Investors’ growing appetite for newly listed stocks has pushed the Nifty IPO Index to a 52-week high of 2,415 in intraday trade on Wednesday, August 26, as the primary market continues to attract strong participation. So far this year, 56 mainboard companies have already raised ₹82,895 crore through initial public offerings (IPOs).

The rally has also translated into substantial gains for several newly listed companies. As many as 12 stocks have turned multibaggers from their IPO issue prices, led by Aditya Infotech, Rubicon Research, Omnitech Engineering, KSH International, GNG Electronics, Shreeji Shipping Global, Atlanta Electricals, Sedemac Mechatronics, Shadowfax Technologies, Aequs, CORONA Remedies and Fujiyama Power Systems.

The Nifty IPO Index has outperformed the broader market so far this year in 2026 with a rally of 18.44%. In contrast, the benchmark Nifty 50 has declined more than 7% year-to-date.

Rahul Sharma, Head of Research at Equity99, attributed the rally to the index’s exposure to high-growth sectors such as specialised manufacturing, renewable energy, EVs and digital platforms, along with successful IPO listings, corporate expansion and capex, and strong SIP-driven domestic liquidity.

“The Nifty IPO index heavily features companies operating in sectors like specialised manufacturing, renewable energy, EV & digital platforms which are current fast growing sectors rather than traditional defensive sectors,” Sharma said.

He added that strong listing gains have attracted retail and momentum investors to newly listed stocks, while companies have used IPO proceeds to fund expansion and improve profitability.

Avinash Gorakshakar, Founder at Avinash Mentor Research, attributed the outperformance to capital rotation from large-cap stocks as well as robust quarterly earnings and healthy order-book visibility.

“With large-cap benchmarks like the Nifty 50 undergoing consolidation, market participants rotated capital into high-alpha, growth-oriented broader market equities. Because the Nifty IPO index heavily reflects mid-and-small-cap growth themes, it directly benefited from the rally in broader market indices,” Gorakshakar said.

He added that robust quarterly earnings and healthy order-book visibility validated premium valuations for these companies.

Aditya Infotech tops multibagger list

Among recent listed stocks, Aditya Infotech has emerged as the strongest performer, gaining 407% from its issue price of ₹675. The stock, which listed at ₹1,018 on August 5, 2025, stood at ₹3,419.50 as of August 24, 2026.

Rubicon Research ranks second, with a 266% gain from its IPO issue price of ₹485. The stock listed at ₹620.10 on October 16, 2025, and has since risen to ₹1,776.10.

Omnitech Engineering has gained 162%, climbing from its issue price of ₹227 to ₹594.05. The stock listed at ₹205 on March 5, 2026.

KSH International and GNG Electronics have each gained 155% from their respective issue prices. KSH International has risen from ₹384 to ₹978.95, while GNG Electronics has advanced from ₹237 to ₹603.30.

The gains remain strong further down the list. Shreeji Shipping Global has risen 152%, from ₹252 to ₹635.30, while Atlanta Electricals has gained 141%, moving from ₹754 to ₹1,819.50.

Sedemac Mechatronics has advanced 133%, from ₹1,352 to ₹3,151, and Shadowfax Technologies has gained 110%, rising from ₹124 to ₹260.34. Aequs has delivered a 107% gain, climbing from ₹124 to ₹256.07. CORONA Remedies, and Fujiyama Power Systems have each gained 102%, rising from ₹1,062 to ₹2,149 and ₹228 to ₹459.85, respectively.

Analysts pick CORONA Remedies, Fujiyama Power Systems

Analysts have picked CORONA Remedies and Fujiyama Power Systems as their top bets among the listed stocks.

Gorakshakar said CORONA Remedies has strong long-term growth prospects, supported by its focus on high-margin chronic therapies, aggressive manufacturing capacity expansion and consistent outperformance.

“CORONA Remedies demonstrates strong long-term growth prospects, supported by its focus on high-margin chronic therapies, aggressive manufacturing capacity expansion, and consistent outperformance,” he said.

Sharma, meanwhile, picked Fujiyama Power Systems as his top bet, citing its return on equity (ROE) of 36.4%, return on capital employed (ROCE) of 35% and debt-equity ratio of 0.41x.

The company has announced a ₹350 crore greenfield expansion in Madhya Pradesh to build a 1.2 GW TOPCon solar cell manufacturing facility. It has also expanded its Greater Noida manufacturing footprint to more than 600 MW of solar inverter capacity and 500 MWh for lithium battery production lines, said Sharma, while noting that the company is a major beneficiary of PM Surya Ghar Muft Bijli Yojana and India's overall rooftop solar adoption drive.