Several high-profile unlisted firms preparing for IPOs have seen sharp price corrections in the past fortnight. OYO, for instance, dropped nearly 48%, while firms like Groww, NSE, and HDFC Securities fell up to 7%, reflecting investor wariness about valuation stretch. Market participants cite tepid listing pipelines, weak secondary performance, and regulatory uncertainty as reasons. The pullback suggests caution is returning to the pre-IPO phase despite enthusiasm in primary markets.