes has borne the brunt of this trend. The stock was issued at Rs 151 and listed at Rs 421 in February 2024, giving a listing gain of 179%. It touched a listing-day high of Rs 442. But by September 18, 2026, the stock was at Rs 112.35. That is a fall of about 75% from its listing-day high and about 26% below its IPO price.

Mamata Machinery also gave a huge debut. The stock listed at Rs 600 against an issue price of Rs 243, a gain of 147%. It touched Rs 629.95 on listing day. The stock now trades at Rs 403.45, down 36% from that high, though still 66% above its issue price.

The same pattern is visible in several other IPO winners. BLS E-Services listed at Rs 309 against an issue price of Rs 135, a 129% gain. It hit Rs 370.75 on listing day and now trades at Rs 316, down nearly 15% from that high.

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Premier Energies listed at Rs 991 against an issue price of Rs 450, a gain of 120%. It is now at Rs 903, around 9% below its listing-day high of Rs 993.45, but still more than double its issue price.

Bajaj Housing Finance, one of the most closely tracked IPOs of 2024, listed at Rs 150 against its issue price of Rs 70. The stock touched Rs 164.99 on listing day. It now trades at Rs 85.49, down 48% from the listing-day high.

Unicommerce eSolutions shows how quickly listing euphoria can fade. The stock was issued at Rs 108 and listed at Rs 230, a gain of 113%. It touched Rs 256.15 on debut. It is now at Rs 83.35, down 67% from the high and 23% below its issue price.

Hamps Bio, Jungle Camps India and Luxury Time have also fallen sharply from their debut highs. Hamps Bio is down about 55% from its listing-day high, Jungle Camps is down about 69%, and Luxury Time has fallen about 62%.

The only clear exception in the list is KRN Heat Exchanger and Refrigeration. The stock listed at Rs 470 against an issue price of Rs 220 and touched Rs 513.40 on listing day. It now trades at Rs 1,447.85, far above both its issue price and listing-day high. It remains the rare case where buying after a hot listing would still have worked.

Is chasing listing day high costly?

Listing-day multibaggers are often priced for perfection within hours of trading. At that point, the buyer is no longer getting IPO pricing. He is buying a stock after the market has already marked it up 90-180%.

The data also shows an important split. Not all IPO investors lost money. Several stocks are still above issue price. KRN Heat Exchanger is up 558% from issue price, BLS E-Services is up 134%, Premier Energies is up 101%, Tempsens Instruments is up 77%, Mamata Machinery is up 66%, Indobell Insulations is up 53%, Bharat Coking Coal is up 42%, and Bajaj Housing Finance is up 22%.

The damage is more damning for investors who bought at debut highs. In several cases, they entered at prices that the stock has never regained.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.