Mixed Post-Listing Performance Across 101 IPOs Since January 2024
An analysis of 101 Initial Public Offerings (IPOs) launched in India since January 2024 shows a clear divergence in investor returns. While 58 percent of these IPOs have posted positive returns, 42 percent trade below their listing price, highlighting the challenges of the current market environment. Notably, only 6 percent of the IPOs have managed to double investors’ money, delivering gains exceeding 100 percent.
Highlights:
58% of IPOs show positive returns since listing.
6% have doubled investors’ money, surpassing 100% gains.
42% of IPOs are trading below their issue price.
Major names like Ola Electric (-32.74%), Swiggy (-20.14%), Hyundai (-7.12%), and NTPC (-4.64%) underperform.
IPO Market Activity and Sentiment in 2025
The year 2025 has witnessed a relatively slow IPO calendar with only nine IPOs in January and February, a lone IPO in March, and no IPOs in April. However, May shows promise with seven IPOs already launched and more expected in June. Despite a perceived reduction in investor enthusiasm compared to 2024, the IPO market remains active with a strong pipeline.
The top IPOs by size in 2024 included Hyundai Motor India (Rs 27,858.75 crore), Swiggy (Rs 11,327.43 crore), and NTPC Green Energy (Rs 10,000 crore), though several of these have struggled to maintain post-listing momentum.
Highlights:
IPO activity slow in early 2025 but expected to pick up in May and June.
Top IPOs by size: Hyundai Motor India, Swiggy, NTPC Green Energy.
Market still active despite cautious investor sentiment.
Expert Views on IPO Pricing and Market Dynamics
Market experts point to a disconnect between high IPO valuations and post-listing investor returns. Nirav Karkera noted that many IPOs with strong pre-listing hype, such as Swiggy and Hyundai, have struggled post-listing, reflecting the difficult environment.
Deepak Jasani highlighted that merchant bankers often prioritize securing high valuations to win mandates, sometimes at the expense of long-term investor gains. He emphasized that retail investors often rely on grey market signals and hype, which can be misleading, especially when valuations are stretched.
Highlights:
Merchant bankers sometimes push for high IPO valuations over investor returns.
Retail investors heavily influenced by grey market premiums and hype.
Institutional investors more cautious but still active in mainboard IPOs.
Top 10 IPOs by Issue Size
| Companies | Issue Amount (in ₹ crore) | Issue Price (in ₹) | Returns YTD (%) |
|---|---|---|---|
| HYUNDAI MOTOR INDIA LTD. | 27,858.75 | 1960 | -3.87 |
| SWIGGY LTD. | 11,327.43 | 390 | -20.14 |
| NTPC GREEN ENERGY LTD. | 10,000 | 108 | -4.63 |
| HEXAWARE TECHNOLOGIES LTD. | 8,750 | 708 | 11.45 |
| VISHAL MEGA MART LTD. | 8,000 | 78 | 55.90 |
| BAJAJ HOUSING FINANCE LTD. | 6,560 | 70 | 76.93 |
| OLA ELECTRIC MOBILITY LTD. | 6,145.56 | 76 | -32.74 |
| AFCONS INFRASTRUCTURE LTD. | 5,430 | 463 | 0.60 |
| WAAREE ENERGIES LTD. | 4,321.44 | 1503 | 93.97 |
| BHARTI HEXACOM LTD. | 4,275 | 570 | 193.41 |
IPO Returns Till Date
Negative Returns (Below 0%): 42%
Positive Returns (0 to 100%): 52%
Double Returns (100% and above): 6%
Returns Distribution Table
| Returns Till Date from Issue Price (%) | No. of Companies |
|---|---|
| 0 and below | 43 |
| 0 to 20 | 18 |
| 20 to 40 | 14 |
| 40 to 60 | 11 |
| 60 to 80 | 7 |
| 80 to 100 | 2 |
| 100 and above | 6 |
| Total | 101 |
Top Performers and Sectoral Trends
Among the top-performing IPOs are Jyoti CNC Automation (267.27%), KRN Heat Exchanger (251.64%), and Bharti Hexacom (193.41%). These exceptions indicate opportunities exist for disciplined investors amid general market caution.
Renewable energy and quick commerce continue to attract investor interest. High-profile upcoming IPOs include Reliance Jio, LG Electronics, and fintech firms like Groww and PhonePe. According to Prime Database, 49 companies plan to raise Rs 84,000 crore in 2025, with 67 more companies awaiting SEBI approval to raise Rs 1,02,000 crore.
Highlights:
Top performers: Jyoti CNC Automation, KRN Heat Exchanger, Bharti Hexacom.
Key sectors: renewable energy, quick commerce, fintech.
Strong pipeline with over Rs 1.8 lakh crore planned capital raise in 2025.
Current Market Sentiment and Outlook
As of May 22, 2025, the IPO market remains cautiously active amid global uncertainties like US tariffs and geopolitical tensions. Foreign Portfolio Investors (FPIs) have returned after turbulence, while Domestic Institutional Investors (DIIs) remain committed, though valuation concerns persist.
India’s market trades at a 20.3x forward P/E, reflecting growth expectations. Investors show preference for profitable firms such as Bajaj Housing Finance, while speculative tech companies face headwinds, as demonstrated by Swiggy’s muted debut.
Jasani notes that retail and High Net Worth Individual (HNI) investors often lack deep valuation tools, leaning heavily on market sentiment, while institutional investors remain more disciplined.
Highlights:
Market trades at 20.3x forward P/E, signaling growth expectations.
FPIs have returned; DIIs remain committed.
Profitability prioritized over hype; speculative tech faces resistance.
Retail/HNI investors rely on sentiment; institutions more valuation-aware.
