3 hrs ago
Recent Indian IPOs Rally as Broader Market Slumps
Nithin Kamath says new IPOs are doing much better than the wider stock market.
An IPO is when a company first sells shares to the public.
Of 125 mainboard IPOs listed in the latest 12-month group, about two-thirds were trading above the price they were sold for.
Their middle return was 24.7%.
But not every new listing did well: about one-third were below their issue price.
Older groups of IPOs had weaker results in some periods.
The article says the wider Indian market has been under pressure.
A possible Jio Platforms IPO and the recent NSE listing are adding attention to new share offerings.
Nithin Kamath said recent IPOs are thriving despite a falling broader market.
Among 125 mainboard IPOs listed from October 2025 to September 2026, 67.2% traded above issue price as of October 6, with a 24.7% median return.
In the preceding October 2024–September 2025 cohort, 47.4% traded above issue price and the median return was -9.4%.
Across the latest cohort, 32.8% traded below issue price, including 5.6% that had fallen more than 50%.
The article links IPO interest to a possible Jio Platforms offering and the recent NSE listing, while citing pressure on the Nifty 50.
- Who
- Nithin Kamath and investors in Indian mainboard IPOs.
- What
- Recent IPOs have generally traded above their issue prices, even as the broader equity market has weakened.
- Where
- India.
- When
- Performance data is measured through the October 6, 2026 close; Kamath posted on October 7, 2026.
- Why
- The article describes a divergence between strong recent IPO performance and pressure on the wider market, which it attributes to elevated oil prices, geopolitical tensions, currency weakness and economic concerns.
IPO optimism
Broader-market caution
What recent IPO performance indicates
IPO optimism
The latest cohort had 67.2% of listings above issue price and a median return of 24.7%, suggesting strong performance among recent offerings.
Broader-market caution
The results are not universal: 32.8% of the latest cohort traded below issue price, and the article raises the question of whether IPO strength is durable or a concentrated pocket of optimism.
Primary market versus wider equities
IPO optimism
Recent listings, the NSE debut and the expected Jio Platforms offering are keeping investor attention on the primary market.
Broader-market caution
Kamath described the broader market as steadily falling; the Nifty 50 was 14.3% below its record high, with the article citing oil prices, geopolitical tensions, currency weakness and economic concerns.
Key facts
- Latest cohort
- 125 mainboard IPOs listed October 2025–September 2026
- Above issue price
- 67.2% as of October 6, 2026
- Latest cohort median return
- +24.7%
- Below issue price
- 32.8% of the latest cohort
- Data coverage
- 401 mainboard IPOs across five 12-month cohorts; excludes SME listings, REITs, InvITs and FPOs
- Return calculation
- Measured from issue price to the October 6, 2026 close; dividends excluded
- Nifty 50
- Closed at 22,603 on October 6, about 14.3% below its record high
- Jio Platforms valuation under consideration
- Around ₹11 lakh crore ($114 billion), according to a Bloomberg report cited in the article
Quotes
Nithin Kamath
Founder and CEO of Zerodha, commenting on market conditions.
“IPOs, on the other hand, are a full-on party. Most recent listings have done well, and you can see it in the rush of activity.”
businesstoday.in
“The broader market has been steadily falling. The numbers may not fully show it, but it certainly feels like a bear market.”
businesstoday.in
Sources
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