JNPR
Juniper Networks Inc
stock NYSE

**TL;Dr:** In 2026, mainboard allottees who held have mostly done better than those who sold on listing day. But half of those IPOs dipped below issue price at some point, so holding took patience. For SMEs, holding vs selling at the open was a coin flip. Subscription told you a lot about day 1, and for SMEs a weak subscription was a real warning sign.
I pulled every IPO that listed on NSE between 1 Jan and 11 Sep 2026 , That's 64 mainboard and 50 SME listings. Prices are to the 11 Sep close and adjusted for the one split in the list (Cordelia, 10:1).
**If you were allotted, how did each exit work out**? (median return vs issue price)
|Exit|Mainboard|SME|
|:-|:-|:-|
|Sold at the listing-day open|\+7.8%|\+2.6%|
|Sold at the listing-day close|\+7.5%|\+5.0%|
|Still holding on 11 Sep|\+32.8%|\+19.4%|
For comparison, the Nifty 50 went from 26,130 on 31 Dec to 23,398 on 11 Sep, which is −10.5%.
**What stood out**
* **The pop didn't predict the ride.** Of the 84 IPOs with at least 20 trading sessions, 8 popped on day 1 and are now below issue. Another 15 listed flat or negative and then rallied.
https://preview.redd.it/tbt3q0gpggph1.png?width=1584&format=png&auto=webp&s=19459846e1712c7cb523b6fb00110b85761a12eb
* **Subscription is priced in at the open.** Rank correlation between times-subscribed and the listing pop: 0.75. Between times-subscribed and returns from the listing open onward: 0.07. The market already knew.
* **SME is a lottery ticket in both directions.** Best: APSISAERO, +457% from issue. Worst: ARMOUR, −69%. 12 of the 50 SMEs hit NSE's day-1 limits (5 opened at the +90% cap, 7 at the −20% floor). If you bought SMEs at the listing open, 24 of 50 are up from there. The median is −0.3%.
* **Half of all mainboard IPOs went below issue price at some point**, even in a year where most ended up well above it.
* **The rush was real.** July and August brought 44 listings, including 31 of the year's 64 mainboard IPOs.
**Mainboard (64)**, listing date order. Returns vs issue price, 11 Sep close, split-adjusted.
|Listed|Symbol|Issue ₹|Day-1 open|Now|
|:-|:-|:-|:-|:-|
|01-19|BHARATCOAL|23|\+95.7%|\+43.5%|
|01-21|AMAGI|361|\-11.9%|\+60.2%|
|01-28|SHADOWFAX|124|\-9.2%|\+104.3%|
|02-16|AYE|129|\+0.0%|\+39.1%|
|02-16|FRACTAL|900|\-2.7%|\-15.1%|
|02-27|GAUDIUMIVF|79|\+5.1%|\+49.0%|
|03-02|CLEANMAX|1053|\-8.8%|\+35.9%|
|03-02|SRTL|104|\-34.6%|\-64.1%|
|03-04|PNGSREVA|386|\-2.9%|\+32.8%|
|03-05|OMNI|227|\-11.0%|\+142.2%|
|03-11|SEDEMAC|1352|\+13.5%|\+115.0%|
|03-19|RSL|122|\+0.0%|\+55.8%|
|03-23|INNOVISION|519|\-9.9%|\-49.8%|
|03-24|GSPCROP|320|\+2.5%|\+47.3%|
|03-30|CMPDI|172|\-7.0%|\+25.1%|
|04-02|AEROPLANE|212|\-5.7%|\-3.2%|
|04-02|POWERICA|395|\-7.3%|\+44.1%|
