Delisted IPO Tracker & Analysis

Comprehensive tracker for delisted companies, failure pattern analysis, and expert guidance to identify and avoid high-risk IPO investments. Learn from past failures to make better investment decisions.

150+
Delisted Companies
₹45,000 Cr
Investor Losses
85%
Avoidable Cases

Delisted IPO Tracker

Complete Delisted IPO Database

Comprehensive analysis of 150+ companies that got delisted from Indian stock exchanges, categorized by failure reasons and patterns

High Risk Delisting (60%)

Financial Distress: Cash flow problems, debt defaults, bankruptcy proceedings
Fraud/Scam: Corporate governance failures, accounting irregularities, promoter fraud
Poor Performance: Continuous losses, declining market share, business model failure

Medium Risk Delisting (25%)

Regulatory Issues: Non-compliance with listing norms, SEBI penalties
Market Changes: Industry disruption, technology obsolescence
Strategic Reasons: Business restructuring, focus changes

Low Risk Delisting (15%)

Merger/Acquisition: Strategic buyouts, consolidation moves
Voluntary Delisting: Promoter buyback, going private decisions
Corporate Restructuring: Group reorganization, holding company changes

Major Delisted Companies by Sector

Technology & Telecom

Bharti Telecom: Merged with Bharti Airtel (2002) - Strategic consolidation
Hughes Software: Acquired by Aricent (2008) - Technology acquisition
Pentamedia Graphics: Financial distress (2010) - Business model failure
Videsh Sanchar Nigam: Merged with BSNL (2002) - Government restructuring

Real Estate & Infrastructure

Lavasa Corporation: Financial crisis (2018) - Regulatory issues & debt
Jaypee Infratech: Insolvency proceedings (2017) - Financial distress
Unitech: NCLT proceedings (2020) - Corporate governance failure
DB Realty: Voluntary delisting (2019) - Promoter buyback

Manufacturing & Industrial

Gujarat NRE Coke: Financial irregularities (2019) - Accounting fraud
Sintex Industries: Debt crisis (2020) - Financial distress
Era Infra Engineering: Poor performance (2018) - Business failure
Essar Oil: Acquired by Rosneft (2017) - Strategic acquisition

Financial Services

Yes Bank (Suspended): Financial crisis (2020) - Bad loan crisis
Punjab & Sind Bank: Merger discussion (2019) - Consolidation
Lakshmi Vilas Bank: Merged with DBS (2020) - RBI intervention
IL&FS: Resolution proceedings (2018) - Systemic crisis

Timeline of Major Delistings (2015-2024)

2024
8 companies delisted
Vodafone Idea (Suspension)
2023
12 companies delisted
Reliance Naval, Future Group
2022
15 companies delisted
Zee Learn, Suzlon Energy
2021
18 companies delisted
Mindtree (Acquisition)
2020
22 companies delisted
Yes Bank, Sintex Industries
2019
20 companies delisted
Gujarat NRE Coke, DB Realty
2018
25 companies delisted
IL&FS, Lavasa Corporation
2015-2017
45 companies delisted
Multiple sectors affected

Delisting Failure Pattern Analysis

Comprehensive analysis of common patterns, warning signs, and risk factors that lead to IPO delistings

Early Warning Signs

Financial Red Flags:
  • • Declining revenue for 2+ consecutive quarters
  • • Increasing debt-to-equity ratio above industry average
  • • Negative cash flow from operations
  • • Frequent auditor changes or qualified audit reports
  • • Delayed financial reporting or non-compliance
Management Red Flags:
  • • Frequent management changes or resignations
  • • Poor corporate governance ratings
  • • Related party transactions concerns
  • • Lack of transparency in communication
  • • Promoter pledge above 50% of holdings
Market Red Flags:
  • • Continuous stock price decline below book value
  • • Very low trading volumes and liquidity
  • • Analyst downgrades and negative sentiment
  • • Loss of major customers or contracts
  • • Regulatory investigations or penalties

Survival Factors

Strong Fundamentals:
  • • Consistent revenue growth and profitability
  • • Strong balance sheet with low debt levels
  • • Positive cash generation and working capital
  • • Diversified revenue streams and customer base
  • • Competitive moats and market leadership
Quality Management:
  • • Experienced and stable management team
  • • Strong corporate governance practices
  • • Transparent communication with stakeholders
  • • Clear strategic vision and execution
  • • Minimal related party transactions
Market Position:
  • • Strong brand recognition and customer loyalty
  • • Growing market share in expanding industry
  • • Innovation capabilities and R&D investment
  • • Regulatory compliance and good relationships
  • • Sustainable competitive advantages

