Nithin Kamath: ‘IPOs are a full-on party’ as 67% of recent listings trade above issue price despite market slump

India’s IPO market is bucking the broader equity slump, with 67.2% of mainboard listings from the past year trading above their issue prices as of October 6. The latest IPO cohort has delivered a median return of 24.7%, highlighting a sharp divergence between the primary market and weakening secondary-market conditions.

Zerodha founder and CEO Nithin Kamath has flagged the unusual divergence between the primary and secondary markets, describing IPOs as the “only bullish corner of the market right now”.

“The broader market has been steadily falling. The numbers may not fully show it, but it certainly feels like a bear market,” Kamath said in a post on X.

“IPOs, on the other hand, are a full-on party. Most recent listings have done well, and you can see it in the rush of activity,” he added.

Recent IPOs outperform older cohorts

Data shared by Kamath shows that 67.2% of the 125 mainboard IPOs listed between October 2025 and September 2026 were trading above their issue prices as of October 6. The cohort recorded a median return of 24.7%.

Among these IPOs, 17.6% were trading 0-25% above their issue price, 18.4% were up 25-50%, 17.6% had gained 50-100%, while 13.6% had more than doubled from their issue prices.

The performance marks a sharp improvement over the immediately preceding cohort. Of the 95 IPOs listed between October 2024 and September 2025, only 47.4% were trading above their issue prices, while the median return was -9.4%.

The October 2023-September 2024 cohort, comprising 88 IPOs, saw 54.5% of listings above their issue prices, with a median return of 8.6%.

Among the 49 IPOs listed between October 2022 and September 2023, 61.2% were above issue price, while the median return stood at 16.6%.

The earliest cohort covered in the data, comprising 44 IPOs listed between October 2021 and September 2022, had 59.1% of listings above issue price and a median return of 41.3%.

Mainboard IPO performance across five cohorts

The latest cohort has not been uniformly positive. 32.8% of the 125 IPOs were trading below their issue prices. Of these, 20.8% were down 0-25%, 6.4% were down 25-50% and 5.6% had fallen more than 50%.

The data covers 401 mainboard IPOs across five 12-month listing cohorts. SME listings, REITs, InvITs and FPOs are excluded. Returns are measured from issue price to the October 6, 2026 close and exclude dividends.

Jio IPO adds to primary-market excitement

The strong performance of recent listings comes as a fresh pipeline of marquee offerings promises to keep investor attention focused on the primary market.

Reliance Industries-led Jio Platforms is expected to launch its much-awaited IPO later this month, potentially adding further momentum to an already active market. According to a Bloomberg report, the telecom and digital-services arm of Mukesh

Ambani is considering a valuation of around ₹11 lakh crore ($114 billion).

Jio Platforms is reportedly looking to reduce the size of the offering from earlier expectations but could still deliver India’s largest-ever IPO.

At the reported valuation, Jio Platforms would become India’s third-most valuable company, behind Reliance Industries and Bharti Airtel. It would also rank ahead of HDFC Bank and ICICI Bank by market capitalisation.

The recent listing of the National Stock Exchange (NSE) has also added to the primary-market optimism.
NSE shares debuted on the BSE at ₹1,800 apiece on September 24, representing a premium of less than 1% over the IPO price of ₹1,785. Within an hour of listing, the shares rose more than 5% from the issue price to touch ₹1,878, taking the exchange’s market capitalisation to as much as ₹4.64 lakh crore.

The performance illustrates the kind of post-listing interest that has helped drive Kamath’s observation about the divergence between new listings and the broader market.

Primary market defies broader equity weakness

Kamath said the gap between the primary and secondary markets is unusually wide. “I don't remember the last time we saw such a stark divergence between the primary and secondary markets,” he said. “Strange are the times we live in,” he added.
The contrast comes as Indian equities remain under pressure from elevated oil prices, geopolitical tensions, currency weakness and concerns over economic conditions.

The Nifty 50 closed at 22,603 on October 6, around 14.3% below its record high of 26,373.20. On a year-to-date basis, the index has declined 13.55%, based on the figures provided.

Latest cohort: where IPOs are trading

The contrasting performance of IPOs and listed stocks raises a key question over whether the primary-market strength represents durable investor demand for new businesses and attractive valuations, or a concentrated pocket of optimism within an otherwise cautious equity market. For now, however, the combination of strong recent listing returns, marquee offerings such as Jio Platforms and high-profile listings such as NSE is keeping the IPO market firmly in the spotlight.