Indian IPOs crater
A batch of recent Indian IPO listings plunged in secondary trading — Stanley fell about 78%, Bajaj Housing around 54%, Ola Electric roughly 75%, Firstcry near 67%, Swiggy about 55%, and Meesho about 36%. ( ) At the same time U.S. IPO hopefuls like Yesway and Alamar Biosciences continued roadshows despite Middle East conflict concerns, with tickers to watch including YSS, CRVW, FLY and NAVN. ( )
India’s post-listing honeymoon has ended fast: several high-profile Indian initial public offerings from 2024 and 2025 are now trading far below their offer prices. On April 10, 2026, Bajaj Housing Finance closed at ₹85.94, while Ola Electric Mobility closed at ₹36.34. (bseindia.com 1) (bseindia.com 2) Those closing prices imply steep drawdowns from issue prices that had been set during a hotter market. Bajaj Housing Finance came public at ₹70 and later touched a 52-week high of ₹137 before slipping back, while Ola Electric’s April 9 close sat roughly half its 52-week high of ₹71.24. (bseindia.com 1) (bseindia.com 2) (bseindia.com 3) The same pattern has shown up across consumer and startup listings. Brainbees Solutions, the company behind FirstCry, and Swiggy are both listed on the Bombay Stock Exchange, and Stanley Lifestyles is still filing investor updates as its shares trade well below the levels investors saw during last year’s new-issue boom. (bseindia.com 1) (bseindia.com 2) (bseindia.com 3) India’s primary market had been running at record speed. Business Standard reported that 373 initial public offerings raised about ₹1.95 trillion in 2025, including 103 mainboard deals and 270 small and medium enterprise issues. (business-standard.com) That pace slowed sharply in early 2026. Business Standard said only five mainboard issues had opened by February 18, 2026, and Fortune India reported that average returns from 108 listed mainboard initial public offerings in fiscal 2026 had fallen to negative 7%, with only 37 trading above issue price. (business-standard.com) (fortuneindia.com) Foreign money has also turned less supportive. Reuters reported on April 7 that record foreign outflows from Indian financial stocks in March deepened a retreat in equities and the rupee as investors weighed the economic fallout from the Iran war. (msn.com) While India’s recent listings were sliding in secondary trading, some United States issuers were still pushing ahead. Yesway filed a public registration statement with the Securities and Exchange Commission on March 27, 2026, saying it planned to begin selling shares “as soon as practicable” after effectiveness. (sec.gov) Alamar Biosciences also filed its Securities and Exchange Commission registration on March 27, 2026. The filing index shows a Form S-1 accepted that day for the Fremont, California-based company. (sec.gov) Reuters said the Middle East conflict was threatening to delay the long-awaited rebound in United States initial public offerings, but some companies were still making their prospectuses public to preserve the option of launching roadshows when conditions improved. In that report, Yesway was identified as planning to list on Nasdaq under the symbol YSWY. (marketscreener.com) The contrast is not that one market is open and the other is shut. It is that India is now dealing with the aftereffects of a record issuance cycle, while the United States is still testing whether new deals can get out at all. (business-standard.com) (marketscreener.com)
