- Companies with negative net profit can launch IPOs, with 39 listed in five years
- Nineteen companies traded above issue price as of July 28, 2026
- Eighteen companies remained above issue price by August 12, 2026, one slipped below
Companies with negative net profit or accumulated losses are permitted to launch initial public offerings (IPOs), with 39 such companies having listed through mainboard IPOs during the last five years, the Ministry of Finance said in a Rajya Sabha response.
The government said the 39 companies were identified based on information furnished by stock exchanges to the Securities and Exchange Board of India (SEBI). Of these, 19 companies were trading above their issue price as of July 28, 2026.
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However, based on the closing prices as of August 12, 2026, 18 of these 19 companies are still trading above their respective issue prices, while Kalpataru Limited has slipped below its issue price.
Here is the updated list:
Among the companies, Ather Energy has the highest absolute difference from its issue price at Rs 1,247.50, followed by Aether Industries at Rs 969.60 and PB Fintech at Rs 745.
SEBI's findings On IPO Lock-Ins
On the question of whether SEBI had examined the impact of lock-in restrictions on post-listing price behaviour, the regulator said it had conducted an empirical examination of anchor investor exit behaviour around prescribed lock-in expiry windows and the corresponding price impact in 242 mainboard IPOs listed between April 2022 and October 2025.
Under the SEBI ICDR Regulations, 100% of shares allotted to anchor investors are locked in for 30 days from the date of allotment, while 50% of the shares are locked in for 90 days.
At the aggregate level, the weighted aggregate exit percentage immediately after the first unlock event at T+30 was 3.2% of the total anchor portion, while it was 17.3% past the second unlock event at T+90.
SEBI observed that downward price pressure around the first unlock window was concentrated in a few IPOs. As many as 24 of the 242 IPOs recorded anchor exits of more than 10%, with the mean and median price impact during T+29 to T+33 at -3.5% and -6%, respectively.
No major price impact was observed around the second unlock window.
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