IPO Reality Check: Hype vs. Reality in 2025
Did HDB, Tata Tech & India’s 2025 Listings Really Deliver?
If you invested in India’s IPO wave this year, you probably felt two emotions: FOMO and hope.
It’s July 2025, and we just saw one of India’s biggest listings — HDB Financial Services finally hit the markets after years of waiting. It drew massive subscription numbers and strong grey market premiums. Then there was Tata Technologies, ideaForge, Mankind Pharma, and a flood of SME IPOs promising quick listing gains.
On paper, it all looked golden. But what happened once the confetti settled?
Some investors made money overnight. Some watched prices slip below issue levels within weeks. And many realised once again that an IPO is a business move for a company, not a guaranteed jackpot for retail investors.
Why we keep falling for IPO hype
IPO FOMO is real. The promise of ‘early access’ feels powerful like you’re getting a slice of the next big thing before everyone else. Companies spend big on marketing to fuel that urgency. WhatsApp groups light up with ‘Apply now!’ forwards, and the grey market premium talks make us believe profits are baked in.
But markets rarely work on gossip alone. And this year’s listings showed that again.
What really happened post-listing?
HDB Financial listed strong but settled fast, with profit booking pulling prices near the issue band. Tata Tech’s gains cooled off after the initial euphoria. ideaForge, an SME darling, spiked but SME listings remain volatile, with big intraday swings that leave many retail investors confused.
A few issues gave multi-bagger returns but they were the outliers. On average, the Nifty 50 and Nifty Midcap have given steadier returns YTD than many hype-driven listings.
So, are IPOs bad?
Not at all. But the truth is, an IPO is just another way for a company to raise capital or let early backers exit. It’s not an automatic wealth machine for you.
What smart investors did differently this year
1. Read the red herring prospectus : especially the risk factors and promoter exit parts.
2. Checked fundamentals : revenue consistency, profitability, realistic growth.
3. Sized their IPO bets smaller than core portfolio picks.
4. Didn’t expect Day 1 pops : but stayed ready to hold if the company was worth it.
The bottom line for the next IPO
India’s IPO pipeline is alive. More big names are lined up for FY25. But if you’re planning to jump in, remember: listing-day excitement fades fast. What stays is the business behind the stock.
Next time your friend forwards you a “100% sure-shot” IPO tip — pause, read the company story, run the numbers. If you wouldn’t hold the stock for 5 years, maybe don’t chase it for 5 minutes.
I’d love to know: did you apply for HDB or any big IPO this year? Did you profit — or are you holding at a loss? Hit reply, I read every story.
References:
Business Standard (HDB Financial Services IPO coverage)
Moneycontrol (Tata Tech & SME listings analysis)
LiveMint (IPO oversubscription data, grey market premium updates)
NSE India (performance of Nifty indices vs IPOs)