India's Initial Public Offering (IPO) market is exhibiting remarkable resilience, with a significant majority of recent listings trading above their issue prices, even as the broader equity market faces a slump. As of October 6, 2026, a striking 67.2% of mainboard IPOs listed in the past year have delivered positive returns to investors.
Divergence in Market Performance
Nithin Kamath, founder and CEO of Zerodha, highlighted this unusual divergence, describing the IPO market as the "only bullish corner of the market right now." Kamath noted the stark contrast between the primary market's exuberance and the secondary market's struggles, stating, "The broader market has been steadily falling. The numbers may not fully show it, but it certainly feels like a bear market."
He added that IPOs, on the other hand, are a "full-on party," evidenced by the strong performance of most recent listings and the accompanying rush of activity.
Recent IPOs Outperform
Data shared by Kamath reveals that among the 125 mainboard IPOs listed between October 2025 and September 2026, 67.2% were trading above their issue prices, yielding a median return of 24.7%.
- 13.6% of these IPOs more than doubled from their issue prices.
- 17.6% gained between 50-100%.
- 18.4% were up between 25-50%.
- 17.6% saw gains of 0-25%.
This performance marks a significant improvement compared to earlier cohorts. For instance, only 47.4% of IPOs listed between October 2024 and September 2025 traded above their issue prices, with a median return of -9.4%. The October 2023-September 2024 cohort saw 54.5% of listings above issue price, with a median return of 8.6%.
High-Profile Listings Fuel Excitement
The robust performance of recent listings is further bolstered by a strong pipeline of anticipated offerings. Reliance Industries-led Jio Platforms is expected to launch its much-awaited IPO soon, potentially becoming India's largest-ever public offering. Recent listings like the National Stock Exchange (NSE) have also contributed to the primary market's optimism, with NSE shares debuting at a premium and rising further post-listing.
Broader Market Under Pressure
In contrast to the buoyant IPO sector, the broader Indian equity market remains under pressure. The Nifty 50, for example, closed around 14.3% below its record high, declining by 13.55% year-to-date. This downturn is attributed to factors such as elevated oil prices, geopolitical tensions, currency weakness, and broader economic concerns.
The stark divergence raises questions about whether the primary market's strength represents a durable demand for new businesses or a concentrated pocket of optimism within an otherwise cautious equity landscape. For now, however, the combination of strong recent returns and marquee offerings keeps the Indian IPO market firmly in the spotlight.