After a wave of excitement that sent many new listings to record highs in 2025, almost half of those companies are now trading below the price they offered to the public.
Overall IPO performance
In total, 103 companies went public on Indian stock exchanges this year. On the first day of trading, 69 shares opened above their issue price while 33 opened lower. The early boost faded for many firms. By December 26, only 54 stocks were still above their IPO price, and 47 were below.
Capital raised
- Mainboard IPOs raised a record ₹1.75 lakh crore.
- The SME platform saw 267 companies raise ₹11,429 crore.
Biggest losers
Companies with smaller IPO sizes (under ₹1,000 crore) suffered the steepest drops:
- Glottis – down 52.78% from its ₹129 issue price.
- Gem Aromatics – down 48.34%.
- VMS TMT – down 46.25%.
Top gainers
Some of the biggest IPOs have held on to, or even grown, their value:
- Stallion India Fluorochemicals – up 146.28%.
- Aditya Infotech – up 122.71%.
- Ather Energy – up 121.14%.
- Belrise Industries – up 99.33%.
- Meesho – up 78.29% (IPO of ₹5,421 crore).
- Billionbrains Garage Ventures (parent of Groww) – up 65.40% (IPO of ₹6,632 crore).
What experts are saying
"Many high‑profile IPOs started strong but couldn’t keep the momentum," said Dev Chandrasekhar, a valuation advisor. "Without fresh capital for growth, these companies must rely on better operations to justify their prices, which is tough in a competitive market."
Ganesh Jagdishen, head of a Mumbai investment‑banking firm, added, "The market is beginning to separate quality businesses from hype. Retail investors should look past flashy listing gains and focus on the underlying fundamentals, especially as borrowing costs rise."
Looking ahead to 2026
Investors are being urged to take a cautious stance. Rather than jumping into every new listing, they should watch how a stock performs after the IPO before committing capital. The challenge next year will be spotting the IPOs that truly have strong growth prospects.
Disclaimer
Remember, this is my perspective, not a prediction. Do your own research and consider your risk tolerance before making any investment decisions.