The equity market is scaling new highs, with the benchmark Nifty50 now about 200 points shy of its previous record. The primary market, too, remains robust — nearly 90 companies have already raised ₹1.53 lakh crore this year, compared with last year’s record mobilisation of ₹1.60 lakh crore.

However, what stands out is that about 43% of the companies that debuted in 2025 are currently trading below their issue price. A similar proportion of constituents in the BSE IPO Index are also in the red for the year, with a dozen stocks falling more than 25%.

Despite the broader weakness, some recent debutants have continued their upward rally, shrugging off rich valuations. Shares of Billionbrains Garage Ventures, the parent of discount broker Groww , have jumped 75% since their stellar debut,

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