From sprint to stumble: Has the mad rush to invest in IPOs lost momentum?

• Another 63 companies looking to raise around ₹1.37 trillion are awaiting approval, according to a Prime Database report of 31 March.
• Early gains of 30-40% made it seem like he’d cracked the code.
• Back in September 2024, for instance, Bajaj Housing Finance delivered eye-popping gains; he recalls pocketing as much as 114%, the kind of return that fuelled the retail frenzy.
• The overall success rate has slipped, with average one-year returns for NSE mainboard IPOs at just 3.03% in 2025, compared to a peak of 106.54% in 2020.

Article Brief

The era of easy gains from public listings appears to be nearing its end. A year after listing, only four mainboard IPOs were trading above their issue price in 2025. Our deep dive on what to expect going forward.

Regulatory developments directly shape issue timelines and investor safeguards. Track how this affects upcoming filings on our IPO calendar.