Nearly half of 374 Indian IPOs/FPOs since 2020 trade below issue price, highlighting uneven long-term performance.

A report by Axis Capital shows that nearly half of 374 Indian Mainboard IPOs and FPOs listed between July 2020 and January 2026 are trading below their issue price, with 9% down over 50% and 19% down 25% to 50%. About half are trading above issue price, including 15% with gains over 100%. The findings highlight uneven long-term performance, underscoring that IPO success is not guaranteed and depends on fundamentals, governance, and market conditions.