A analysis using Chittorgarh data highlights how CMR Green Technologies and Merritronix have become rare bright spots in India’s 2026 IPO slate.
CMR tops absolute wealth creation, Merritronix leads in percentage gains, and Susan Electricals has posted strong returns,
While several other debutants trade below offer price, reflecting a market focus on fundamentals and earnings visibility.
CMR Green Technologies and Merritronix are among the handful of companies in India's primary market that have rewarded investors with significant gains. In contrast, many newly listed companies continue to trade below their offer prices.
According to a Business Today report based on data from Chittorgarh, an online stock comparison platform, CMR Green Technologies has generated the greatest total shareholder wealth in rupee terms among this year’s IPOs, while Merritronix has delivered the highest percentage gains since its market debut.
1 June 2026
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CMR Green Technologies IPO Wealth
CMR Green Technologies leads wealth creation in absolute terms among 2026 listings. The company's ₹630.88 crore IPO was open from June 3–5 and listed on the BSE and NSE on June 10 at ₹268, a 39.58% premium over its issue price of ₹192, according to Business Today.
Since then, the stock has gained nearly 5% from its listing price.
The company's market capitalisation has risen from approximately ₹4,205.87 crore at the time of the IPO to ₹5,546.05 crore, representing an incremental ₹1,340.18 crore in shareholder wealth. Investors who subscribed at the issue price have earned an overall return of 31.86%.
Merritronix Top Gainer
While CMR Green Technologies dominates in absolute wealth creation, Merritronix has delivered the sharpest percentage gains among 2026 IPOs.
The ₹70.03 crore fixed-price fresh issue was subscribed between June 1–3 and made its market debut on the BSE SME platform on June 8 at ₹283.10, a 90% premium over the issue price of ₹149.
Post listing, the stock has continued to build on its gains. Its market capitalisation has expanded from ₹260.52 crore at the IPO stage to ₹781.75 crore, translating into ₹521.22 crore in shareholder wealth. Investors who stayed invested have seen overall returns of 200.07%.
The counter also opened with a 99.50% listing gain and extended its rally with a further 50.41% upside after debut, placing it among the strongest SME performers of 2026.
Susan Electricals Gains
Susan Electricals India has also delivered solid gains for investors since its market debut.
The ₹70.38 crore SME IPO was open from June 11–15 and got listed on the BSE SME platform on June 18. It entered the market at ₹186, reflecting a 46.46% premium over the issue price of ₹127, following a subscription of 192.06 times.
Since listing, the company has seen its valuation move up from ₹258.20 crore at the IPO stage to ₹459.58 crore, translating into ₹201.38 crore in investor wealth creation. Those who stayed invested have secured returns of 77.99%, with the stock also gaining 53.78% on debut and continuing its upward trend thereafter.
Underperformers
Not all 2026 listings have rewarded investors. UHM Vacation has been among the weakest performers, eroding investor wealth by 44.01% since listing. Aureate Trade, Utkal Speciality, SMR Jewels, and Genxai Analytics are also currently trading below their respective issue prices.
The divergence underscores that strong subscription numbers or a sharp listing pop do not necessarily translate into sustained post-listing returns.
Findings from Pantomath Group's Primary Pulse 2025 report, as reported by Business Today, suggest IPO performance is increasingly linked to business quality, earnings visibility, and execution, rather than issue size or market hype.