|04-02|SAIPARENT|392|\+2.0%|\+33.5%|
|04-17|OMPOWER|175|\+6.3%|\-2.0%|
|05-08|KISSHT|171|\+11.1%|\+92.2%|
|06-10|CMRGREEN|192|\+39.6%|\+12.8%|
|06-12|HEXAGON|45|\+7.2%|\+51.1%|
|06-29|TURTLEMINT|152|\-11.2%|\-10.4%|
|07-01|CORDELIA|808|\-15.7%|\+39.7%|
|07-01|RAMBHAJO|138|\+36.9%|\+95.1%|
|07-02|CSM|113|\+0.0%|\-26.2%|
|07-06|AASTHA|136|\-4.4%|\-42.3%|
|07-08|KNACK|170|\+10.6%|\+7.8%|
|07-15|KUSUMGAR|419|\+35.8%|\+35.6%|
|07-16|LASERPOWER|214|\+16.8%|\+35.4%|
|07-21|ALPINETEX|105|\+0.0%|\-45.6%|
|07-21|SBIFUNDS|574|\+6.8%|\-5.2%|
|07-24|CMLL|424|\+18.0%|\+11.8%|
|07-30|INDOMIM|485|\+44.3%|\+109.9%|
|07-30|LCL|425|\+8.5%|\+30.1%|
|07-30|XTRANET|127|\+7.1%|\+113.7%|
|08-05|MANIPALHOS|590|\+10.5%|\+21.6%|
|08-06|JNPR|225|\+8.9%|\+17.9%|
|08-06|MVELECTRO|425|\+22.4%|\+98.0%|
|08-12|ARDEE|53|\+35.9%|\-3.9%|
|08-14|LEAPIND|159|\+4.3%|\-9.2%|
|08-14|TECHNOCRAF|212|\+34.0%|\+108.6%|
|08-17|DHOOTTRANS|871|\+37.8%|\+98.5%|
|08-17|MOLBIO|807|\+21.4%|\+78.2%|
|08-18|MILKYMIST|140|\+17.9%|\+109.1%|
|08-19|BLEL|285|\+63.2%|\+55.1%|
|08-19|SHIPROCKET|97|\+35.0%|\+38.1%|
|08-24|HORIZONIND|60|\+0.4%|\-7.2%|
|08-24|LALITHAA|201|\+31.8%|\+68.5%|
|08-25|SHANKESH|93|\+11.1%|\+8.9%|
|08-25|SUNSHINE|360|\+10.0%|\+13.3%|
|08-26|GAJA|160|\+15.6%|\-4.6%|
|08-28|TEMPSENS|300|\+111.3%|\+94.9%|
|08-31|AUGMONT|788|\+21.9%|\+12.5%|
|09-01|HTEL|53|\+41.5%|\+61.5%|
|09-01|SKYWAYS|138|\-10.1%|\-15.9%|
|09-01|SYMBIOTEC|988|\+0.0%|\+14.7%|
|09-02|ANNU|99|\-27.3%|\-41.1%|
|09-03|LUMINO|82|\+34.1%|\+32.7%|
|09-04|ESDS|429|\+76.5%|\+305.7%|
|09-04|PRIORITY|200|\+15.0%|\+14.4%|
|09-07|PERNIASPOP|575|\-7.0%|\-0.9%|
|09-08|DEEPA|177|\+24.9%|\+5.0%|
|09-08|MOMSBELIEF|239|\+0.0%|\-5.9%|
**SME (50)**, listing date order. Returns vs issue price, 11 Sep close, split-adjusted.
|Listed|Symbol|Issue ₹|Day-1 open|Now|
|:-|:-|:-|:-|:-|
|01-02|E2ERAIL|174|\+90.0%|\+102.2%|
|01-14|VICTORYEV|41|\-16.0%|\-62.3%|
|01-20|AVANA|59|\+31.4%|\+143.6%|
|01-22|ARMOUR|57|\-20.0%|\-69.4%|
|01-29|KRMAYURVED|135|\+27.5%|\+127.9%|
|02-06|CKKRETAIL|163|\+0.0%|\-7.4%|
|02-11|BRANDMAN|176|\+4.0%|\-2.0%|
|02-11|GJL|88|\+9.1%|\+202.1%|
|02-13|BIOPOL|108|\+2.8%|\-55.8%|
|02-19|MARUSHIKA|117|\+2.6%|\+2.5%|
|02-27|MANILAM|69|\-20.0%|\-37.0%|
|03-02|MOBILISE|80|\-19.9%|\+41.9%|
|03-05|YAAP|145|\-12.4%|\-13.4%|
|03-06|STRIDERS|72|\-2.8%|\-15.3%|
|03-09|ACETEC|112|\+0.0%|\+29.5%|
|03-13|SPCON|98|\+2.1%|\+58.2%|
|03-18|APSISAERO|110|\+39.1%|\+456.6%|
|04-07|VIVIDEL|555|\+1.8%|\+252.1%|
|04-30|ADISOFT|172|\+19.2%|\+37.2%|
|05-05|AMBAAUTO|135|\-0.4%|\-23.7%|
|05-11|VALUE360|98|\-20.0%|\-29.1%|
|05-15|SIMCA|183|\-14.8%|\+43.1%|
|05-19|RFBL|50|\+5.0%|\+78.0%|
|05-25|NFPSAMPOOR|55|\-0.9%|\-61.8%|
|05-26|TEAMTECH|63|\+19.1%|\+104.8%|
|05-29|BMLL|139|\-20.0%|\+13.7%|
|05-29|QLINE|343|\+31.8%|\+111.7%|
