FY26 IPOs Struggle as Only One-Third Deliver Positive Returns

The primary equity market in FY26 proved difficult for new issuers, with a majority of initial public offerings failing to generate positive returns after listing. This underperformance was driven by sustained market volatility and a withdrawal of foreign investment. Out of 109 mainboard IPOs launched during the fiscal year, only about one-third managed to secure positive returns post-listing. Despite the challenging environment, certain offerings stood out, with companies like Ather Energy and Belridge Industries delivering significant listing gains to investors.