IPOs in 2025, Dec. 30 -- After a year marked by relentless IPO activity and record fundraising, India's primary market is facing a sobering reality check.

While 2025 will be remembered as one of the hottest years for IPOs, data shows that nearly 50% of companies that went public during the year are now trading below their issue prices. The divergence between listing-day excitement and sustained stock performance has raised concerns regarding valuations, underscoring how quickly sentiment can turn once the initial buzz fades. In the last 12 months alone, 344 companies went public, raising more than Rs.1.75 lakh crore.

Out of 103 companies that debuted on the stock exchanges this year, 69 listed above their IPO prices, while 33 opened bel...