India's primary market experienced a record-breaking year in 2025 with 103 companies raising over Rs 1.75 lakh crore through IPOs. Despite strong initial demand and listing-day gains for many, a significant number of these newly listed stocks have failed to sustain their performance. Data indicates that nearly half of the companies that went public are now trading below their issue prices, raising concerns about IPO valuations and investor expectations. Smaller IPOs, particularly those under Rs 1,000 crore, have shown the weakest post-listing returns.