Ola Electric to Swiggy: Seven IPOs that created social media hype but failed to deliver after listing

The IPO market has been experiencing a rollercoaster ride in the past several months, from the upbeat listing of LG Electronics and Groww to the social media buzz around Lenskart Solutions' and PhysicsWallah's IPOs and their high valuations.

The last couple of years have seen several high-profile IPOs, which create immense excitement among investors and social media hype. However, once the hype faded, the post-listing performance of these IPOs fell short of investors' expectations.

For example, the IPO Ola Electric Mobility was oversubscribed 4.45 times and raised ₹6,145.56 crore in August 2024. It was touted as the most dominant 2-wheeler EV brand with a high market share. However, in little over one year after listing, the stock has fallen over 40% from its issue price.

*Percentage calculation done using lifetime low and issue price

**Current price as of November 14, 2025

As seen in the above table, most of the IPOs generated minimal to negative listing returns and fell significantly below their issue price after listing. Some are yet to recover from the post-listing slump and are trading below their issue price.

Ola Electric Mobility

Ola Electric Mobility, one of the prominent players in the electric two-wheeler market, has declined the lowest by 47.89% since listing. This decline stems largely from rising competition, with Bajaj Auto and TVS Motor overtaking Ola Electric as top-selling electric two-wheeler makers.

While another listed peer, Ather Energy, has also been swiftly gaining ground, further putting Ola’s foothold in the segment. Revenue for Q2FY26 was ₹690 crore, down 16.6% QoQ and 43.1% YoY, while losses continues to widen at ₹418 crore. This led the management to drop full-year revenue guidance to ₹3,000–₹3,200 crore from ₹4,200–₹4,700 crore.

Swiggy

Swiggy's created a lot of buzz ahead of its IPO as a leading food delivery player and strong competitor to Eternal, while its quick commerce is expected to have huge potential. However, post-listing, the stock has declined as much as 23.8% compared to its issue price.

The company continued to face profitability issues despite its scale. In Q2FY26, revenue increased from ₹3,601 crore to ₹5,561 crore YoY; however, profitability was still an issue, with net losses widening to ₹1,092 crore in Q2FY26.

Swiggy is adding around 40-50 dark stores per quarter, significantly behind Blinkit, which is adding 200-250 stores per quarter, resulting in quick commerce market share losses and high competition from other competitors like Zepto. The continuation of heavy losses in both food delivery and Instamart led to the second ₹10,000 crore fundraise in less than a year.

NTPC Green Energy

NTPC Green Energy IPO attracted investors with its clean energy pitch and future growth prospects in the renewable energy sector. The company raised ₹10,000 crore via its public issue in November 2024. However, post-listing, the stock declined 21.71% from its IPO issue price. This fall was after the expiration of a 3-month lock-in period that accounted for the release of 183 million shares. This large supply was unlocked into the market, triggering selling pressure, marking a new low for the stock.

Another key factor is Foreign Institutional Investors (FIIs) selling in NTPC Green Energy stock. In the last three quarters, FIIs have been reducing their stake in the company, from 2.18% in December 2024 to 1.85% in June 2025.

Honasa Consumer (Mamaearth)

Honasa Consumer IPO came as one of the largest digital-first beauty brands, which was benefiting from India’s D2C trend.

Post-listing, Honasa Consumer shares dropped below the IPO price of ₹324 and hit an all-time low of ₹197.5 (over 39.04% below the listing price). The stock's poor performance was a consequence of inconsistent profitability and a decline in sales. High competition and inventory write-downs were other reasons that impacted the company’s stock price. Currently, the shares have recovered some ground and trade around ₹290.8 apiece, but are still below their IPO issue price of ₹324. In Q2FY26, Honasa Consumer posted a net profit of ₹38 crore compared to a loss of ₹15 crore in the same quarter last year.

Overall, some of the recently listed IPOs are showing a clear pattern of post-IPO underperformance driven by challenges like reduced guidance, widening losses, valuation concerns and operational challenges. Despite strong pre-listing buzz on social media, most of these companies failed to meet the expectations built around their IPOs, resulting in a softer market response.