Mega IPOs smash the villain tag in 2025, delivering nearly 3x returns of smaller listings

India’s IPO market in 2025 is defying conventional wisdom, with large IPOs significantly outperforming smaller issues. Offerings above Rs 5,000 crore have delivered average listing gains of 22%, nearly three times the 7.5% returns from IPOs below Rs 1,000 crore and well above the broader market average.