IPO listing: Sai Parenterals debuts at 2% premium; Powerica, Amir Chand Jagdish Kumar (Exports) fall up to 7%

Three IPOs -- Sai Parenterals, Powerica, and Amir Chand Jagdish Kumar (Exports) -- made a subdued debut on the domestic bourses on Thursday, as broad-based weakness in the equity market weighed on investor sentiment. While Sai Parenterals shares managed to list at a modest premium of around 2%, Powerica and Amir Chand Jagdish Kumar (Exports) slipped up to 7% below their issue prices.

Sai Parenterals IPO lists at 2% premium 

Shares of Sai Parenterals listed at ₹400 on the NSE, marking a 2% premium over its IPO price of ₹392 per share. Post listing, the Hyderabad-based pharmaceutical company’s stock rose as much as 5.8% to ₹414.90. At the time of reporting, the stock was trading 2.37% higher at ₹410.30, with a market capitalisation of ₹1,777 crore.

The ₹408.79-crore IPO of Sai Parenteral Limited was subscribed 1.08 times. The issue comprised a fresh issue of ₹285 crore and an offer for sale of ₹123.79 crore, with a price band of ₹372-₹392 per share.

Amir Chand Jagdish Kumar (Exports) IPO drops 5.6% on debut 

On the other hand, shares of Amir Chand Jagdish Kumar (Exports) listed at a discount of 5.6% at ₹200 on the NSE, compared to its IPO price of ₹212. Extending opening losses, the stock fell as much as 13.9% to ₹182.50, dragging its market capitalisation down to ₹1,942 crore.

The ₹440-crore IPO of the rice exporter was subscribed 3.23 times. The issue was entirely a fresh issue of 2.08 crore shares, with a price band of ₹201-₹212 per share.

Powerica IPO debuts at 7.3% discount 

Similarly, power solutions company Powerica made a weak debut, listing at ₹366 on the NSE, a discount of 7.3% to its issue price of ₹395. The stock recovered some ground to trade at ₹381.60, down 3.4%, with a market capitalisation of ₹4,875 crore.

Powerica’s IPO saw healthy demand, with an overall subscription of 3.67 times. The company raised around ₹1,100 crore through the issue. It provides integrated power solutions, including diesel generator sets ranging from 7.5 kVA to 10,000 kVA. It also has a growing renewable energy portfolio, operating 12 wind power projects in Gujarat with a total capacity of 330.85 MW, along with an additional 52.70 MW project under development.

Weak listings reflect muted investor sentiment

Shivani Nyati, Head of Wealth at Swastika Investmart, said the weak listing of Amir Chand Jagdish Kumar (Exports) and Powerica reflects muted investor sentiment and possible supply pressure, even though the issue size and business profile were relatively strong.

Meanwhile, benchmark indices witnessed sharp declines in early trade, with the BSE Sensex plunging 1,490 points, or 2.04%, to 71,643.81, and the Nifty 50 falling 453 points, or 2%, to 22,233.50, as investor sentiment turned cautious amid fresh geopolitical concerns. Broader markets underperformed, with the Nifty Midcap 100 and Nifty Smallcap 100 sliding around 2.7% each.

Market volatility also spiked, with the India VIX rising over 5% to 26.27, reflecting heightened uncertainty and nervousness among investors.

India’s primary market has come under pressure amid sustained volatility in equities, with most mainboard IPOs in FY26 struggling to hold on to post-listing gains against a backdrop of escalating geopolitical tensions and a fragile investment climate. Listing-day performance has also weakened significantly, with average gains dropping to just 8% from 30% in the previous year, according to data from the Delhi-based PRIME Database Group.

Only 34 out of 108 IPOs listed in FY26, or around 31%, delivered returns of over 10%, compared with 71% in FY25. Further, just 37 issues are currently trading above their issue price, the data showed. The slowdown follows a prolonged phase of strong returns, during which IPO investors clocked gains of 202% in FY21, 78% in FY22, 49% in FY23, 16% in FY24, and 3% in FY25.

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