New Delhi, Nov. 20 -- India is witnessing its strongest primary market cycle, but beneath the fundraising euphoria lies a dramatic shift in investor behaviour: a growing tendency to wait until the very last hours of an initial public offering (IPO) to place bids.

A Mint analysis of subscription trends since 2022 reveals that between 65% and 80% of all applications now pour in on the final day of the bidding window. This pattern, visible across major IPOs from Tata Capital to Lenskart, signals a fundamental change in how India invests in new listings.

The first two days of an IPO, which were once periods of steady accumulation, now typically account for a mere 20-40% of total bids, according to market intelligence platform Prime Database...