New Delhi, Feb. 21 -- The IPO market is facing headwinds amid turbulence in the secondary market, with nearly half of the newly-listed companies of 2024 now trading below their issue prices.

Indian primary markets saw 331 new offerings raise a combined Rs.1.68 trillion in 2024. However, market activity has been relatively subdued in 2025. So far, only nine mainboard IPOs have raised approximately Rs.15,108 crore, with subscription levels mostly in single digits due to volatility in the secondary markets. Despite this, the IPO pipeline for 2025 remains robust, as 44 companies have received approval from the Securities and Exchange Board of India (SEBI) to launch IPOs, collectively expected to raise around Rs.66,095 crore.

Given the ongoi...