New Delhi, Dec. 28 -- The euphoria for new listings among retail investors has continued in 2025, with a majority of SME issues receiving a strong response from the Street, as several offerings witnessed subscription levels crossing 100 times, despite market regulator SEBI tightening norms for SME IPOs.

Robust participation from retail investors in these issues was largely driven by the expectation of multibagger returns on listing day. While a few stocks managed to exceed expectations, the majority of listings eventually eroded investor wealth, highlighting the growing divergence between subscription hype and post-listing performance.

Heightened volatility in the Indian stock market further pushed investors toward the primary market, m...