What is this S&P BSE IPO index and what does the index touching a new high mean?

The S&P BSE IPO index hit a new high of 12,201, after some of the recent listings like Happiest Minds, CAMS, Route Mobile and MTAR Technologies clocked strong gains. In fact, most of these stocks have rallied 40-50% in just the last 2 months. The BSE IPO index is a barometer of the performance of IPOs post listing.

In last 1 month, the BSE IPO index has rallied by nearly 14%; outperforming the Sensex and even the mid-cap indices by a huge margin. Recently, a total of six IPOs touched lifetime highs in July. This master roster of new highs includes names like Angel Broking, CAMS, Gland Pharma, Happiest Minds Technologies, Laxmi Organic and Macrotech Developers.