New Delhi, Feb. 23 -- The primary market has struggled to find its footing in 2026. Benchmark indices are down about 2.6% year-to-date, volatility remains elevated, and investors are wary amid global uncertainties and tighter domestic liquidity. Mainboard initial public offering (IPO) activity has been sparse and listing gains even scarcer.

A Mint analysis of 2026 mainboard listings shows just five companies have hit the market so far, compared with nine IPOs during the same period last year.

The median listing loss is at 3.6%, with only one standout debut. The first maiden issue of the year, Bharat Coking Coal surged 77% on listing day after being subscribed 147 times. The rest offered little cheer. Shadowfax Technologies listed at an ...