The IPO market is definitely seeing some interesting trends. While the volume of new IPOs has fallen significantly, of the 103 mainboard initial public offerings in 2025, 66 are now trading below their offer price as of March 16, 2026, according to Prime Database. On listing day, 69 of these companies had debuted above their issue price, pointing to strong initial demand.
That strength did not sustain. The average return has dropped to -6.97% from a listing day gain of 9.55%, while the median loss stands at 17.71%, indicating that more than half the IPOs are now below their issue levels.
The data shows that gains made on listing day did not hold through the months following listing into March 2026.
“We cannot look at IPOs separately from what is happening in the broader secondary market. If there is a correction in the broader market, it will impact companies which came out with an IPO as well. If market sentiment has changed, risk appetite has gone down and if foreign investors are exiting, this will impact IPO companies as well. Even if you look at data of already listed companies, you will find most of them would have given negative returns as well in the same period,” said Pranav Haldea – Managing Director at Prime Database.
Most IPOs failed to hold listing gains
PRIME Database data shows 66 out of 103 companies, or 64.1%, are now below their offer price as of March 16, 2026.
On listing day, 69 IPOs or 67% debuted above issue price, delivering an average gain of 9.55%. That early strength did not last. The average return now stands at -6.97%, while the median loss is -17.71%.
Listing gains were erased across a majority of stocks between listing in 2025 and March 2026.
38 IPOs that listed at a premium but now trade below issue price
A set of 38 IPOs listed above their offer price but now trade below it, according to PRIME Database. These stocks rewarded early exits and penalised holding over the period from listing to March 16, 2026.
Laxmi Dental listed at a 28.66% gain from its Rs 428 offer price but now trades at Rs 172.80, down 59.63% between listing in 2025 and March 16, 2026. Ellenbarrie Industrial Gases moved from a 35.30% listing gain at Rs 400 to Rs 180.95, a decline of 54.76% over the same period.
Vikram Solar, which listed 7.36% higher, is now down 45.02% from its offer price over the same period. HDB Financial Services, which raised Rs 12,500 crore, opened with a 13.64% gain but now trades at Rs 642.20, down 13.22% from its Rs 740 issue price since listing.
Tata Capital raised Rs 15,511.87 crore at Rs 326 and now trades at Rs 309.10, a loss of 5.18% between listing and March 16, 2026. Hexaware Technologies raised Rs 8,750 crore, listed at Rs 708, and is now at Rs 417.05, down 41.09% over the same period.
Deep losses across several stocks
Glottis is the worst performer in the PRIME Database set, now trading at Rs 43.69, down 66.13% from its Rs 129 offer price between listing in 2025 and March 16, 2026.
VMS TMT has fallen to Rs 38.91 from Rs 99, a decline of 60.70% over the same period. Mangal Electrical Industries is down 58.69% from Rs 561 to Rs 231.75.
Jinkushal Industries trades at Rs 51.41, down 57.51% from Rs 121. Solarworld Energy Solutions is at Rs 153.75, a fall of 56.20% from Rs 351. Arisinfra Solutions has declined 53.18% to Rs 103.95 from Rs 222.
PhysicsWallah, which raised Rs 3,480 crore at Rs 109 per share and listed with a 42.39% gain, now trades at Rs 83.96, down 22.97% from its offer price over the same period. JSW Cement, which raised Rs 3,600 crore at Rs 147, now trades at Rs 116.45, down 20.78%.
“An IPO investment essentially is about two things, the quality of the company and the valuation at which the company is coming up with an IPO. It could be a great company, but if it comes out at a very high valuation, you would be hard pressed to earn a return on your investment. Most individual investors come in for listing gains and not as long-term investment. In a bullish market, there is a also good chance that you will get a gain on listing. However, my advice if you are following this strategy would be to sell on listing even if it lists at a discount,” Haldea added.
Strong listing gains did not guarantee sustained returns
Highway Infrastructure delivered the highest listing gain of 75.49% from its Rs 70 offer price. It now trades at Rs 49.16, down 29.77% between listing in 2025 and March 16, 2026.
PRIME Database data shows similar patterns across multiple stocks where strong listing gains did not sustain over time.
A limited set of stocks delivered strong gains
Only 37 out of 103 IPOs, or 35.9%, remain above their offer price as of March 16, 2026.
Aditya Infotech leads with a gain of 135.46%, rising from Rs 675 to Rs 1,589.35. Ather Energy has climbed to Rs 712.85 from Rs 321, a gain of 122.07% since listing.
Belrise Industries is up 94.06% at Rs 174.65 from Rs 90. Jain Resource Recycling trades at Rs 425, up 83.19% from Rs 232. Borana Weaves has gained 73.68% to Rs 375.15 from Rs 216.
BillionBrains Garage Ventures, which raised Rs 6,632.30 crore, now trades at Rs 157.95, up 57.95% from Rs 100. LG Electronics India is up 35.11% at Rs 1,540.30 from Rs 1,140.
ICICI Prudential Asset Management Company trades at Rs 2,888.40, up 33.41% from Rs 2,165. Meesho is at Rs 134.90, up 21.53% from Rs 111.
PRIME Database shows that the 103 IPOs together raised Rs 1,75,914.30 crore. Of this, companies currently trading below their offer price raised Rs 94,929.87 crore, which is about 54% of the total.
Twenty-seven stocks are down 30% or more from their offer price as of March 16, 2026. These declines require gains of 43% to 100% from current levels just to return to their offer price.
2025 IPO Performance Tracker
| Company | Return from offer |
|---|---|
| 1Aditya Infotech | +135.46% |
| 2Ather Energy | +122.07% |
| 3Belrise Industries | +94.06% |
| 4Jain Resource Recycling | +83.19% |
| 5Borana Weaves | +73.68% |
| Company | Return from offer |
|---|---|
| 1Glottis | −66.13% |
| 2VMS TMT | −60.70% |
| 3Laxmi Dental | −59.63% |
| 4Mangal Electrical Industries | −58.69% |
| 5Jinkushal Industries | −57.51% |
Conclusion
The median loss of 17.71% captures the experience of a typical IPO investor across the period from listing in 2025 to March 2026.
More than half of the IPOs are trading below their offer price despite strong listing day gains. A few stocks such as Aditya Infotech and Ather Energy delivered large gains, but the broader set remains below issue levels, with most investors who held beyond listing day still in the red.