How India’s Biggest IPOs Are Really Doing — And What’s Next

Mumbai | June 19  – India’s IPO market is shifting gears again. After a dry spell early in the year, the primary market is buzzing — over 30 companies have listed in the last two months, and another 67 are queuing up at SEBI’s door. If all goes as planned, FY26 could clock over ₹2 lakh crore in IPO fundraises — potentially an all-time high.

But if you’re tracking returns, the IPO index is throwing up more questions than cheers. Some of India’s biggest listings — names that once dominated headlines with their issue size and brand — are now lagging behind. Despite blockbuster entries, several are underwater. Others, particularly the old-school players, are holding the line — modest, but steady.

Snapshot: How the Companies Are Faring

CMP as of June 19- 12:00 pm 

What’s the Pattern?

It’s becoming clear: legacy is winning, hype is fading.

Established players with robust business models — Hyundai, LIC, Vishal Mega Mart — are being rewarded. They’re not doubling investors’ money, but they’re doing what the market likes right now: showing stability, posting profits, and not chasing flashy narratives.

In contrast, new-age firms with big stories but weak cash flow visibility are being punished. The market has moved from “growth at all costs” to “profit or perish.” That’s why names like Ola, Paytm, and Swiggy are slipping — despite huge TAMs (total addressable markets), the runway looks hazy.

Sector Matters, So Does Timing

Some sectors are facing cyclical or regulatory pressure. Clean energy is hot, but execution is still a bottleneck — NTPC Green is proof. Fintech is facing a regulatory winter — ask Paytm. And even consumer-tech, which once attracted rich valuations, is now under the scanner unless there’s clear profitability in sight.

Timing, too, matters. LIC launched in a weak macro environment. Swiggy and Ola hit the street when the global tech correction was playing out. Investors, now battle-tested, are slower to chase stories.

One major shift in FY25: investors are no longer buying into inflated valuations. The Street wants reasonable pricing. IPOs that came in at sensible multiples — Eternal, Hexaware — have done well. Those that overpromised and overpriced — Paytm, Ola — are paying the price.

FY26 Outlook:

Over ₹2 lakh crore worth of IPOs are expected in FY26. Big names from manufacturing, BFSI, EV, and infra tech are on deck. But this time, size won’t impress anyone.

Investors are turning more selective. Anchor books are no longer a rubber stamp of quality. And retail investors? They’re cautious, reading RHPs and watching post-listing action before stepping in.

This new wave will be more about execution than expectation. Governance, financial discipline, and sectoral tailwinds will drive demand. The market will reward businesses that respect capital and show clarity of path — not just ambition.