Rs 90,000 crore in 90 days: One of India's biggest IPO cycles in history produces poor listing gains

 

India’s primary market has delivered one of its strongest fundraising bursts in recent memory, with companies raising more than Rs 90,000 crore through 61 IPOs over the past 90 days. But even as capital raising hits a record run, investor returns tell a more complicated story. According to Trendlyne data, as many as 44 out of 61 IPOs delivered less than 10% listing gains, and 19 IPOs gave flat or negative listing gains, a sharp contrast to the hyper-profitable debut sessions of 2021 and 2022.Close to half IPOs are trading below their issue price today, despite strong subscription levels and heavy retail participation across the board.

The data shows that companies have together mobilised Rs 1.03 lakh crore in the August-November window, powered by heavyweights such as Tata Capital, LG Electronics India, Lenskart, Groww and Tenneco Clean Air. The pipeline was broad, cutting across new-age platforms, financial services, engineering firms, renewables, chemical manufacturers and consumer-facing brands.

But post-listing performance has been mixed. The average return from the IPO price to today stands at just 11%, far lower than the euphoric listing cycles seen in previous years. Out of 61 companies, 26 are trading below their issue price, amounting to about 42% of the entire cohort. Meanwhile, 35 IPOs are in the green, representing nearly 58% of total listings.

IPOs with heavy retail subscription sink

The underperformance is particularly stark among the most aggressively subscribed retail favourites. In this cycle, some of the most heavily bid IPOs have turned into the worst performers.

Dev Accelerator, subscribed 164.72 times by retail investors, is now trading nearly 30% below its issue price. VMS TMT, another high-frenzy small-cap offering, is down 37%, despite retail bidding crossing 47 times. Solarworld Energy Solutions has slipped more than 14%, after being subscribed heavily across retail and HNI categories.

# Rs 90,000 Crore in 90 Days: One of India's Biggest IPO Cycles in History Produces Poor Listing Gains

**Posted on November 21, 2025

India's IPO market is on fire—or so it seems. In a blistering 90-day sprint from August to November, companies mopped up over ₹90,000 crore through 61 initial public offerings, catapulting this period into one of the most prolific fundraising bonanzas in the nation's history. Add in the full quarter, and the tally swells past ₹1.03 lakh crore. Sectors from finance and engineering to consumer brands and fintech unicorns like Groww and Lenskart lined up at the altar of public markets, fueled by a deluge of retail enthusiasm and institutional bets on India's growth story. Yet, beneath the headline numbers lies a sobering reality: listing gains have been disappointingly tepid, with nearly half the debutants trading below their issue prices. What's gone wrong in this paradox of plenty?

## The Fundraising Frenzy: A Historic Haul

Picture this: 61 IPOs in three months, raising ₹90,000 crore—eclipsing the frenzied peaks of 2021 and 2022 in sheer velocity, if not always in glamour. Standouts included Tata Capital's mega-issue in finance, Tenneco Clean Air in engineering, and consumer plays like Lenskart and LG Electronics India. New-age darlings such as Groww, the wealthtech platform, and edtech's PhysicsWallah drew eye-watering subscriptions, with Groww alone trading at 30x sales multiples at issue, ballooning to 55-60x post-listing on hype alone.

This surge isn't isolated. India's broader 2025 IPO tally stands at 93 listings, matching 2024's volume but with fresher issues dipping slightly to ₹56,796 crore overall. Structural tailwinds like monthly SIP inflows soaring from ₹7,000 crore during COVID to ₹30,000 crore today have kept the equity party alive, drawing in a broader investor base hungry for the next big multibagger. But volume doesn't guarantee value—especially when post-listing performance tells a different tale.

## The Listing Letdown: Muted Pops and Subpar Returns

For all the pre-IPO buzz, the afterparty has been underwhelming. The average gain from issue price to current levels? A modest 11 percent across the 61 IPOs. Drilling down: 35 stocks hover above their debut prices, but a stark 26 are underwater, trading below issue. Trendlyne data paints an even grimmer picture—44 IPOs eked out less than 10 percent returns, while 19 delivered flat or negative pops. Only three of the 93 listings in 2025 so far qualify as multibaggers, with just seven crossing the 50 percent gain threshold.

Retail-heavy issues have borne the brunt. Take Dev Accelerator: subscribed 164 times over, yet now down 30 percent. VMS TMT? A 37 percent plunge. Solarworld Energy Solutions shed over 14 percent, and names like Regaal Resources and Highway Infrastructure remain in the red. These flops highlight a market weaning off blind FOMO, where oversubscription doesn't translate to sustained bids. In contrast, issuers with robust financials and earnings clarity shone brighter: Aditya Infotech rocketed 149 percent, Anand Rathi Shares surged over 80 percent, and Epack Prefab climbed 58 percent. Tech and consumer hybrids like Lenskart, Pine Labs, PhysicsWallah, and Groww managed steady, if unspectacular, gains—proof that quality trumps quantity in this cycle.

## Expert Take: Caution Over Euphoria

Gurmeet Chadha, Managing Partner and CIO at Complete Circle Consultants, cuts through the noise: "Not euphoria, but caution—the IPO frenzy is back, but selectivity is key." He urges investors to zero in on profitable firms boasting strong unit economics, scalable models, and adaptability—echoing successes like post-listing bets on Zomato and Paytm. Chadha caps new-age stock exposure at 10-12 percent of portfolios, warning against hype-chasing in a market fatigued by block deals, promoter exits, and FPOs flooding supply.

The malaise stems from a maturing investor base: Retail punters, once quick to flip for listing pops, now demand substance amid global headwinds and domestic valuation jitters. High issue prices, coupled with secondary market volatility, have crimped first-day premiums, turning what was once a quick-win game into a long-haul test of fundamentals.

## What It Means for Investors and the Market

This ₹90,000 crore windfall underscores India's capital market maturity—companies are accessing funds at scale, fueling expansion in a $4 trillion economy. But the poor listing gains signal a healthy evolution: Away from speculative froth toward discerning allocation. For retail warriors, the playbook is clear—vet for profitability and visibility before subscribing, and treat IPOs as marathon entries, not sprint exits. Regulators like SEBI might eye tighter pricing norms to curb overvaluations, while issuers could prioritize transparency to rebuild trust.

Is this cycle's paradox a blip or the new normal? As 2025 wraps, with more marquee names like Swiggy and NSE potentially in the pipeline, one thing's certain: In India's IPO arena, big money in doesn't guarantee big smiles out. What's your take—still hunting for the next Zomato, or sitting out the selectivity squeeze?

*Sources: Free Press Journal, Economic Times, and market data aggregators.*

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