India’s IPO bonanza has turned into a bruising reality check. Although a record ₹1.75 lakh crore has been raised in 102 listings so far in 2025, almost half are trading below their issue price and even fierce demand from sophisticated HNI investors offers no protection.
Twelve IPOs that saw over 100-fold subscription from high net-worth individuals are still underwater, shattering the belief that aggressive HNI participation signals quality or fair pricing, data from Prime Database shows. Three retail-heavy issues have also gone into the red with similar subscription fever.