New Delhi, Dec. 19 -- The euphoria for new listings among retail investors has continued in 2025, with a majority of SME issues receiving a strong response from the Street, as several issues witnessed subscription levels cross 100 times, despite market regulator SEBI tightening rules for SME IPOs.

However, only a few lived up to expectations, while the rest faced challenges post listing on the exchanges, with Austere Systems being one of them. The IPO, which received a massive response during its three-day bidding period, failed to sustain the same enthusiasm post listing.

The shares made a grand entry on Dalal Street in September, listing with a 37.3% premium at Rs.75.5 apiece, but the stock quickly lost its grip and has remained lower...