Star performers to underperformers: Top IPOs five of 2025 that trade below their issue price

The IPO market is not so buzzing these days. The first half of 2026 has seen nearly 28% YoY decrease in the fundraising activity through IPO. The first half of 2025 witnessed strong listings and major issues crossing over ₹27,686 crore. Meanwhile, in 2026, ~₹20,000 crore has been raised through the mainboard IPOs to date. The sluggishness in the IPO activity compared to the euphoria seen in the previous two years indicates the weakening of sentiments for IPOs. Indian benchmark and broader markets have delivered a subdued performance in the past year and the first six months of 2026. Similarly, the recently listed IPOs of 2025 also witnessed sharp price corrections, erasing their listing gains. Here are the top five stocks that witnessed bumper listing gains but currently trade below their issue price.

Highway Infrastructure Ltd

The infrastructure player was the top-performing IPO with 72% gains on the listing day itself. The company issued the shares at a price of ₹70 apiece and closed at ₹120 apiece on the listing day. However, the shares since then have witnessed immense profit booking and selling pressure as they currently trade 31.4% below their issue price at ₹70 per share. In the latest quarter, the company’s net profit plunged 22% YoY to ₹9.2 crore as compared to ₹11.8 crore, primarily due to weak operating performance.

PhysicsWallah

One of India’s largest ed-tech platforms, PhysicsWallah, raised ₹3,100 crore through its IPO in November 2025. The shares got listed with 42.5% premium at ₹155 apiece against the issue price of ₹109 apiece. However, the shares currently trade at ₹106 apiece, almost near to its issue price. The sharp rally of 15% in Thursday’s session bridged the gap between the current price and the issue price. During FY26, the company’s revenue jumped 35% YoY to ₹3,900 crore, and EBITDA jumped nearly 2x to ₹549 crore with a margin of 14.1%. The total number of paid users jumped 20% YoY.

Ellenbarrie Industrial Gases

The Industrial gas maker's shares are currently trading 28% below their issue price. The IPO was a major success with over 16x oversubscription. The shares got listed at 33.6% premium at ₹534 apiece against the issue price of ₹400 apiece. The share is currently traded at ₹275 apiece on the NSE, nearly 28% below its issue price. During Q4FY26, the company’s revenue jumped 6% YoY to ₹874 crore, EBITDA improved 5% YoY, and net profit jumped 25.6% YoY to ₹229 crore.

Globe Civil Projects

Shares of another infrastructure plate that got listed in June 2025 are now trading below their issue price. Globe Civil Projects shares got listed with 33% premium on the bourses at ₹94.4 apiece against the issue price of ₹71 apiece. The shares are now trading 43% below their issue price at ₹40 per share on the NSE. The company reported 31% YoY jump in the Q4FY26 revenue, while the net profit for the quarter dropped 8%.

Shri Lotus Developers

The real estate player, which got listed in August 2025, received a bumper response for its IPO with 55x oversubscription. The shares also got listed with 30% premium at ₹195 apiece against the issue price of ₹150 apiece on the NSE. However, shares currently trade nearly 9% lower at ₹137 apiece. The company’s Q4FY26 revenue more than doubled at ₹769 crore as compared to ₹308 crore in the same period last year. Similarly, the net profit for the quarter also more than doubled to ₹243 crore as compared to ₹101 crore.