India's 2025 IPO market, which saw record capital mobilization, is facing a reality check as nearly half of the year's listings now trade below their initial public offer prices. While many companies initially debuted above their IPO prices, sustained investor interest has waned for some. Experts suggest that without fresh capital, these companies must rely on operational improvements to justify premium valuations in competitive markets. Larger IPOs generally performed better, with some significantly exceeding their issue prices.