According to the Ministry of Finance's Rajya Sabha response, 39 companies with negative net profit or accumulated losses have successfully launched mainboard IPOs over the last five years. As of August 12, 2026, 18 of these 19 companies continue to trade above their respective issue prices, with only Kalpataru Limited having slipped below its issue price. The government identified these companies based on information furnished by stock exchanges to the Securities and Exchange Board of India (SEBI).
Among the loss-making IPOs, Ather Energy leads with the highest absolute difference from its issue price at ₹1,247.50, followed by Aether Industries at ₹969.60 and PB Fintech at ₹745. The performance data as of July 28, 2026 showed 19 companies trading above their issue price, with the updated list reflecting the continued strength of these offerings despite their initial financial challenges.
Companies with negative net profit or accumulated losses are permitted to launch initial public offerings under existing regulations. The Ministry's response clarifies that these companies have successfully navigated the public market despite their financial challenges, with the majority maintaining positive post-listing performance. The data demonstrates the market's willingness to invest in companies with loss-making histories, provided they meet regulatory requirements.
SEBI conducted an empirical examination of anchor investor exit behavior 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 allotment, while 50% are locked in for 90 days. At the aggregate level, the weighted aggregate exit percentage was 3.2% immediately after the first unlock event at T+30, rising to 17.3% past the second unlock event at T+90. The study found an inverse relationship between issue size and anchor exit rates, with sub-₹250 crore issues recording the sharpest exits at 9.1% after 30 days, 20.3% by 60 days, and 32.4% after 90 days. For stocks with more than 10% exit during the first unlock window, FPIs were the largest contributor at 24.5% average exit while MFs showed only 11.5% average exit.
