IPOs in 2025, Dec. 30 -- After witnessing 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 initial public offerings (IPOs)-with over 350 companies including SMEs raising more than Rs.1.75 trillion-data shows that nearly mainboard 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.

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