The Indian IPO market has seen a rush of high-profile listings in the past three years. Many of these companies debuted with great hype, but their performance on the stock market tells a very different story. While a handful have rewarded investors with solid gains, several once “fancy” IPOs are trading well below their listing-day levels.
IPO Performance Snapshot
Here’s a look at how some of the biggest names have fared since listing:
| Company | Return Since Listing |
|---|---|
| Dreamfolks | -80% |
| Tata Technologies | -44% |
| Muthoot Microfin | -42% |
| TVS Supply Chain | -40% |
| Ola Electric | -29% |
| Bajaj Housing | -27% |
| Sula Vineyards | -26% |
| Campus Activewear | -26% |
| Vedant Fashions | -25% |
| NTPC Green Energy | -13% |
| Honasa (Mamaearth) | -12% |
| Delhivery | -10% |
| HDB Financial | -10% |
| Hexaware | -8% |
| Swiggy | 0% |
| LIC | +1% |
| Waaree Energies | +26% |
| Hyundai | +36% |
| NSDL | +36% |
| Mankind Pharma | +90% |
Key Takeaways
🔻 Wealth Destroyers
- Dreamfolks (-80%) tops the list of underperformers.
- Big names like Tata Technologies, TVS Supply Chain, Ola Electric, Campus Activewear, and Sula Vineyards have delivered steep double-digit losses.
🔸 Flat Performers
- Swiggy has stayed neutral at 0% returns.
- LIC has just managed to remain in the green with +1% gains.
🔺 Wealth Creators
- Mankind Pharma (+90%) has nearly doubled investor wealth since its listing.
- Hyundai and NSDL have given +36% returns each.
- Waaree Energies (+26%) has also emerged as a strong gainer.
Investor Lessons
- IPO Hype ≠ Guaranteed Gains – Popular names can still disappoint.
- Sector Advantage – Healthcare and renewable energy IPOs have outperformed.
- Fundamentals Matter – Chasing IPO buzz without deep analysis can lead to losses.
Outlook
With several more IPOs lined up in 2025, investors should remember that not all listings turn into wealth creators. A disciplined focus on valuation, fundamentals, and sector prospects is key before betting on the next big issue.
📌 IPO performance data source: @sumitresearch on X
