Mega IPOs Turn Into Mega Disasters: Can HDB Financial Break the ₹10,000 Crore Curse?

Mumbai: India’s IPO market has witnessed a troubling trend: mega public offerings are increasingly turning into wealth destroyers rather than wealth creators. Data from SAMCO Securities and ACE Equities reveals that out of the last eight IPOs exceeding ₹10,000 crore, six have inflicted significant losses on investors within just six months of listing.

On average, these large IPOs have delivered negative returns of around 20% in the first six months, with the pain deepening over a year as average losses widen to nearly 25%. The only major exception so far has been SBI Cards, which managed to stay in positive territory post-listing.

This pattern has cast a long shadow over upcoming large listings — especially HDB Financial Services, which is widely expected to launch its IPO valued well above the ₹10,000 crore mark. Investors and market analysts are watching closely to see whether HDB Financial can buck the trend and restore faith in large-cap IPOs.

Market experts cite various reasons for the poor performance of mega IPOs, including inflated valuations, macroeconomic uncertainties, and volatile investor sentiment. Many of these high-profile companies entered the market with lofty pricing, leaving little upside for retail and institutional investors post-listing.

With HDB Financial gearing up for its market debut, all eyes are on whether it will finally break the ₹10,000 crore curse, or simply join the growing list of mega IPOs that became mega disappointments.