During the period Apr’25 to Jun’26, the stock market saw 113 mainboard IPOs being listed, with companies experiencing different outcomes in terms of listing gains or losses upon their market debuts. Out of these 113 companies, 69 (61%) witnessed listing gains across the period. However, performance dispersion increased materially in early CY26, indicating a shift from broad-based market optimism to a more selective environment where company fundamentals increasingly influenced listing outcomes.
Listing gains remained prevalent overall but became less uniform, with clear differentiation emerging across time periods and issuer quality.
- IPO listing performance remained positive during Apr’25–Apr’26, with ~61% of IPOs (69 out of 113) delivering listing-day gains, reflecting healthy investor appetite despite intermittent volatility
- Listing momentum peaked during Jul–Dec’25, which accounted for ~75% of total IPOs (85 IPOs), reflecting favourable market conditions, ample liquidity, and strong investor participation
- While most IPOs listed during Jan-Mar’26 opened at a discount amid broader market uncertainty. However, market conditions have since improved, with several recently listed companies posting better post-listing performance
- The moderation in listing-day gains during early CY26 appears to be largely sentiment-driven rather than structural, as improving secondary market conditions and sustained retail participation continue to support the IPO ecosystem
- Bharat Coking Coal Limited recorded the highest listing gain among large-revenue issuers (~76%), and was also among the top gainers overall across all 113 IPOs during the period
- Companies with revenues exceeding INR 3,000 Cr exhibited robust listing performance, with 90% of IPOs in the segment delivering positive listing-day gains, highlighting investor preference for scale, business stability, and proven operating track records
- Despite a relatively cautious IPO environment amid market uncertainties, 16 IPOs delivered listing-day gains exceeding 50% during Apr’25–Apr’26, demonstrating that high-quality issuers continued to command strong investor demand even during periods of market volatility
- Aftermarket recovery trends confirm that listing-day sentiment is not the terminal verdict: issuers with strong fundamentals have broadly recovered within 30–60 days of a weak listing, reinforcing the importance of business quality over timing
- IPOs from companies with profits above INR 100Cr generally witnessed healthier listing gains, with a higher share of issuances delivering 25%+ gains compared to lower-profit cohorts
- Companies with profits in the INR 20–50Cr range recorded the highest IPO activity (34 IPOs), emerging as the most active profitability cohort during Apr’25–Apr’26
- Despite temporary moderation in listing-day gains during the 1st quarter of CY26, improving market sentiment, continued domestic investor participation, and a robust pipeline of fundamentally strong companies are expected to support healthier IPO activity. Listing performance, however, is likely to remain increasingly differentiated based on company fundamentals and valuation discipline
How can 1Lattice help?
At 1Lattice, we provide Industry reports for IPOs run as per our comprehensive approach and efficient work plan. We make it a point to consider the needs and preferences of the company and the advisors at every step of the report. A snippet of our approach is attached below to help paint a better picture of our offering and its depth.