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2025 IPOs: Success a Rare Gem Amidst Stagnation
20 Nov, 2025
Summary
- Investor interest remains high in the mainboard and SME segments.
- Many 2025 IPOs have failed to create lasting value.
- One-third of new issuers in 2025 listed below issue price.
Investor enthusiasm for Initial Public Offerings (IPOs) has sustained, driven by the post-pandemic fundraising surge. Both mainboard and SME segments continue to attract considerable investor attention, maintaining a vibrant market atmosphere.
However, this surface-level excitement masks a more concerning reality. A critical analysis of 2025 IPOs reveals that only a select few have managed to generate lasting value. The majority of new listings have either seen stagnant performance or debuted below their expected issue prices, raising questions about long-term viability.
Specifically, out of the 92 mainboard listings observed so far in 2025, a stark one-third have closed below their respective offering prices on their debut. This trend underscores a significant disconnect between initial subscription success and sustained market performance for new issuers.
