Whalesbook
Indian investors are increasingly delaying their IPO applications until the final day of the bidding window, with 65% to 80% of bids now placed on Day 3. This significant shift from pre-2020 patterns, observed across major IPOs, is driven by a wait-and-watch strategy influenced by subscription momentum and grey market premiums. While offering choice, this trend strains market infrastructure, distorts price discovery, and poses risks for long-term investors.