New Delhi, Oct. 14 -- The performance of several recently listed companies highlights the difference between listing-day gains and returns from the IPO price, with some stocks continuing to deliver positive returns for investors despite sharp corrections from their debut levels.

Kotak Institutional Equities, in a recent report, said that performance across the primary and secondary markets over the past six months indicated strong investor enthusiasm for small-cap companies. The brokerage said it hoped these companies would deliver on the high expectations embedded in their valuations and that the narratives supporting the enthusiasm for small- and mid-cap stocks (SMIDs) would play out differently from previous cycles.

Kotak also noted ...