8 out of 19 IPOs listed in 2026 trade below issue price; average listing gains fall to -1.3%

After a blockbuster run over the past two years, India’s initial public offering (IPO) market appears to have lost momentum in 2026. A sharp correction in the broader markets, triggered by U.S. tariff concerns early in the year, followed by the U.S.-Israel-Iran conflict in late February, has dampened investor appetite for equities.

On a year-to-date (YTD) basis, as many as 19 mainboard IPOs debuted on domestic bourses, collectively raising nearly ₹19,000 crore. However, their listing performance has been underwhelming.

The average listing gain has slipped into negative territory at -1.3%, with only seven IPOs delivering positive returns on debut. This marks a sharp decline from the 10% average gain recorded in 2025 and is significantly lower than the robust 30% and 28.7% seen in 2024 and 2023, respectively.

More strikingly, excluding the strong debut of state-owned Bharat Coking Coal Ltd (BCCL), the average listing gain drops further to -5.7%.

Post-listing performance has been somewhat better, with 11 IPOs currently trading above their issue price, while eight remain below it, as of April 20.

“India’s primary market is in a paradoxical phase, with IPO volumes hitting multi-year highs even as listing returns disappoint investors. This is the first time in the past seven financial years that listing gains have fallen to single digits,” said Anil Sharma, co-founder of IPO Central.

The BSE IPO Index, which tracks the performance of newly listed stocks on the exchange, has delivered a muted return of about 2.4% on a YTD basis, indicating the subdued showing of recent listings. This weak performance mirrors the correction in the broader market, with the benchmark indices—the BSE Sensex and the Nifty 50—posting negative returns of around 7% and 8%, respectively, so far this year.

Top 5 best-performing IPOs

BCCL, the first IPO of CY26, has emerged as the standout performer, delivering robust gains after a stellar debut. The Coal India subsidiary listed at a 77% premium and now trades nearly 50% above its listing price.

Second on the list is Omnitech Engineering, which, despite a weak listing, has staged a sharp recovery to deliver nearly 50% gains. A manufacturer of high-precision engineered components, the company debuted on March 5 at a discount of 9.6%.

Other notable gainers include GSP Crop Science, up over 30%, and healthcare-focussed Sai Parenteral’s and Gaudium IVF and Women Health, both delivering gains in the 20–25% range. Sedemac Mechatronics has also maintained steady traction, reinforcing the trend that quality mid-sized companies with growth visibility are attracting sustained investor interest.

Top 5 worst-performing IPOs

On the flip side, cotton yarn manufacturer Shree Ram Twistex stands out as the biggest laggard, with the stock plunging more than 50% below its issue price. It also recorded the weakest debut of the year, listing at a 29.4% discount to its IPO price.

Diversified services firm Innovision has also disappointed investors, falling close to 39%, while Amir Chand Jagdish Kumar (Exports) has declined by around 37%.

Among others, companies such as Clean Max Enviro Energy Solutions and Fractal Analytics continue to trade below their issue prices, down in the range of 4-6%.

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