The participation of retail investors in the initial public offerings (IPO) has moderated from last year, as average gains made at the time of listing have significantly fallen from the past two years.

According to data, the average subscription of retail investors quota of the 75 companies listed so far in the calendar year 2025 has fallen to 26.99 times from 33.71 times in 91 companies listed 2024, according to data from Prime Database.

The listing gains have also slipped significantly. The average listing gain in 2025 stands at a mere 8.41% compared to 29% last year and 27% in the year before.

Pranav Haldea, MD, Prime Database Group said the strategy of most retail investors is to capture the listing pop and they track the grey market to capture that. He said the broader secondary

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