How did the mega IPOs of calendar year 2021 like Paytm, Star Health, Nuvoco Vistas and PB Fintech actually perform?

In the year 2021, some of the biggest listings in the IPO market have ironically underperformed. In fact, most of these large IPOs of 2021 have ended with negative returns of 20% to 50%. If we look at it numerically, 8 out of the 12 IPOs with size of Rs.2,500 crore and above are trading below their issue prices. This could be partly due to weak demand and partly due to very aggressive pricing of these IPOs.

In fact, many of the marquee IPO candidates like Paytm, Star Health, PB Fintech, Nuvoco Vistas, CarTrade and Aditya Birla MF are all quoting well below their issue prices. Paytm is trading a full 50% below its issue price as is CarTrade. There was a good deal of euphoria built in digital stocks but the follow up buying post listing could not match the IPO enthusiasm. Also institutional enthusiasm has been limited in these stocks.