Whalesbook
Record IPO Fundraising, Par Investors Ka Kya Hua?
FY26 mein India ka IPO market ekdum zabardast raha, companies ne paisa toh record tod kar kamaya. Lekin woh paisa investors ki jeb mein wapas aaya ya nahi, yeh ek bada sawaal hai. Sad part yeh hai ki listing gains bohot kam hain, aur kai naye listings toh loss mein chal rahe hain.
Sabse Bade IPOs Ne Saal Ko Record Tak Pahunchaya
Is saal Tata Capital ne ₹15,512 crore, HDB Financial Services ne ₹12,500 crore, aur LG Electronics India ne ₹11,605 crore ke IPOs laaye. Poore saal mein 112 mainboard IPOs se total ₹1.79 lakh crore raise hue, jo pichhle saal se 10% zyada hai. Matlab, lagatar do saal se record fundraising ho rahi hai! Par haan, ek IPO ka average size 23% kam ho gaya hai, matlab chote ya medium size ke IPOs zyada aaye.
Global Market Mein Top, Par Returns Mein Pichhe
Deal volumes aur value ke hisaab se India ka IPO market FY26 mein US aur Europe ko bhi peeche chhod gaya. Lekin, primary market ki yeh achhi performance listing ke baad investors ko dikh nahi rahi. History mein dekha gaya hai ki jab IPOs bohot zyada aate hain, toh market 2-3 saal tak slow ho sakta hai. Abhi jo listing gains kam ho rahe hain, woh FY18-19 jaisa lag raha hai.
Global Tensions Ne Kiya Investors Ko Cautious
Duniya mein jo tensions chal rahi hain, jaise West Asia ka conflict aur US ke tariff waale issues, usne investors ko thoda daraya hua hai. Market mein bohot utaar-chadhav dekha ja raha hai, Nifty jaise indices bhi gire hain, aur mid/small caps toh aur zyada gire hain. Is wajah se foreign institutional investors (FIIs) ne bhi paisa withdrawal kiya hai, jis se market mein liquidity kam hui hai.
Investor Returns Gire, Kai IPOs Issue Price Se Neeche
Record fundraising ke bawajood, investor returns bohot kam ho gaye hain. March 2026 tak, 108 mein se lagbhag 71 mainboard IPOs apne original issue price se neeche trade kar rahe the. FY26 mein average IPO return March tak negative tha, estimated -7%. Mid-February tak average listing gains sirf 8.88% the, jo 7 saal mein sabse kam hai. Pichhle saalon mein yeh gain 20-30% tak hota tha.
Retail Investors Ka Interest Bhi Kam Hua
Listing performance girne ka asar retail investors par bhi dikh raha hai. Average retail applications kam hokar 12.87 lakh reh gaye hain FY26 mein, jo pichhle saal 21.31 lakh the. Bidding bhi kam aggressive ho gayi hai. Overall subscription levels kam hue hain, retail oversubscription 18 times se gir kar 35 times (FY25) se 18 times ho gaya hai.
High Valuations Aur Zyada IPOs Ne Kiye Returns Par Attack
Ek bada reason hai valuations ka bahut zyada hona. Pichhle kuch saalon mein itne zyada IPOs aane, aur unki pricing aggressive hone ki wajah se market mein ek tarah se oversupply ho gayi thi, jisse capital par pressure pada. SEBI ke bhi rules thode strict hue hain IPO pricing aur disclosures ko lekar, jis se shayad kuch companies ne apne IPOs postpone kiye hain.
Aage Kya? Quality Par Focus Hoga
Agale saal FY27 ke liye bhi IPO pipeline mazboot hai. SEBI ne 144 companies ko approve kiya hai jo lagbhag ₹1.75 lakh crore raise karna chahti hain. Experts ko lagta hai ki agale saal bhi $20 billion tak ka fundraising ho sakta hai. Lekin ab focus sirf IPOs ki संख्या par nahi, balki unki 'quality, scale, aur pricing discipline' par rahega. Achhi quality wali companies hi investors ka dhyan kheench payengi.