Over the past three months, India’s primary market witnessed a fundraising sprint — companies raised more than ₹90,000 crore through 61 IPOs. But despite this historic capital flow, investor returns have been muted. Trendlyne data shows 44 of the 61 IPOs posted listing gains under 10%, while 19 debuted flat or slipped below their issue price.

Ironically, the most popular retail IPOs — many of which saw frenzied subscription — have underperformed the most. Stocks backed by strong balance sheets, better earnings prospects or institutional demand held up relatively better: for instance, Aditya Infotech jumped ~149%, Groww added ~56%, and PhysicsWallah gained ~34%.

Some 25 IPOs — around 41% — now trade below their issue price, signaling growing valuation sensitivity in the market. Still, analysts see no let-up: the IPO pipeline for 2026 looks robust, with names like Jio, PhonePe, Flipkart and NSE expected to float soon.