Measuring IPO Performance: A Comparative Analysis of Listed Companies

Author(s)	Ms. Radhika Rajendra Sonpethkar, Mr. Alkesh Santosh Sharma, Ms. Srushti Prashant Mandlik, Prof. Dr. Tanushree Gupta
Country	India
Abstract	This research investigates the long-term outcomes of certain Initial Public Offerings (IPOs) in India through a comparative and analytical lens. The analysis includes five firms—Coal India Ltd., Reliance Power Ltd., DLF Ltd., Cairn India Ltd., and Interglobe Aviation (IndiGo)—over a decade following their listing. The study emphasizes the generation of shareholder wealth, financial performance, and operational efficiency by utilizing methods such as Total Shareholder Return (TSR), financial ratio assessments, trend analysis, and comparative benchmarking against the Sensex. The results reveal notable differences in IPO performance, with firms like IndiGo exceeding market expectations (TSR of 233.3%), while others, including Reliance Power (TSR of -99.0%) and DLF (TSR of -61.9%), lagged behind due to inadequate financial management and excessive leverage. The research concludes that robust fundamentals, effective capital deployment, and strategic implementation are essential factors for IPO success.
Keywords	IPO Performance, Total Shareholder Return, Financial Ratios, Long-term Returns, Indian Capital Market, Wealth Creation
Field	Business Administration
Published In	Volume 8, Issue 3, May-June 2026
Published On	2026-05-13

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