The Economic Times News

HNI demand didnt save them: 12 heavily subscribed IPOs of 2025 are still underwater

India's IPO market is facing a harsh reality check as nearly half of the 102 listings in 2025 are trading below their issue price. Even strong demand from High Net Worth Individuals (HNIs) failed to protect 12 heavily subscribed IPOs, which are now underwater, highlighting issues beyond subscription frenzy.