POST LISTING VALUATION SUSTAINABILITY IN INDIAN IPOS (2022 2025)

This study investigates the sustainability of post-listing performance of Indian Initial Public Offerings (IPOs) issued between 2022 and 2025. Unlike traditional IPO research focused on listing-day underpricing, this paper evaluates medium-term valuation persistence through 31 January 2026. The empirical framework incorporates descriptive statistics, cross-sectional regression with heteroskedasticity-robust standard errors, Capital Asset Pricing Model (CAPM) alpha estimation, and Fama–French three-factor analysis. Sectoral dummy variables are introduced to examine industry-level heterogeneity. The results indicate that healthcare, manufacturing, and capital-expenditure-driven sectors demonstrate stronger abnormal performance compared to discretionary consumer and technology segments. Dividend initiation and issue size exhibit limited statistical influence. The findings suggest increasing pricing discipline in India’s IPO ecosystem under SEBI ICDR regulatory reforms.