Investors in new-age tech IPOs in India saw an average 36% return, but only 32% of post-listing investors gained, a Client Associates report shows.

The report reviewed 25 tech IPOs launched between May 2020 and June 2025 across fintech, logistics, consumer internet, and software as a service (SaaS) sectors, benchmarking against the BSE 500.

Ixigo and Zaggle delivered strong pre-IPO returns of 89.2% and 62.5%, while Ola Electric posted a 60.1% pre-IPO loss.

On average, pre-IPO investments yielded 43% returns, higher than IPO and post-IPO stages.

Notable firms such as Zomato and PolicyBazaar performed well post-listing, but others including Paytm, Ola Electric, and Mobikwik underperformed.

In 2024, 13 tech companies raised nearly 29,070 crore rupee (US$3.3 billion) through IPOs, supported by digital adoption, favourable demographics, and capital inflows.

The report warned that chasing hype without assessing business fundamentals exposes investors to significant downside risk.

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🔗 Source: The Economic Times

🧠 Food for thought

After carefully reviewing the research findings against the original news story, I find that the available sources don’t provide sufficient credible, specific insights that directly address the core issues raised about Indian new-age tech IPO performance.

The research primarily covers general IPO market trends, global markets (particularly US data), or broad retail investor behavior studies that don’t specifically examine the Indian tech sector performance patterns described in the original article.

While there are some relevant data points, such as India experiencing a 30% drop in IPO volume year-over-year according to EY 1, the research doesn’t provide enough substantive, directly relevant insights to meet the high-quality standards required for this analysis.

Rather than attempt to establish connections that aren’t clearly present in the research or risk providing insights that lack proper grounding, I believe it’s more appropriate to acknowledge that the current research doesn’t support meaningful insights for this particular story about Indian tech IPO underperformance.

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