There were difficulties in the 2024 IPO market, as many businesses were trading below their issue pricing. There has been little activity in 2025, even though 331 offerings have raised ₹1.68 trillion. Here are a few 2024 initial public offerings (IPOs) that have experienced severe drops and are currently trading more than 40% below their issue pricing.
Due to secondary market volatility, the IPO industry is seeing challenges, as about 50% of 2024's newly listed businesses are currently trading below their issue prices.In 2024, 331 new offerings raised a total of ₹1.68 trillion on Indian primary markets. But in 2025, market activity has been rather muted. Due to secondary market volatility, just nine mainboard initial public offerings (IPOs) have raised roughly ₹15,108 crore to date, with subscription levels primarily in the single digits. Despite this, the Securities and Exchange Board of India (SEBI) has approved 44 businesses to make initial public offerings (IPOs) in 2025, which is projected to garner approximately ₹66,095 crore.
In the upcoming months, primary market fundraising may face additional difficulties due to the continuous market volatility. The demand for new listings frequently declines when the secondary market performs poorly.
Beaten-Down IPOs: Take a look at a few 2024 IPOs that have experienced severe drops and are currently trading more than 40% below their issue pricing.
1. Well-liked Automobiles and Services
As of February 20, Popular Vehicles and Services is selling at ₹123.90, a 58% decrease from its IPO price of ₹295. The initial public offering (IPO) of the corporation began on March 12, 2024, and ended on March 14, 2024. It had a poor launch, listed on the NSE for ₹289.20, a 2% markdown. The IPO was 1.25 times subscribed for, and shares were offered between ₹280 and ₹295. An offer-for-sale (OFS) of 1.19 crore equity shares and a new share issuance valued at ₹250 crore included the deal.
2. The Baazar Style
At ₹225.05, Baazar Style shares are 42% lower than their IPO price of ₹389. August 30, 2024, marked the start of the IPO, which ended on September 3, 2024. At ₹389 a share, Baazar Style shares made a flat debut despite a robust 40.63-time subscription. The entire issue size of the IPO was ₹834.68 crore, which included a fresh issue of ₹148 crore and an OFS of 17.65 million shares by current shareholders, totaling ₹687 crore at the top end of the price range.
3. India Carraro
The stock of Carraro India is currently trading at ₹355.10, a steep 49.5 percent drop from its IPO price of ₹704. On December 20, 2024, the initial public offering (IPO) began, and it ended on December 24, 2024. On December 30, 2024, Carraro India, a producer of construction and agricultural equipment, floated at ₹660, representing a 6.25 percent discount. The promoter, Carraro International S.E., sold 1,77,55,680 equity shares worth ₹1,250 crore in the IPO, which was fully OFS-based and received a 1.12-time subscription.
4. Biorefineries in Godavari
Shares of Godavari Biorefineries are currently trading at ₹173.45, down around 51% from the ₹352 IPO price. On October 23, 2024, the initial public offering (IPO) began, and it ended on October 25, 2024. The stock had a discount of almost 12.5% when it was listed at ₹308 on the NSE and ₹310.5 on the BSE. An OFS of 6.53 million shares and a new equity sale of ₹325 crore were part of the IPO. Investors subscribed to the offering twice. Promoters and investors at the top end of the pricing range offloaded the OFS component, which was worth ₹230 crore.
5. India's Western Carriers Ltd.
From its IPO price of ₹172, Western Carriers is now trading at ₹94.50, a 45 percent decrease. On September 13, 2024, the initial public offering (IPO) began, and it ended on September 19, 2024. The stock was listed for ₹170 on the BSE, down 1.16 percent from the issue price, and at ₹171 on the NSE, representing a little 0.58 percent discount. Through its IPO, which included an OFS of 54 lakh equity shares valued at 92.88 crore and a fresh issue of 400 crore, the logistics firm based in Kolkata raised ₹493 crore. Over the course of three days of bidding, the IPO was subscribed 31.69 times.
6. Tyres by Tolins
The current price of Tolins Tyres shares is ₹131.45, which is 42% lower than the IPO price of ₹226. On September 9, 2024, the initial public offering (IPO) began, and it ended on September 11, 2024. The stock showed little change from its issue price on September 16 when it floated at ₹227 on the BSE and ₹228 on the NSE. An OFS of 1,327,434 shares and a new issue of 8,849,558 shares were part of the ₹230 crore book-built IPO. It received 25.03 subscriptions, indicating high demand throughout the bidding process.
At ₹225.05, Baazar Style shares are 42% lower than their IPO price of ₹389. August 30, 2024, marked the start of the IPO, which ended on September 3, 2024. At ₹389 a share, Baazar Style shares made a flat debut despite a robust 40.63-time subscription. The entire issue size of the IPO was ₹834.68 crore, which included a fresh issue of ₹148 crore and an OFS of 17.65 million shares by current shareholders, totaling ₹687 crore at the top end of the price range.
3. India Carraro
The stock of Carraro India is currently trading at ₹355.10, a steep 49.5 percent drop from its IPO price of ₹704. On December 20, 2024, the initial public offering (IPO) began, and it ended on December 24, 2024. On December 30, 2024, Carraro India, a producer of construction and agricultural equipment, floated at ₹660, representing a 6.25 percent discount. The promoter, Carraro International S.E., sold 1,77,55,680 equity shares worth ₹1,250 crore in the IPO, which was fully OFS-based and received a 1.12-time subscription.
4. Biorefineries in Godavari
Shares of Godavari Biorefineries are currently trading at ₹173.45, down around 51% from the ₹352 IPO price. On October 23, 2024, the initial public offering (IPO) began, and it ended on October 25, 2024. The stock had a discount of almost 12.5% when it was listed at ₹308 on the NSE and ₹310.5 on the BSE. An OFS of 6.53 million shares and a new equity sale of ₹325 crore were part of the IPO. Investors subscribed to the offering twice. Promoters and investors at the top end of the pricing range offloaded the OFS component, which was worth ₹230 crore.
5. India's Western Carriers Ltd.
From its IPO price of ₹172, Western Carriers is now trading at ₹94.50, a 45 percent decrease. On September 13, 2024, the initial public offering (IPO) began, and it ended on September 19, 2024. The stock was listed for ₹170 on the BSE, down 1.16 percent from the issue price, and at ₹171 on the NSE, representing a little 0.58 percent discount. Through its IPO, which included an OFS of 54 lakh equity shares valued at 92.88 crore and a fresh issue of 400 crore, the logistics firm based in Kolkata raised ₹493 crore. Over the course of three days of bidding, the IPO was subscribed 31.69 times.
6. Tyres by Tolins
The current price of Tolins Tyres shares is ₹131.45, which is 42% lower than the IPO price of ₹226. On September 9, 2024, the initial public offering (IPO) began, and it ended on September 11, 2024. The stock showed little change from its issue price on September 16 when it floated at ₹227 on the BSE and ₹228 on the NSE. An OFS of 1,327,434 shares and a new issue of 8,849,558 shares were part of the ₹230 crore book-built IPO. It received 25.03 subscriptions, indicating high demand throughout the bidding process.
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