Market Brief: Mukul Agrawal’s IPO Strategy (2025-26) Ace investor Mukul Agrawal’s investment trajectory for the **2025-26** period reveals a high-conviction, aggressive approach toward the primary market. His portfolio, managed personally and through **Sanshi Fund-I**, highlights a distinct performance gap between the explosive returns of small and medium enterprises (SMEs) and the volatile outcomes of mainboard listings. High-Growth SME Outperformers The standout performance in the portfolio comes from the SME segment, which delivered multiple multibaggers despite a broader cooling in market enthusiasm. **Tankup Engineers** emerged as a primary wealth creator, surging **329%** from its issue price of **140**. Other notable gainers include **Sacheerome**, which rose **245%**, and **Monolithisch India**, posting a **217%** rally. **Zelio E-Mobility** also showcased significant momentum with a **180%** gain, underscoring Agrawal’s focus on niche sectors like electric vehicles and industrial engineering. Performance Dispersion and Risk The strategy carries inherent risks, as evidenced by sharp corrections in several counters. **Chatterbox Technologies** saw the steepest decline, falling **44%** below its issue price. **Oswal Pumps** and **Ganesh Consumer Products** followed closely with drops of **43%** and **41%**, respectively. In total, out of **32** tracked IPO investments, **18** stocks are currently trading above their issue price, while **14** have eroded value. This split reflects a challenging macro environment in early **2026**, where the **Nifty Smallcap 100** has corrected **13%** from its recent peak. Strategic Portfolio Shifts Agrawal has recently pivoted toward infrastructure and specialized manufacturing. New entries include a **1.7%** stake in **Hindustan Construction Company (HCC)** and a **1.3%** stake in **Sudeep Pharma**, valued at approximately **85 Crore** and **81 Crore** respectively. His largest high-value holdings remain concentrated in **Neuland Laboratories** (valued at over **500 Crore**) and **ASM Technologies**, where he holds a **10.3%** stake. These moves signal a transition from pure IPO hunting to compounding in companies benefiting from the "Make in India" and "China+1" themes. 2026 Primary Market Outlook The broader IPO market enters **2026** with a massive pipeline of over **190** companies seeking to raise approximately **2.5 Lakh Crore**. However, actual listing activity has slowed in the first quarter of the year. Only five mainboard IPOs launched in the first seven weeks of **2026**, as retail participation moderated and average listing gains shrunk to **10%**, down significantly from the **30%** average seen in **2024**. Investors are increasingly prioritizing business fundamentals over grey market premiums as the secondary market stabilizes.