|06-12|GENXAI|116|\-20.0%|\-29.0%|
|06-17|UTKAL|66|\+0.0%|\-30.3%|
|06-24|CLAYCRAFT|203|\+3.9%|\-23.4%|
|06-25|AVIENCE|208|\+90.0%|\+85.3%|
|07-01|SHREEDHAR|53|\+2.6%|\+156.2%|
|07-07|TEJA|220|\+90.0%|\+1.5%|
|07-07|VMOBILE|158|\-1.9%|\-62.6%|
|07-10|ICELCO|99|\+67.7%|\+26.5%|
|07-16|HAPPY|66|\+3.0%|\+34.8%|
|07-28|METALIC|77|\+13.0%|\+90.9%|
|08-03|PROPSHOP|69|\-20.0%|\+4.3%|
|08-10|ANAWIL|270|\+22.1%|\+71.2%|
|08-14|OPTIMYSTIX|175|\+2.9%|\-15.4%|
|08-19|PRAMODINI|118|\+1.7%|\+0.4%|
|08-20|CREDENT|189|\+90.0%|\+88.9%|
|08-21|SKYTECH|77|\-3.9%|\-63.8%|
|08-24|FASCINATE|151|\-20.0%|\-64.8%|
|09-01|ABH|102|\-2.9%|\-38.5%|
|09-01|MADHURKNIT|100|\+0.0%|\-26.4%|
|09-02|SUMAX|101|\+9.9%|\+25.2%|
|09-07|ASHUTOSH|92|\+52.2%|\+78.8%|
|09-07|SHANTIINOR|83|\+90.0%|\+122.8%|
|09-11|QUALIANCE|127|\+77.1%|\+85.9%|

**TL;Dr:** In 2026, mainboard allottees who held have mostly done better than those who sold on listing day. But half of those IPOs dipped below issue price at some point, so holding took patience. For SMEs, holding vs selling at the open was a coin flip. Subscription told you a lot about day 1, and for SMEs a weak subscription was a real warning sign.
I pulled every IPO that listed on NSE between 1 Jan and 11 Sep 2026 , That's 64 mainboard and 50 SME listings. Prices are to the 11 Sep close and adjusted for the one split in the list (Cordelia, 10:1).
**If you were allotted, how did each exit work out**? (median return vs issue price)
|Exit|Mainboard|SME|
|:-|:-|:-|
|Sold at the listing-day open|\+7.8%|\+2.6%|
|Sold at the listing-day close|\+7.5%|\+5.0%|
|Still holding on 11 Sep|\+32.8%|\+19.4%|
For comparison, the Nifty 50 went from 26,130 on 31 Dec to 23,398 on 11 Sep, which is −10.5%.
**What stood out**
* **The pop didn't predict the ride.** Of the 84 IPOs with at least 20 trading sessions, 8 popped on day 1 and are now below issue. Another 15 listed flat or negative and then rallied.
https://preview.redd.it/tbt3q0gpggph1.png?width=1584&format=png&auto=webp&s=19459846e1712c7cb523b6fb00110b85761a12eb
* **Subscription is priced in at the open.** Rank correlation between times-subscribed and the listing pop: 0.75. Between times-subscribed and returns from the listing open onward: 0.07. The market already knew.
* **SME is a lottery ticket in both directions.** Best: APSISAERO, +457% from issue. Worst: ARMOUR, −69%. 12 of the 50 SMEs hit NSE's day-1 limits (5 opened at the +90% cap, 7 at the −20% floor). If you bought SMEs at the listing open, 24 of 50 are up from there. The median is −0.3%.
* **Half of all mainboard IPOs went below issue price at some point**, even in a year where most ended up well above it.
* **The rush was real.** July and August brought 44 listings, including 31 of the year's 64 mainboard IPOs.
