Archive · 29 Sep 2026
Five Recent IPOs Double Investors’ Money, But Risks Rise
Five companies that recently sold shares to the public have seen their prices rise sharply.
ESDS Software Solutions gained the most, rising about 270% from its IPO price.
IndoMIM, Technocraft Ventures, Milky Mist Dairy Food, and Xtranet Technologies also more than doubled.
Each company began trading above the price offered in its IPO.
However, their prices have not all continued rising every day.
ESDS and some other shares recently traded lower, while IndoMIM and Technocraft Ventures were higher.
Analyst Arun Kejriwal said some gains may be based on excitement rather than business results.
He viewed IndoMIM’s business model more favorably but was cautious about some of the other companies.
His main message was that investors should be careful when share prices become much higher than what company performance may support.
ESDS Software Solutions delivered the strongest gain, rising from ₹429 to about ₹1,586.35, a 270% return.
IndoMIM gained 166%, Technocraft Ventures 132%, Milky Mist Dairy Food 127%, and Xtranet Technologies 124% from their issue prices.
ESDS, IndoMIM, Technocraft Ventures, Milky Mist Dairy Food, and Xtranet Technologies all listed above their IPO prices.
Recent trading has been mixed, with ESDS locked in lower circuits while Technocraft Ventures and IndoMIM traded higher.
Analyst Arun Kejriwal warned that some valuations may have moved far ahead of underlying business performance.
- Who
- ESDS Software Solutions, IndoMIM, Technocraft Ventures, Milky Mist Dairy Food, Xtranet Technologies, and analyst Arun Kejriwal.
- What
- Five recent IPO stocks gained more than 100% from their issue prices, although their recent trading performance has been mixed.
- When
- The companies listed between 30 July and 4 September, with returns and trading conditions described in the report.
- Where
- The companies trade in the Indian stock market; IndoMIM serves domestic and export markets including the United States and Europe.
- Why
- The gains were associated with investor interest, business-specific growth stories, and market valuations, though the analyst cautioned that some prices may have outpaced fundamentals.
Growth Arguments
Valuation Warnings
Business potential
Growth Arguments
ESDS is linked to data-centre capacity and GPU infrastructure, while IndoMIM has a differentiated metal-extrusion business serving domestic and export markets.
Valuation Warnings
Kejriwal said sharp price increases do not necessarily reflect underlying fundamentals and urged caution when valuations rise substantially.
Company-specific appeal
Growth Arguments
Milky Mist has attracted attention through marketing around paneer and food products, and ESDS has highlighted future data-centre revenue opportunities.
Valuation Warnings
Kejriwal noted that about 97.5% of Milky Mist’s revenue comes from milk products, while its food business contributes about 2.5%, and said ESDS’s explosive rise had already corrected after a relatively small profit decline.
Smaller IPO stocks
Growth Arguments
The five companies delivered returns of more than 100% from their IPO prices, showing strong market interest after listing.
Valuation Warnings
Kejriwal was particularly cautious about Technocraft Ventures, citing its small market capitalisation and turnover, and said Xtranet’s valuation appeared significantly ahead of its performance.
- Top performer
- ESDS Software Solutions rose from ₹429 to about ₹1,586.35, a 270% return.
- IndoMIM return
- The stock rose from ₹485 to ₹1,288.40, a 166% return.
- Other reported returns
- Technocraft Ventures gained 132%, Milky Mist Dairy Food 127%, and Xtranet Technologies 124%.
- Highest debut premium
- ESDS listed on 4 September at more than a 76% premium to its issue price.
- Mixed recent trading
- ESDS faced 5% lower circuits, while Technocraft Ventures rose more than 2% and IndoMIM traded in positive territory.
- Analyst caution
- Arun Kejriwal said certain valuations appeared to have moved significantly ahead of business performance.