Seven of 11 mega IPOs since 2021 now trade below their issue prices
Big IPO launches do not always lead to big wins for investors once trading starts. Since 2021, there were 11 big public share sales that each brought in over ₹9,500 crore. Out of those, seven stocks are still trading under their original issue price. Those seven firms collectively raised close to ₹1.05 trillion in their IPOs. After listing, their total market value fell to roughly ₹88,979 crore. That is down 15.3% from what they gathered in the public offer. Looking at the laggards, Swiggy shows the biggest drop. Its shares are down about 35% versus the IPO price. One 97 Communications, the Paytm parent, is lower by around 22% from its issue price. Other well watched IPO names are also below their issue levels. NTPC Green Energy, HDB Financial Services, LIC, and SBI Fund Management are all down in the 10% to 17% range. The other four large IPOs did better overall. Tata Capital is trading about 1.5% higher than its issue price of ₹326 per share. Hyundai Motor India is up roughly 7%. Two companies stand out for gains after listing. LG Electronics India has jumped about 53% from its issue price, and ICICI Prudential Asset Management Company is up about 50%.
NSE stock falls under its IPO rate
A key event in the large IPO space is what happened to the National Stock Exchange of India. The company had collected ₹22,563 crore in its IPO earlier in September. Not long after trading began, the shares slipped below the offer price. NSE had a soft start on the BSE on September 24. By Tuesday, the shares ended at ₹1,769.30. That was less than the issue price of ₹1,785 per share. After the first day, the stock is down about 6 percent from its listing day peak of ₹1,878. It also hit a low of ₹1,761 on September 28, 2026. The IPO was the second biggest public sale in India, trailing only Hyundai Motor India’s ₹27,859 crore offer in October 2024. PRIME Database data shows this.
IPO pricing still matters after a listing
Specialists note that how a big IPO is priced affects what happens to the shares once trading starts. G Chokkalingam, who leads research at Equinomics Research and is the founder, said price and timing are not small issues. In his view, buyers feel more at ease when the offer looks fair and when the firm shows solid basics. He also pointed out that what is happening in the secondary market can change the outcome too. Chokkalingam expects the primary market to stay busy for now. Even so, he added a warning. If secondary trading stays weak, fewer new listings may come. That can also reduce the chance of strong gains right after listing. Ratiraj Tibrewal, director at Choice Capital Advisors, made a similar point about pricing. He said LIC, Paytm, and GIC were set at levels that did not leave much space for investors. At the same time, he noted that big offers like LG Electronics and ICICI Prudential Life seemed to give buyers more value when they listed. Looking at these major IPOs shows how different the next phase can be. Some stocks that just came to market did not hold their original price well. Other shares went on to deliver clear gains to investors.
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