IPO fever swept through India in 2025, but the reality check came fast. Everyone was talking about jaw-dropping numbers - ₹1.75 lakh crore raised from the mainboard alone.
Now, with the dust settling, the stats are sobering: almost half the companies that went public this year are trading below their issue price. That gold rush? For a lot of investors, it just meant empty pans.
The great divide: Boom or bust?
Of the 103 companies that listed on the mainboard, 47% have slipped into the red. Gone are the days when people expected double-digit returns on listing day.
The market’s getting picky. Overhyped stocks get punished, while companies with solid fundamentals actually get rewarded.
Some declines are just brutal. As of 29 December, Glottis tops the list, crashing more than 52% from its debut. Gem Aromatics isn’t far behind, down 48%. VMS TMT? Down 46%.
For retail investors who got caught up in the hype, these drops sting. High subscription rates clearly don’t promise long-term gains.
The outperformers: Where the money moved
it’s not all bad news. Even with all the “IPO fatigue,” a few companies soared. The market hasn’t stopped growing, it’s just gotten choosier.
Stallion India Fluorochemicals ran away with the crown, skyrocketing 146% over its issue price.
A few others stood out:
- Aditya Infotech: up 122%
- Ather Energy: up 121%
- Meesho: up 78%
- Groww (Billionbrains Garage): up 65%
So, what’s the takeaway for 2026? Last year proved you can’t paper over bad valuations with easy money.
Institutional investors are shifting gears, now it’s all about sustainable profits, not reckless growth.
And for regular investors? The “listing day pop” isn’t guaranteed anymore. If you want to win with the next batch of IPOs, you’ll have to dig deeper than the headlines, time to start reading those balance sheets.
