Whalesbook
India's IPO market is on track for record fundraising in 2025, with over ₹1.30 lakh crore raised by October. However, retail investor behavior has shifted significantly; they are now prioritizing fundamentals and pricing over hype. Average retail subscriptions have fallen, and smaller IPOs are outperforming large, highly anticipated ones. Listing gains have also sharply declined, indicating a more cautious and selective approach from investors.