Nearly half of the 370 IPOs listed over the last six years are trading below their issue price, data in a report by Axis Capital showed. Out of these 370 companies, 180 are currently trading below their issue price. Moreover, nearly 19% or 70 firms are at a loss of 25-50% from their IPO price, the data showed.
Steeper declines have been noted in 34 companies, or 9% are trading more than 50% lower than their issue price. The report further highlighted that 50 companies, or 13%, are currently trading at losses ranging between 10 and 25%, while 26 companies, or 7%, are trading up to 10% below their issue price. This indicates that a sizable portion of IPOs listed in the last six years continue to face pressure well after listing.
On the other hand, the data also revealed that around 194 out of 374 of companies listed in the past six years, are trading above their issue price. Of these 57 companies, or 15% of the total companies, are trading more than 100% higher than their issue price.
Another 44 companies, or 12%, have gained between 50 and 100%. About 35 companies, or 9%, are up between 25 and 50%, while 25 companies, or 7%, are trading 10 to 25% higher. In addition, 33 companies, or 9%, are trading up to 10% above their issue price.
The report, which reviews the performance of mainboard IPOs and FPOs listed between July 2020 and January 2026, covers 374 companies across different market cycles. Overall, the findings of the report suggest that long term performance of IPOs have been a mixed bag, even as headline listing gains often draw investor attention.
The data showed that investing in IPOs over the last six years has delivered strong gains for some companies, but a large number continue to remain under pressure, even several years after listing. An Initial Public Offering (IPO) is the process through which a private company raises capital by selling shares to the general public for the first time. It transforms a private firm into a publicly traded one, allowing it to list on stock exchanges.
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