Steptrade Capital backs 63 IPOs, delivers 35% average listing gains

Steptrade Capital, an investment management entity, has deployed about Rs 177 crore across nearly 63 IPOs in last 24 months and the fund-house’s placements across mainboard and SME issues have delivered an average listing gain of about 35%, underscoring the growing role of home-grown institutional capital in powering India’s IPO pipeline.

Of the total deployment, around Rs100 crore was invested in Mainboard IPOs and Rs 77 crore in SME issues and the investments had a mix of high-growth sectors including infrastructure, renewable energy, logistics and recycling.

The allocations were made through Steptrade’s two flagship funds — Chanakya Opportunities Fund I and Steptrade Revolution Fund I — which together form the core of its SME and Microcap focus. Chanakya, India’s first SME-Exchange-focused Category II AIF, alone deployed about Rs 95 crore, while Revolution Fund contributed another Rs 82 crore. Through these funds, Steptrade Capital anchored several IPOs such as Quality Power Electrical Equipments, Fabtech Technologies Cleanrooms, Prostarm Info Systems, Maxvolt Energy, and SAR Televentures.

“These SMEs and Microcaps are tomorrow’s market leaders. By backing them early, we enable scale and governance that create long-term value. Smart diversification and timely participation can deliver strong listing gains today and sustainable wealth for investors tomorrow,” said Kresha Gupta, Director and Fund Manager, Steptrade Capital.

Steptrade Capital has built a differentiated presence in India’s alternative-investment ecosystem. The firm manages multiple SEBI-registered platforms — including an Alternative Investment Fund, a Portfolio Management Service, and a Foreign Portfolio Investment vehicle — making it one of the few institutions licensed across all categories. Its combined AUM now exceeds Rs350 crore, with a sharp focus on the SME, Microcap, and pre-IPO segments that form the backbone of India’s entrepreneurial economy.

Launched in 2023, Chanakya Opportunities Fund I was conceived to provide growth capital and governance support to emerging enterprises. With SMEs contributing nearly 30% of India’s GDP and employing over 25 crore people, the fund plays a catalytic role in advancing India’s production-driven growth.Its sister fund, Steptrade Revolution Fund I, broadens this mandate by diversifying allocations across a wider pool of issuers, mitigating concentration risk while maintaining exposure to India’s most promising new-age businesses.The expansion aligns with SEBI’s ongoing efforts to deepen anchor-investor participation in IPOs — a move aimed at bolstering price stability, widening domestic ownership, and enhancing retail confidence in primary markets.

Looking ahead, Steptrade Capital plans to increase its anchor allocations and expand coverage across sunrise sectors, reaffirming its commitment to SMEs and Microcaps as a central force in India’s path toward a $5-trillion economy.