**Mainboard (64)**, listing date order. Returns vs issue price, 11 Sep close, split-adjusted.
|Listed|Symbol|Issue ₹|Day-1 open|Now|
|:-|:-|:-|:-|:-|
|01-19|BHARATCOAL|23|\+95.7%|\+43.5%|
|01-21|AMAGI|361|\-11.9%|\+60.2%|
|01-28|SHADOWFAX|124|\-9.2%|\+104.3%|
|02-16|AYE|129|\+0.0%|\+39.1%|
|02-16|FRACTAL|900|\-2.7%|\-15.1%|
|02-27|GAUDIUMIVF|79|\+5.1%|\+49.0%|
|03-02|CLEANMAX|1053|\-8.8%|\+35.9%|
|03-02|SRTL|104|\-34.6%|\-64.1%|
|03-04|PNGSREVA|386|\-2.9%|\+32.8%|
|03-05|OMNI|227|\-11.0%|\+142.2%|
|03-11|SEDEMAC|1352|\+13.5%|\+115.0%|
|03-19|RSL|122|\+0.0%|\+55.8%|
|03-23|INNOVISION|519|\-9.9%|\-49.8%|
|03-24|GSPCROP|320|\+2.5%|\+47.3%|
|03-30|CMPDI|172|\-7.0%|\+25.1%|
|04-02|AEROPLANE|212|\-5.7%|\-3.2%|
|04-02|POWERICA|395|\-7.3%|\+44.1%|
|04-02|SAIPARENT|392|\+2.0%|\+33.5%|
|04-17|OMPOWER|175|\+6.3%|\-2.0%|
|05-08|KISSHT|171|\+11.1%|\+92.2%|
|06-10|CMRGREEN|192|\+39.6%|\+12.8%|
|06-12|HEXAGON|45|\+7.2%|\+51.1%|
|06-29|TURTLEMINT|152|\-11.2%|\-10.4%|
|07-01|CORDELIA|808|\-15.7%|\+39.7%|
|07-01|RAMBHAJO|138|\+36.9%|\+95.1%|
|07-02|CSM|113|\+0.0%|\-26.2%|
|07-06|AASTHA|136|\-4.4%|\-42.3%|
|07-08|KNACK|170|\+10.6%|\+7.8%|
|07-15|KUSUMGAR|419|\+35.8%|\+35.6%|
|07-16|LASERPOWER|214|\+16.8%|\+35.4%|
|07-21|ALPINETEX|105|\+0.0%|\-45.6%|
|07-21|SBIFUNDS|574|\+6.8%|\-5.2%|
|07-24|CMLL|424|\+18.0%|\+11.8%|
|07-30|INDOMIM|485|\+44.3%|\+109.9%|
|07-30|LCL|425|\+8.5%|\+30.1%|
|07-30|XTRANET|127|\+7.1%|\+113.7%|
|08-05|MANIPALHOS|590|\+10.5%|\+21.6%|
|08-06|JNPR|225|\+8.9%|\+17.9%|
|08-06|MVELECTRO|425|\+22.4%|\+98.0%|
|08-12|ARDEE|53|\+35.9%|\-3.9%|
|08-14|LEAPIND|159|\+4.3%|\-9.2%|
|08-14|TECHNOCRAF|212|\+34.0%|\+108.6%|
|08-17|DHOOTTRANS|871|\+37.8%|\+98.5%|
|08-17|MOLBIO|807|\+21.4%|\+78.2%|
|08-18|MILKYMIST|140|\+17.9%|\+109.1%|
|08-19|BLEL|285|\+63.2%|\+55.1%|
|08-19|SHIPROCKET|97|\+35.0%|\+38.1%|
|08-24|HORIZONIND|60|\+0.4%|\-7.2%|
|08-24|LALITHAA|201|\+31.8%|\+68.5%|
|08-25|SHANKESH|93|\+11.1%|\+8.9%|
|08-25|SUNSHINE|360|\+10.0%|\+13.3%|
|08-26|GAJA|160|\+15.6%|\-4.6%|
|08-28|TEMPSENS|300|\+111.3%|\+94.9%|
|08-31|AUGMONT|788|\+21.9%|\+12.5%|
|09-01|HTEL|53|\+41.5%|\+61.5%|
|09-01|SKYWAYS|138|\-10.1%|\-15.9%|
|09-01|SYMBIOTEC|988|\+0.0%|\+14.7%|
