India's primary market is mirroring the turbulence in the secondary market this year, with most 2026 mainboard IPOs struggling to hold gains amid broader volatility and rising geopolitical risks. Data so far show that of the eight mainboard IPOs listed this year, only three opened in profit on debut, while five listed at a discount. This translates to just 37.5% of stocks listing above their issue price, with the average listing gain at 4.2%.