Issues where most of the money goes to sellers
How often did more than half the money raised go to selling shareholders rather than the company?
11 of 99 (11%)
In 11 of 99 studied IPOs (11%), more than half the money raised went to selling shareholders rather than to the company.
Mainboard: 11 of 75 (15%); SME: 0 of 24 (0%)
How this is counted
The fresh issue (money to the company) and the offer for sale (money to the shareholders selling), in rupees, as each study states them at the price or band. An issue counts when the offer for sale is more than half of the two together. Issues stated only in shares, before a price, are left out.
The sample is every IPO newboard has studied whose study states the figures this needs: 99 of the 313 studied so far. Each figure is from that issue's own offer document, with its page in the study. Counted on 4 Oct 2026; the count moves as studies are added. It describes these issues and says nothing about any other.
Every issue in the count
| Issue | Board | Stage | Offer for sale, share of the issue | Counted |
|---|---|---|---|---|
| Encube Ethicals | Mainboard | DRHP filed | 100% | yes |
| Playsimple Games | Mainboard | DRHP filed | 100% | yes |
| Eaaa India Alternatives | Mainboard | DRHP filed | 100% | yes |
| Commtel Networks | Mainboard | DRHP filed | 83.3% | yes |
| Avaada Electro | Mainboard | UDRHP filed | 78.9% | yes |
| Paras Healthcare | Mainboard | DRHP filed | 72.2% | yes |
| Imagine Marketing | Mainboard | UDRHP filed | 66.7% | yes |
| Eldorado Agritech | Mainboard | DRHP filed | 66% | yes |
| AGS Health | Mainboard | UDRHP filed | 62.5% | yes |
| Jsw One Platforms | Mainboard | DRHP filed | 57.4% | yes |
| Varmora Granito | Mainboard | Listed | 54.8% | yes |
| Svatantra Microfin | Mainboard | DRHP filed | 50% | no |
| Sathya Agencies | Mainboard | DRHP filed | 50% | no |
| Truhome Finance | Mainboard | DRHP filed | 50% | no |
| Pioneer Fil-Med | Mainboard | DRHP filed | 50% | no |
| Ukb Electronics | Mainboard | DRHP filed | 50% | no |
| Swara Baby Products | Mainboard | DRHP filed | 50% | no |
| G. Surgiwear | Mainboard | DRHP filed | 50% | no |
| Anarock Property Consultants | Mainboard | DRHP filed | 45% | no |
| Vishvaraj Environment | Mainboard | DRHP filed | 44.4% | no |
| Rkcpl | Mainboard | DRHP filed | 44% | no |
| Orient Cables (India) | Mainboard | Closed | 42% | no |
| Credila Financial Services | Mainboard | Lapsed | 40% | no |
| SS Retail | Mainboard | Listed | 40% | no |
| Lalbaba Engineering | Mainboard | DRHP filed | 37% | no |
| Technopaints And Chemicals | Mainboard | DRHP filed | 35% | no |
| Neolite Zkw Lightings | Mainboard | DRHP filed | 33.3% | no |
| Hero Motors | Mainboard | Listed | 33.3% | no |
| Sify Infinit Spaces | Mainboard | DRHP filed | 32.4% | no |
| AceVector | Mainboard | Closed | 31.7% | no |
| Moneyview | Mainboard | Listed | 31.3% | no |
| Silver Consumer Electricals | Mainboard | DRHP filed | 28.6% | no |
| Ekkaa Electronics (India) | Mainboard | DRHP filed | 27.6% | no |
| Milestone Gears | Mainboard | DRHP filed | 27.3% | no |
| Hi Tech Flow Solutions | Mainboard | DRHP filed | 25% | no |
| Baanganga Gold & Diamond (I) | Mainboard | DRHP filed | 25% | no |
| Chartered Speed | Mainboard | DRHP filed | 23.4% | no |
| Swastika Infra | Mainboard | Listed | 20.1% | no |
| Eldeco Infrastructure And Properties | Mainboard | DRHP filed | 20% | no |
