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 09.06.2026|8:10 PM

IPO Valuation Overview in 2026 (till May 2026)

* Of the 82 IPOs analysed, 78 had reported P/E ratios and were included in the valuation analysis. Four IPOs were excluded because they reported losses, making the P/E ratio not meaningful.

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

*4 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 Continued to Outperform

IPOs priced below 15x P/E delivered the highest average listing gain (10.53%) and the strongest premium listing rate (68%), reinforcing the market’s preference for reasonably valued offerings.

Returns Declined Sharply as Valuations Increased

The 15–30x P/E category produced almost flat average returns (0.34%), while IPOs above 30x P/E generated negative average listing performance, indicating reduced investor enthusiasm for expensive issues.

High-Valuation IPOs Struggled to Reward Investors

IPOs priced above 50x P/E recorded an average listing loss of 2.69%, suggesting that strong growth narratives alone were insufficient to justify aggressive valuations.

A Few Extreme Valuations Distorted the Market Average

While the average IPO P/E stood at 36.42x, the median was only 15.11x. This large gap highlights how a handful of exceptionally expensive IPOs skewed the overall valuation landscape.

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.