The primary market buzz has cooled down significantly, but how are the recently listed companies faring At the very first glance, India’s primary market projects strength, with the majority of its initial public offerings (IPOs) delivering positive listing-day returns. Alas, a closer look at post-listing performance reveals a different picture altogether. Early gains dry out quickly, and long-term investors are left with major losses. From green to red: Decoding return slump among new listings Recent data from the PRIME Database showed that almost 60% of companies listed at a premium to their issue price since January 2025, supporting the idea that IPOs are still profitable, at least in the short-term. These listing-day spikes have been caused by a multitude of factors, including high subscription numbers, strong grey market premiums, and liquidity-driven participation. But if you dig deeper, the story is a little different.