IPO Valuation vs Listing Performance Study 2026

This study examines how IPO valuation based on the P/E ratio relates to the listing performance of Mainboard and SME IPOs listed on Indian stock exchanges in 2026.

To get a complete picture of IPO outcomes, you can also explore our

IPO Listing Performance Tracker 2026, which tracks listing gains and trends of IPOs listed in 2026, and GMP vs Listing Accuracy Study 2026, where we analyze how grey market premium (GMP) predicts actual listing performance. 

You can track all the upcoming and live IPOs at our IPO calendar of 2026 which is updated regularly.

Updated on 06.05.2026|3.00 PM

IPO Valuation Overview in 2026 (till April 2026)

Complete IPO Valuation and Listing Data (2026)

This dataset summarises all IPOs listed on the NSE and BSE in 2026 across the Mainboard and SME segments, along with their valuation (P/E ratio) and listing performance.

IPO Listing Performance by Valuation Range

*3 IPOs did not have any reported P/E values. For more details check the above table.

High Valuation IPOs in 2026 (Above 50x P/E)

Low Valuation IPOs in 2026 (Below 15x P/E)

Key Insights from IPO Valuation and Listing Performance

Lower valuation IPOs delivered stronger listing outcomes:
IPOs priced below 15x P/E generated the highest average listing gains (8.46%) along with the strongest premium listing ratio (62.06%), indicating better investor acceptance.

Investor appetite weakened as valuations increased:
IPOs above 50x P/E posted negative average returns (-2.69%), suggesting the market remained cautious toward aggressively valued offerings.

The 30–50x P/E segment faced the weakest performance:
This category recorded the sharpest average loss (-16.43%) with zero premium listings, highlighting strong resistance to stretched valuations.

Median P/E presents a more realistic picture than the average:
While the average IPO P/E stood at 40.23, the median was only 15.55, showing that a few extremely high-valued IPOs significantly skewed the overall average.

Methodology of the IPO Valuation vs Listing Study

The IPO valuation dataset is prepared using the following methodology:

• P/E Ratio:
  The P/E ratio is calculated as Price (upper band or fixed issue price) divided by Earnings Per Share (EPS). The upper band or fixed issue price is sourced from the Red Herring Prospectus (RHP) or from official exchange disclosures on the National Stock Exchange of India and BSE Limited. The Earnings Per Share (EPS) is taken from the company’s RHP.
• Listing Price:
  The listing price is taken from the respective stock exchange where the IPO is listed.
• Listing Gain:
  Listing gain is calculated using the following formula:
  Listing Gain (%) = ((Listing Price − Issue Price) / Issue Price) × 100

Learn all IPO terms like P/E ratio, EPS, issue price, and listing gain in our complete IPO glossary, and analyze real IPO data using our dedicated IPO analytics page, including listing performance tracker, GMP vs listing performance, and valuation vs listing performance study.