Key Takeaways from IPOs listed in 2015 - IPO Stack
Welcome to IPO Stack’s complete tracker for all IPOs listed in India in 2015. This page follows the full lifecycle of every public issue from that year — from the issue price set during the offer, through the opening price on listing day, right up to where each stock trades today.
If you held one of these IPOs and want to see where it stands now, if you are a researcher studying primary market trends, or if you are simply building a long-term view of how different sectors have played out for Indian investors, this page is your reference.
2015 was a significantly busier year than 2013 or 2014 for the Indian IPO market. Nineteen companies went public — spanning airlines, pharmaceuticals, diagnostics, agrochemicals, logistics, infrastructure, entertainment, and more.
The year produced some of the most enduring multi-baggers in Indian IPO history alongside some of the most dramatic wealth destroyers. The contrast between the best and worst performers in 2015 is as sharp as any year on record, making this cohort especially instructive for students of the primary market.
Two companies — Prabhat Dairy Limited and Pennar Engineered Building Systems Ltd — have been delisted or have no current market data available. Their listing details are included in the data table for historical reference, but no CMP or return figures can be reported for them.
How to Read this:
Issue Price is the per-share price at which the company offered its shares to the public during the IPO.
Listing Price is the stock exchange opening price on the day the company was officially listed. Comparing this with the Issue Price tells you whether the IPO had a strong debut (listing above issue price) or a weak one (listing below issue price).
CMP (Current Market Price) is the latest available trading price of the stock. This tells you where the stock price is today, years after the listing.
Chg Since Listing is arguably the most important column on this page. It shows the percentage change between the Listing Price and the CMP — meaning how much an investor who bought at the listing and held until today has gained or lost. This is the core metric IPO Stack tracks across every year.
Subscribed tells you how many times the issue was oversubscribed during the bidding period. A higher subscription multiple means stronger investor demand at the time of the IPO. A lower subscription means low demand.
52-Week High / Low gives you context on recent price action — whether a stock is currently trading near its annual peak or its annual bottom. This allows investors to make up their minds to invest or not.
CHG 1D points at the change that occurred in 1 day. It is the comparision on the price of stock on CMP (current market price) vs pClose (previous day price at market close) %CHG indicates the percentage of change that occurred in 1 day.
Key Takeaways from IPO 2015 by IPOStack:
The 2015 class is the most polarised cohort on this tracker. Six IPOs have delivered strong positive returns since listing — and seven have lost more than 40% of their listing-day value, with four of those losing more than 90%.
The two joint best-performers are complete opposites on every metric. IndiGo (₹3,018 Cr issue, 6.15× subscribed, India’s largest airline) and Shree Pushkar Chemicals (₹70 Cr issue, 1.34× subscribed, barely noticed at listing) have both returned approximately 400% since listing. No data point illustrates more clearly that IPO size, sector glamour, and subscription levels are poor predictors of long-term returns.
The most subscribed IPO of 2015 — VRL Logistics at 74.26× — has delivered a small loss. This continues a recurring theme across IPO Stack’s tracker: extreme oversubscription often reflects market-wide exuberance rather than fundamental business quality, and frequently leads to disappointment over the long term.
Three IPOs have lost more than 95% of their listing-day value — Ortel (−99.01%), MEP Infrastructure (−98.43%), and Sadbhav Infrastructure (−97.10%). In each case, the business was operating in a sector that either faced structural disruption (telecom, cable) or carried hidden execution and governance risks (infrastructure) that were not immediately visible at the time of the IPO.
Disruption is the dominant theme behind the worst performers. Ortel was disrupted by Jio. UFO Moviez and Shemaroo were disrupted by streaming. Inox Wind was disrupted by policy changes. The 2015 class makes a powerful argument that the single most important question an IPO investor can ask is: What industry-level forces could make this business model obsolete in ten years?
Pharmaceuticals and diagnostics were the most reliable wealth creators. Alkem (+294%), Dr. Lal PathLabs (+89.51%), and Syngene (+36.59%) all delivered positive returns. None of them has been disrupted. The business models remain intact. For investors seeking consistency over excitement, the healthcare sector IPOs of 2015 are a useful reference point.
About IPOStack
IPOStack is a blog dedicated to tracking the complete lifecycle of Indian IPOs — from the DRHP filing stage, through the subscription period and listing day, all the way to the current market price years later. Every year has its own dedicated tracker page so you can study IPO performance step by step.
Use these pages to build a historical understanding of how the Indian primary market has evolved, which sectors have rewarded investors, and how listing-day price action compares to long-term value creation.
Disclaimer: All data on this page is for informational and educational purposes only. IPO Stack does not provide investment advice. Please do your own due diligence before making any investment decisions. Market prices are subject to change.