India IPOs Surge: Investors Watch Valuations

India's startup IPO market is experiencing a resurgence, with companies like Groww, Lenskart, and Pine Labs making their public debuts. However, this "IPO Mania 2.0" differs from previous cycles, showcasing improved market depth and more cautious investor sentiment. Pine Labs listed on November 14, 2025, at a premium, but its stock has since seen a slight decline. Groww, conversely, has demonstrated robust post-listing performance, with its shares trading significantly higher than the IPO price. This success was fueled by strong investor appetite, with the IPO being subscribed over 17 times. The company, operating as Billionbrains Garage Ventures, saw its shares surge shortly after listing. The article is dated December 18, 2025, and provides these details based on market performance up to that date. Lenskart Solutions experienced a more subdued debut on November 10, 2025, with its stock trading slightly below its IPO price. Despite substantial investor demand for its Rs 6,800-crore offering, the market showed caution regarding consumer retail and profitability. This mixed performance indicates a maturing startup ecosystem, with investors seeking sustainable growth alongside market opportunities. The overall trend suggests a more discerning approach from public market investors compared to the exuberance of past listing periods. The market is closely watching how these tech companies navigate the public landscape.