Synopsis: IPOs of companies like Jaro Institute, VMS TMT, Oswal Pumps, Ganesh Consumer Products, Seshaasai Technologies, and others have struggled post-listing. Despite strong business models in education, steel, FMCG, technology, and solar energy, most shares are trading below their offer prices.
After a flurry of initial public offerings, several listed companies are facing significant declines. Investors who expected quick gains are seeing share prices drop well below their issue price, highlighting the challenges and volatility in the current IPO market.
Jaro Institute of Technology Management and Research Ltd
Jaro Institute is an education and training-focused organisation offering professional development programs, often collaborating with universities and industry partners to provide management and technology courses in India.
With a market capitalisation of Rs. 937 cr, the shares of Jaro Institute of Technology Management and Research Ltd closed at Rs. 422.95 per share, down from its previous close of Rs. 439.35 per share. The stock was listed on BSE at Rs. 890 per share on September 30, 2025, and has declined by 52% from its initial listing price.
VMS TMT Ltd
VMS TMT is an Indian steel company based in Ahmedabad that manufactures TMT bars (Thermo‑Mechanically Treated bars), a key construction material. It focuses on expanding production and serving the construction and infrastructure sectors.
With a market capitalisation of Rs. 213 cr, the shares of VMS TMT Ltd closed at Rs. 43.10 per share, down from its previous close of Rs. 44.20 per share. The stock was listed on BSE at Rs. 105 per share on September 24, 2025, and has declined by 58% from its initial listing price.
Oswal Pumps Ltd
Oswal Pumps manufactures and markets a range of industrial and agricultural pumps, catering to irrigation, water supply, and industrial fluid-handling applications in India.
With a market capitalisation of Rs. 3,400 cr, the shares of Oswal Pumps Ltd closed at Rs. 298.35 per share, down from its previous close of Rs. 304.75 per share. The stock was listed on BSE at Rs. 632 per share on June 20, 2025, and has declined by 53% from its initial listing price.
Ganesh Consumer Products Ltd
Ganesh Consumer Products is an FMCG company producing and marketing staple food products such as wheat flour, semolina, packaged mixes, and spices, primarily serving Eastern India.
With a market capitalisation of Rs. 752 cr, the shares of Ganesh Consumer Products Ltd closed at Rs. 186.10 per share, down from its previous close of Rs. 186.25 per share. The stock was listed on BSE at Rs. 295 per share on September 29, 2025, and has declined by 37% from its initial listing price.
Seshaasai Technologies Ltd
Seshaasai Technologies provides tech-driven solutions for payment systems, secure communications, and IoT/RFID services, serving sectors like banking, financial services, and insurance.
With a market capitalisation of Rs. 3,740 cr, the shares of Seshaasai Technologies Ltd closed at Rs. 231.20 per share, down from its previous close of Rs. 241.80 per share. The stock was listed on BSE at Rs. 436 per share on September 30, 2025, and has declined by 47% from its initial listing price.
Solarworld Energy Solutions Ltd
Solarworld Energy Solutions is a renewable energy company offering solar power solutions with engineering, procurement, and construction services for commercial and public sector projects.
With a market capitalisation of Rs. 1,549 cr, the shares of Solarworld Energy Solutions Ltd closed at Rs. 178.75 per share, down from its previous close of Rs. 186.65 per share. The stock was listed BSE at Rs. 389 per share on September 30, 2025, and has declined by 54% from its initial listing price.
Vikram Solar Ltd
Vikram Solar manufactures solar photovoltaic (PV) modules and provides EPC as well as operations and maintenance services for solar power installations in India and abroad.
With a market capitalisation of Rs. 6,029 cr, the shares of Vikram Solar Ltd closed at Rs. 166.40 per share, down from its previous close of Rs. 167.10 per share. The stock was listed on BSE at Rs. 340 per share on August 26, 2025, and has declined by 51% from its initial listing price.
Patel Retail Ltd
Patel Retail operates supermarkets and retail chains, offering groceries, FMCG products, apparel, and food processing, focusing on suburban and tier‑III areas in India.
With a market capitalisation of Rs. 584 cr, the shares of Patel Retail Ltd closed at Rs. 174.90 per share, up from its previous close of Rs. 172 per share. The stock was listed on BSE at Rs. 305 per share on August 26, 2025, and has declined by 44% from its initial listing price.
Orkla India Ltd
Orkla India is a major food products company owning brands such as MTR and Eastern, offering spices, ready-to-cook mixes, snacks, and convenience foods across India.
With a market capitalisation of Rs. 7,835 cr, the shares of Orkla India Ltd closed at Rs. 572 per share, down from its previous close of Rs. 581.70 per share. The stock was listed on BSE at Rs. 751.50 per share on November 6, 2025, and has declined by 23% from its initial listing price.
Bluestone Jewellery & Lifestyle Ltd
Bluestone Jewellery & Lifestyle is a jewellery retailer and manufacturer that designs and sells gold, diamond, and platinum jewellery, using a digital-first omni-channel retail approach.
With a market capitalisation of Rs. 6,873 cr, the shares of Bluestone Jewellery & Lifestyle Ltd closed at Rs. 452.80 per share, up from its previous close of Rs. 444.90 per share. The stock was listed on BSE at Rs. 508 per share on August 19, 2025, and has declined by 11% from its initial listing price.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
