In October 2025, eight out of the twelve main-board IPOs that listed in India are currently trading below their issue price. The trend reflects mounting investor caution, subdued retail participation and aggressive pricing in a year that saw elevated launch activity. Analysts say that while marquee issues such as LG Electronics India Ltd. and Tata Capital Ltd. stood out, many smaller listings such as Shlokka Dyes Ltd. (which listed at a 1% discount) failed to attract sustained interest. The broad under-performance could lead issuers to rethink timing and valuation for future deals.