IPO Mania 2.0: What Groww, Lenskart And Pine Labs Reveal About India’s New-Age Market Cycle In 2025

India's startup IPO pipeline is back in full swing, and this time, it looks very different from the exuberant listings of the past cycle. Recent debuts by Groww, Lenskart and Pine Labs underline both the renewed appetite for tech listings and the growing caution among public market investors.

Fintech firm Pine Labs listed on Nov. 14 at Rs 242 per share, a 9.5% premium to its IPO price of Rs 221. However, post-listing momentum has faded. As of Dec. 18, the stock trades around Rs 225 on the NSE and Rs 224.75 on the BSE, down about 7% from its debut price.

In contrast, Groww, operating as Billionbrains Garage Ventures, has delivered a stronger post-listing performance. The online brokerage listed on Nov. 12 at around Rs 112–114 per share, implying a 12–14% premium to its IPO price of Rs 100. The stock surged to Rs 134 on debut before closing near Rs 131.

By mid-December, shares continue to trade at around Rs 130–131, maintaining gains of roughly 30% from the issue price. Investor appetite was strong, with the IPO subscribed 17.58 times overall.

Lenskart Lesson

Lenskart Solutions’ muted debut, meanwhile, reflects sector caution. The eyewear retailer listed on Nov. 10 at around Rs 395 on the BSE, a 1.74% discount to its IPO price, and slightly below Rs 402 on the NSE. While the IPO saw heavy demand with a subscription of 28 times, the market debut was subdued. The stock closed with modest gains of about 2% on day one and has since hovered close to its listing levels, reflecting cautious sentiment around consumer retail and profitability visibility.

India’s startup listing rush shows no signs of slowing. The Rs 6,800-crore share offering of Lenskart was fully subscribed within hours despite what analysts described as “mind-boggling valuations.” Groww, backed by Microsoft CEO Satya Nadella, saw demand nearly 17 times the shares on offer, while Pine Labs joined the exchanges soon after.

These listings add to a frenetic IPO season that has seen startups across sectors — from home services platform Urban Company to ed-tech unicorn PhysicsWallah — tap public markets. Data from Tracxn, cited by the BBC, shows that 43 startup IPOs have taken place this year till early November, five times the number in 2020 and double the count in 2023.

Even as early investors cash out, concerns persist about whether new investors can generate returns post-listing. Others point out that not all startup IPOs disappoint. Companies such as Zomato and Ixigo have delivered strong returns, while today’s listings, according to Accel partner Anand Daniel, are increasingly “grounded in profitability and good governance,” as quoted by the BBC.

IPO Mania 2.0 reflects a maturing startup ecosystem, improved market depth and long-awaited exits for investors. But the divergent post-listing performances of Groww, Lenskart and Pine Labs underline a critical shift: public markets are no longer rewarding growth stories blindly. For investors, selectivity, and not hype, may define success in this new cycle.