New Delhi, June 12 -- Of the 275 initial public offers (IPOs) in India since covid, 35% have delivered negative returns on their issue price. Compared to their listing price, which is the price at which shares start trading, almost half have delivered negative returns. Relative to the BSE 500 return too, half or more have underperformed. Overall, only 36% of IPOs over the past five years have been a worthwhile investment.

Surprisingly, qualified institutional placements (QIPs) fared only marginally better. Of the 224 QIPs since the pandemic, only 99 have outperformed the BSE 500 index, giving these professional investors a success rate of 44%.

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An analy...