Retail investors are now more discerning in the IPO market, which is a positive development. Nearly one-third of mainboard IPOs in 2026 saw undersubscribed retail portions. Foreign investors are avoiding issues with high valuations, while domestic institutions seek larger allotments. Companies are also pricing their offerings more realistically, indicating a maturing market. This shift reduces the risk of primary and secondary market valuations decoupling.

Retail bidders had fully subscribed to their allotted quota in all 50 IPOs of 2024 - and in 44 out of 49 issues (90%) last year. Even the median of retail bids on IPOs until…

Retail investors are now more discerning in the IPO market, which is a positive development. Nearly one-third of mainboard IPOs in 2026 saw undersubscribed retail portions. …