| Bssponge | Mainboard | DRHP filed | 20% | no |
| Vishal Nirmiti | Mainboard | Live | 18.5% | no |
| Sael Industries | Mainboard | DRHP filed | 18% | no |
| Shreejikrupa Project | Mainboard | DRHP filed | 18% | no |
| Sai Urja Indo Ventures SME | SME | Closed | 17.2% | no |
| Kay Jay Forgings | Mainboard | DRHP filed | 16.7% | no |
| Cosmic Pv Power | Mainboard | DRHP filed | 15.6% | no |
| Royal Chain | Mainboard | DRHP filed | 15% | no |
| Runwal Developers | Mainboard | DRHP filed | 15% | no |
| Liqvd Digital India SME | SME | Closed | 12.6% | no |
| A-One Steels India | Mainboard | Listed | 12.3% | no |
| Adroit Industries (India) | Mainboard | Listed | 12% | no |
| Bench Mark Infotech Services SME | SME | DRHP filed | 11.8% | no |
| Green Asia Impex SME | SME | Closed | 11.6% | no |
| Himalayan Solar SME | SME | Closed | 10.9% | no |
| Papadmalji Agro Foods SME | SME | Closed | 8.4% | no |
| German Green Steel and Power | Mainboard | Closed | 4.6% | no |
| Casagrand Premier Builder | Mainboard | DRHP filed | 1.6% | no |
| Dudani Retail SME | SME | Closed | 0% | no |
| Shivchem Agro SME | SME | Closed | 0% | no |
| Shivganga Drillers | Mainboard | DRHP filed | 0% | no |
| Carnet Books SME | SME | DRHP filed | 0% | no |
| R.K. Fashion Accessories SME | SME | Upcoming | 0% | no |
| Eventions SME | SME | Live | 0% | no |
| Sembcorp Green Infra | Mainboard | DRHP filed | 0% | no |
| Arjun Jewellers | Mainboard | DRHP filed | 0% | no |
| Everbrands India | Mainboard | DRHP filed | 0% | no |
| Muthoot Fincorp | Mainboard | DRHP filed | 0% | no |
| Oravel Stays | Mainboard | UDRHP filed | 0% | no |
| Tmc Transformers India | Mainboard | DRHP filed | 0% | no |
| Bombay Coated And Special Steels | Mainboard | DRHP filed | 0% | no |
| Laxyo | Mainboard | DRHP filed | 0% | no |
| Virupaksha Organics | Mainboard | DRHP filed | 0% | no |
| Deon Energy | Mainboard | DRHP filed | 0% | no |
| Dhariwal Buildtech | Mainboard | DRHP filed | 0% | no |
| Supreet Chemicals | Mainboard | DRHP filed | 0% | no |
| Medicap Healthcare | Mainboard | DRHP filed | 0% | no |
| Executive Centre India | Mainboard | DRHP filed | 0% | no |
| Coreintegra Consulting Services SME | SME | Closed | 0% | no |
| Nityas Gems and Jewellery | Mainboard | Live | 0% | no |
| TNA Solutions SME | SME | Live | 0% | no |
| Panchratan Steels SME | SME | DRHP filed | 0% | no |
| S. K. Offset SME | SME | Closed | 0% | no |
| Acme Universal Safezone 9 SME | SME | Closed | 0% | no |
| Rayzon Solar | Mainboard | Lapsed | 0% | no |
| Roopa Screen SME | SME | Closed | 0% | no |
| Peshwa Wheat SME | SME | Closed | 0% | no |
| Elevate Campuses | Mainboard | Listed | 0% | no |
| Unitec Fibres SME | SME | Closed | 0% | no |
| Pioneer Fabricators | Mainboard | DRHP filed | 0% | no |
| Shree TNB Polymers SME | SME | Live | 0% | no |
| Sollfege Smart Electronics SME | SME | Live | 0% | no |
| Arete 22 | Mainboard | DRHP filed | 0% | no |
| SJP Ultrasonics SME | SME | Live | 0% | no |
| Runwal Enterprises | Mainboard | Closed | 0% | no |
| Srit India | Mainboard | Closed | 0% | no |
| Shah Investor's Home | Mainboard | Closed | 0% | no |
| ArMee Infotech | Mainboard | Listed | 0% | no |
| Pooja Logistics SME | SME | Closed | 0% | no |
| Axiom Gas Engineering SME | SME | Closed | 0% | no |
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