Half of new-age listings fall below issue price amid market volatility

New-age companies which listed in the last year continue to be under pressure from US-Iran tensions, which have heightened market volatility since the end of February. Most are trading below their issue price, with geopolitical risks amplifying profitability worries for these companies.

On Monday, Fintech major PhonePe announced its decision to push back its $1.3-billion initial public offering (IPO) amid choppy market conditions and a valuation gap with its mutual fund investors. ET reported on Tuesday that this move is likely to adversely affect listing timelines of new-age companies preparing to tap the public markets during the year.

In December, we had reported how newly-listed firms who had hit the markets with aggressive growth plans saw slow progress on the profitability front, and struggled to sustain investor confidence.


Here's a list of how the companies are faring now.

1. Lenskart: Rs 402 (issue price) versus Rs 501 (current price): The eyewear retailer is up nearly 24.6%.
2. Groww: Rs 100 → Rs 160.3: The fintech firm is holding strong amid turbulence, up nearly 60% since listing.
3. Meesho: Rs 111 → Rs 146.9: The ecommerce major has seen its stock rise nearly 32% since its IPO in December.
4. Pine Labs: Rs 221 → Rs 161.5: The fintech firm is down nearly 26.9% from its issue price.
5. PhysicsWallah: Rs 109 → Rs 134.85: The edtech major, which went public in November, is up nearly 23.7% from its issue price. The stock had debuted at nearly a 33% premium.
6. Ather Energy: Rs 321 → Rs 715: The EV leader, which has come out on top in the race with its rival Ola Electric, has seen its stock zoom nearly 122% since it listed in May.
7. Urban Company: Rs 103 → Rs 185.1: The only listed player in the increasingly competitive home services segment, this stock has risen nearly 80% since it listed.
8. BlueStone: Rs 517 → Rs 516: Down 0.2% since listing in August.
9. Wakefit: Rs 195 → Rs 156.45: The furniture e-tailer had made a flat debut on the bourses in December. The stock has declined nearly 19% since.
10. Shadowfax: Rs 124 → Rs 110.9: Down almost 10% since listing this January.
11. Capillary Technologies: Rs 577 → Rs 506.30: The company had a lacklustre debut on the bourses and has declined around 12.2% since then.
12. Amagi Labs: Rs 361 → 352: The software-as-a-service (SaaS) firm has seen its shares trade down 2.5% since listing.
13. Fractal: Rs 900 → Rs 796.4: Down around 11% since its listing in February.