|09-02|ANNU|99|\-27.3%|\-41.1%|
|09-03|LUMINO|82|\+34.1%|\+32.7%|
|09-04|ESDS|429|\+76.5%|\+305.7%|
|09-04|PRIORITY|200|\+15.0%|\+14.4%|
|09-07|PERNIASPOP|575|\-7.0%|\-0.9%|
|09-08|DEEPA|177|\+24.9%|\+5.0%|
|09-08|MOMSBELIEF|239|\+0.0%|\-5.9%|
**SME (50)**, listing date order. Returns vs issue price, 11 Sep close, split-adjusted.
|Listed|Symbol|Issue ₹|Day-1 open|Now|
|:-|:-|:-|:-|:-|
|01-02|E2ERAIL|174|\+90.0%|\+102.2%|
|01-14|VICTORYEV|41|\-16.0%|\-62.3%|
|01-20|AVANA|59|\+31.4%|\+143.6%|
|01-22|ARMOUR|57|\-20.0%|\-69.4%|
|01-29|KRMAYURVED|135|\+27.5%|\+127.9%|
|02-06|CKKRETAIL|163|\+0.0%|\-7.4%|
|02-11|BRANDMAN|176|\+4.0%|\-2.0%|
|02-11|GJL|88|\+9.1%|\+202.1%|
|02-13|BIOPOL|108|\+2.8%|\-55.8%|
|02-19|MARUSHIKA|117|\+2.6%|\+2.5%|
|02-27|MANILAM|69|\-20.0%|\-37.0%|
|03-02|MOBILISE|80|\-19.9%|\+41.9%|
|03-05|YAAP|145|\-12.4%|\-13.4%|
|03-06|STRIDERS|72|\-2.8%|\-15.3%|
|03-09|ACETEC|112|\+0.0%|\+29.5%|
|03-13|SPCON|98|\+2.1%|\+58.2%|
|03-18|APSISAERO|110|\+39.1%|\+456.6%|
|04-07|VIVIDEL|555|\+1.8%|\+252.1%|
|04-30|ADISOFT|172|\+19.2%|\+37.2%|
|05-05|AMBAAUTO|135|\-0.4%|\-23.7%|
|05-11|VALUE360|98|\-20.0%|\-29.1%|
|05-15|SIMCA|183|\-14.8%|\+43.1%|
|05-19|RFBL|50|\+5.0%|\+78.0%|
|05-25|NFPSAMPOOR|55|\-0.9%|\-61.8%|
|05-26|TEAMTECH|63|\+19.1%|\+104.8%|
|05-29|BMLL|139|\-20.0%|\+13.7%|
|05-29|QLINE|343|\+31.8%|\+111.7%|
|06-12|GENXAI|116|\-20.0%|\-29.0%|
|06-17|UTKAL|66|\+0.0%|\-30.3%|
|06-24|CLAYCRAFT|203|\+3.9%|\-23.4%|
|06-25|AVIENCE|208|\+90.0%|\+85.3%|
|07-01|SHREEDHAR|53|\+2.6%|\+156.2%|
|07-07|TEJA|220|\+90.0%|\+1.5%|
|07-07|VMOBILE|158|\-1.9%|\-62.6%|
|07-10|ICELCO|99|\+67.7%|\+26.5%|
|07-16|HAPPY|66|\+3.0%|\+34.8%|
|07-28|METALIC|77|\+13.0%|\+90.9%|
|08-03|PROPSHOP|69|\-20.0%|\+4.3%|
|08-10|ANAWIL|270|\+22.1%|\+71.2%|
|08-14|OPTIMYSTIX|175|\+2.9%|\-15.4%|
|08-19|PRAMODINI|118|\+1.7%|\+0.4%|
|08-20|CREDENT|189|\+90.0%|\+88.9%|
|08-21|SKYTECH|77|\-3.9%|\-63.8%|
|08-24|FASCINATE|151|\-20.0%|\-64.8%|
|09-01|ABH|102|\-2.9%|\-38.5%|
|09-01|MADHURKNIT|100|\+0.0%|\-26.4%|
|09-02|SUMAX|101|\+9.9%|\+25.2%|
|09-07|ASHUTOSH|92|\+52.2%|\+78.8%|
|09-07|SHANTIINOR|83|\+90.0%|\+122.8%|
|09-11|QUALIANCE|127|\+77.1%|\+85.9%|