THE BUSIEST YEAR ENDS WITH 344 IPOS, BUT HALF THE LISTINGS ARE UNDERWATER

The Indian primary market has been unusually active.

- ANOOP VIJAYKUMAR

Between December 2024 and early December 2025, as many as 344 companies made their public market debut, collectively raising ₹1.54 trillion from investors. By any historical benchmark, this represents extraordinary capital formation-a moment where entrepreneurial ambition clearly met public market appetite. But capital raised is only an input metric. For investors, the true test lies in the output: returns. Measured from offer price to current market price, the median return across all 344 IPOs is 0%. In other words, half of the companies that listed over the past year are now trading below their issue price.Listing-day illusion

Around 64% of IPOs debuted above their offer price, suggesting healthy demand and strong investor sentiment. But this optimism fades with time. Only 50% of these stocks remain above their issue price today. A closer look explains why. Of the 344 IPOs, 40% listed above their offer price and continue to trade in positive territory.