The broader IPO landscape has also seen standout performers in recent years. In 2025, the top four listings, Highway Infrastructure, Urban Company, Aditya Infotech and Meesho, closed their debut sessions with gains of 72%, 62%, 60% and 53%, respectively, according to Chittorgarh data. Meanwhile, 2024 proved to be a banner year for IPO investors, with five mainboard issues turning multibaggers on the first day itself. Vibhor Steel Tubes led the pack, surging 195% during the year, followed by BLS E-Services (179%), Mamata Machinery (159%), Bajaj Housing Finance (136%) and KNR Heat Exchanger (118%). Unicommerce eSolutions could have been the sixth, but fell prey to profit booking and ended 95% higher over the issue price.
BCCL’s stellar debut was backed by one of the strongest subscription responses seen in India’s primary market in recent years. The Rs 1,071 crore IPO drew bids worth over Rs 1.1 lakh crore, reflecting overwhelming investor appetite. Exchange data showed demand for 50.93 billion shares at the upper end of the price band of Rs 23, translating into a total bid value of approximately Rs 1.17 lakh crore, highlighting the depth of conviction behind the stock’s blockbuster listing.
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What should investors do?
Prashanth Tapse of Mehta Equities suggests IPO-allotted investors partially monetise gains by booking profits on 50% of their holdings, while retaining the balance for long-term value creation. For the retained portion, a target price of around Rs 50 to 52 is maintained, with a disciplined stop-loss below Rs 35 to manage downside risk, based on a current market price of Rs 42. Non-allotted investors are advised against chasing the stock on listing day and instead wait for a phase of post-listing consolidation, as near-term volatility is likely in a cautious and volatile broader market environment.
Shivani Nyati, Head of Wealth at Swastika Investmart, recommends traders and short-term investors consider booking profit. Long-term investors may continue to hold the stock with a stop-loss of Rs 35, keeping a medium-to-long-term perspective. “The stellar listing was driven by strong fundamentals, BCCL’s strategic importance in India’s steel and metallurgical coal supply chain, and a positive outlook for the coal and core infrastructure sector. Strong IPO oversubscription across categories clearly translated into aggressive buying interest on debut,” she added.
IPOs in 2026
More than 190 companies are expected to tap India’s primary market in 2026, collectively aiming to raise over Rs 2.5 lakh crore. The sheer scale of this issuance raises a fundamental question: could the IPO boom end up killing the goose that laid the golden eggs? HDFC Securities has flagged the risk of a potential “liquidity drain” in the secondary market, as investor capital is increasingly channelled towards new listings. With funds being absorbed by fresh paper, trading activity and price discovery in already listed stocks could come under pressure.
As a result, the Indian equity market enters 2026 with a striking paradox. While optimism around economic growth, earnings recovery and policy support continues to build, an unprecedented wave of IPOs threatens to strain liquidity and test investor appetite, setting the stage for a delicate balancing act.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)