IPOs in 2025, Nov. 20 -- The Indian IPO market has remained one of the busiest pockets of the equity landscape in 2025, powered by offerings from fintechs, digital-first businesses, renewables, and consumer-facing players.

The momentum has carried over from the post-pandemic fundraising boom, keeping investor interest elevated across the mainboard and SME segments.

However, beneath the surface enthusiasm lies a more sobering trend. Analysts caution that only a limited number of IPOs in 2025 have created durable value. Most have either been stagnant or listed below their issue prices. Of the 92 mainboard listings in 2025 so far, 32 have closed below their respective issue prices on debut, signalling that one-third of new issuers failed t...