In 2025, India's primary market saw larger Initial Public Offerings (IPOs) of Rs 3,000 crore and above deliver significantly better returns, averaging 19% listing gains, compared to 9% for smaller IPOs. Experts suggest large-cap IPOs benefit from established business models, predictable cash flows, and strong governance, attracting institutional investors and leading to more stable post-listing performance. These larger issuances also showed fewer negative returns on listing days.