New Delhi, July 17 -- After a blockbuster 2024 that saw Indian companies raise an all-time high of Rs.1.69 trillion through initial public offerings, the euphoria around IPOs appears to be softening in 2025. The mainboard segment, once flooded with enthusiastic bidders, is now witnessing lukewarm interest, subdued subscription levels, and sharply lower listing gains.

Meanwhile, the SME IPO segment is showing some buoyancy. Activity remains strong, but analysts warn that the surge may be misleading, driven more by speculative enthusiasm and small issue sizes than by fundamental investor conviction.

As several high-profile IPOs prepare to debut in the coming months, all eyes are on whether India's primary market can rekindle its fire in 2...