India’s primary market made history with record fundraising in 2025, but post-listing performance has been disappointing. Mainboard IPOs of around 102-103 companies raised an unprecedented **₹1.75-1.83 lakh crore**, while total listings (including around 267-270 SMEs) crossed 370, raising up to ₹1.95 lakh crore.

Despite strong debut enthusiasm—69 of the 102 mainboard shares listed at a premium (33 below)—current data shows **about 47** are trading below the issue price, and only **54** are above, impacting nearly half the group.

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Large IPOs fared better, with six top performers worth more than ₹1,000 crore. Mega issues like **Tata Capital** (the largest, about ₹15,512 crore), **HDB Financial Services** (~₹12,500 crore), **LG Electronics India**, and **ICICI Prudential Asset Management** all listed at premiums, although gains were mixed—HDB ended up about 2%, while LG and ICICI Prudential gained more.

Analysts attribute the gap to sentiment-based pricing, limited growth capital in many OFS-heavy issues, and increased scrutiny from investors. This highlights the risks in chasing a listing pop amid high valuations.