Outsized gains from Indian initial public offerings seen in the past are fading in 2025, as investors become more picky in what remains one of the world’s hottest IPO markets.
The median return for stocks one month after listing has shrunk to 2.9% this year, down from 22% last year and 25% in 2023, according to a Bloomberg analysis. Meanwhile, about 40% of all main board entrants traded below their offer price a month after debut.
Even so, India’s primary market remains busy. More than 80 companies have gone public in 2025, raising over $15 billion and boosting hopes that ...