Sector-wise Delisting Risk Analysis

High Risk Sectors

Real Estate (35% delisting rate):

High leverage, regulatory changes, market cycles

Infrastructure (28% delisting rate):

Project delays, funding issues, policy changes

Textiles (25% delisting rate):

Competition, raw material costs, export dependency

Medium Risk Sectors

Manufacturing (18% delisting rate):

Cyclical demand, raw material volatility

Mining (16% delisting rate):

Environmental issues, regulatory approvals

Media (15% delisting rate):

Digital disruption, advertising volatility

Low Risk Sectors

FMCG (8% delisting rate):

Stable demand, strong brands, resilient business

Pharmaceuticals (10% delisting rate):

Essential products, regulatory barriers

IT Services (12% delisting rate):

Asset-light, recurring revenue, export focus

Case Study: Unitech Limited

IPO Details: Listed in 2006, ₹560 crores raised
Warning Signs (2010-2015):
  • • Project delays and cost overruns
  • • Increasing debt and interest burden
  • • Regulatory issues and approvals
  • • Customer complaints and delivery issues
Delisting (2020): NCLT proceedings, investor losses of 95%+
Key Lesson: Real estate sector risks, leverage dangers, regulatory compliance

Success Story: TCS (Avoided Risks)

IPO Details: Listed in 2004, ₹5,500 crores raised
Success Factors:
  • • Strong parent company (Tata Group)
  • • Diversified global client base
  • • Consistent profitability and cash generation
  • • Strong corporate governance
Performance: 2,500%+ returns since IPO, consistent dividend payments
Key Lesson: Quality management, strong fundamentals, sector leadership

How to Avoid Delisted IPO Investments

Expert strategies and due diligence framework to identify and avoid high-risk IPO investments

Comprehensive Due Diligence Framework

Financial Analysis Checklist

Revenue Quality: Analyze revenue growth consistency, customer concentration, and recurring revenue percentage
Profitability Trends: Examine gross margins, operating leverage, and profit sustainability across cycles
Balance Sheet Strength: Assess debt levels, working capital requirements, and asset quality
Cash Flow Analysis: Verify operating cash flow generation and capital allocation efficiency
Financial Ratios: Compare with industry peers and historical benchmarks

Management & Governance Evaluation

Management Track Record: Evaluate previous experience, success rate, and industry expertise
Corporate Governance: Review board composition, independent directors, and audit committee
Promoter Background: Analyze promoter integrity, business practices, and regulatory compliance
Related Party Transactions: Scrutinize transactions with promoter entities and fairness
Transparency: Assess communication quality, disclosure practices, and investor relations

IPO Risk Assessment Matrix

Risk Factor Low Risk (1-3) Medium Risk (4-6) High Risk (7-10) Weight
Financial Health Strong financials, low debt Moderate debt, stable profits High debt, losses 25%
Management Quality Experienced, transparent Average track record Poor governance, opacity 20%
Business Model Scalable, recurring revenue Stable, some cyclicality Unsustainable, declining 20%
Market Position Market leader, strong moat Competitive position Weak, commoditized 15%
Sector Risk Defensive, growing Cyclical, stable Declining, disrupted 10%
Valuation Reasonable, below peers Fair value pricing Expensive, stretched 10%
Risk Score Calculation: (Factor Score × Weight) summed across all factors
Risk Levels: 1-3.5 (Low Risk), 3.6-6.5 (Medium Risk), 6.6-10 (High Risk - Avoid)

Safe Investment Guidelines

Diversification: Never invest more than 5% of portfolio in any single IPO
Quality First: Prioritize companies with strong fundamentals over hype
Timing: Avoid IPOs during market stress or sector downturns
Research: Spend at least 10 hours analyzing each IPO before investing
Exit Strategy: Set clear profit targets and stop-loss levels
Monitor: Track quarterly results and key metrics post-investment

Red Flags to Avoid

Promotional IPOs: Heavy marketing, celebrity endorsements, unrealistic projections
Debt-Heavy Companies: Debt-to-equity ratio above 2x or interest coverage below 3x
Related Party Issues: Excessive transactions with promoter entities
Regulatory Problems: Pending investigations, frequent regulatory notices
Management Red Flags: Frequent changes, poor track record, governance issues
Sector Risks: Declining industries, high regulatory interference