IPO listings outshine falling market as most trade above issue price

A majority of recent mainboard IPOs have delivered strong returns despite a slipping broader market. Data shows 67.2% of the 125 IPOs launched between October 2025 and September 2026 closed above their issue prices. The median gain on those listings was 24.7%. Meanwhile the overall equity market has been on a downtrend, giving the feel of a bear market. The contrast between primary‑market enthusiasm and secondary‑market weakness is stark, with investors flocking to new issues. ## Context Primary‑market IPOs involve companies selling fresh shares to raise capital, while the secondary market is where existing shares change hands. Strong IPO performance can occur even when existing stocks are falling, because fresh issues attract fresh buying interest.