Retail investors turn selective as IPO appetite loses steam in 2026

Retail bidders had fully subscribed to their allotted quota in all 50 IPOs of 2024 - and in 44 out of 49 issues (90%) last year. Even the median of retail bids on IPOs until mid-August has fallen to just 2.32 times the quota in the 42 cases, compared with an astonishing 17.59 times in the 45 IPOs of 2024 and 8.35 times in the 45 issues last year. "The selective approach of retail investors is a sign of a maturing market," said Arka Mookerji, co-head of the equity capital markets, JSA Advocates & Solicitors.