After peaking at 35.84% in FY20-21 and 32.31% in FY21-22 during the post-pandemic liquidity boom, listing gains have steadily moderated. The fall to 8.88% suggests aggressive pricing and abundant supply may be diluting investor appetite.
The irony, Sharma noted, is that post-listing performance has been even more sobering. Several recent IPOs have corrected by as much as 60% from their peak levels, eroding wealth for investors who entered beyond listing day.
Animesh Hardia of 1 Finance observed that the structure of IPO fundraising has evolved significantly. “India’s IPO market is largeger and more active than ever, but the underlying purpose has modifyd. Today, a majority of the capital raised in IPOs goes to sellers, not to the business. That means retail investors are often funding exits for promoters and early backers at prices set during periods of high enthusiasm. The listing pop feels rewarding, but the data displays it fades quick,” he stated.
“If you’re putting money into an IPO, the first question should be this: Is this capital building the business, or is someone cashing out? The answer modifys everything,” Hardia added.
Fundraising momentum has moderated in calconcludear year 2026 so far. Only five companies – Aye Finance (₹1,010 crore), Fractal Analytics (₹2,833.9 crore), Shadowfax Technologies (₹1,907.3 crore), Amagi Media Labs (₹1,788.6 crore) and Bharat Coking Coal (₹1,071.1 crore) – have collectively mobilised ₹7,610 crore from the primary market.
This week, Gaudium IVF & Women Health’s ₹160 crore IPO opened for bidding. Three more – Clean Max Enviro Energy Solutions (about ₹3,100 crore), PNGS Reva Diamond Jewellery (around ₹380 crore) and Omnitech Engineering (around ₹583 crore) – are set to launch next week.
The slowdown in CY26 follows a blockbuster 2025. Calconcludear year 2025 emerged as a watershed year, with 103 Indian corporates raising an all-time high ₹1,75,901 crore through mainboard IPOs, about 10% higher than the previous record of ₹1,59,784 crore raised by 91 IPOs in 2024.
Activity was particularly strong in the second half of 2025. October alone saw ₹45,187.66 crore raised across 10 issues, while September recorded the highest monthly deal count at 25 IPOs.
According to PRIME Database Group, the pipeline remains formidable. As of now, 96 companies proposing to raise around ₹1.25 lakh crore have already secured SEBI approval, while another 106 companies seeking to mobilise approximately ₹1.40 lakh crore are awaiting clearance. In addition, several companies, including 85 new-age technology firms planning to raise nearly ₹1.50 lakh crore, are preparing to file their offer documents.
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