The Indian primary market is facing a significant cooling period as of February 2026, with secondary market volatility and shifting investor sentiment creating a challenging environment for new listings. While high-profile names once dominated headlines, the focus has shifted to a broader correction that has left many investors underwater. Ola Electric Mobility continues to serve as a high-profile example of this downturn. As of February 18, 2026, the stock is trading near 28.00 INR, marking a sharp decline of approximately 63% from its IPO price of 76.00 INR. This represents an even steeper 82% crash from its all-time high of 157.40 INR reached shortly after its debut. The company recently reported a narrowed net loss of 487 crore INR for the December quarter, but a 55% year-on-year drop in revenue has kept the stock under intense selling pressure. The pain is not limited to large-cap tech. Data shows that over 115 NSE-listed IPOs from the 2025–26 cycle are currently trading below their initial issue prices. The erosion of wealth is particularly visible in the SME segment, where several listings have plunged by 60% to 70%. For instance, recent listings like Narmadesh Brass Industries and Yajur Fibres have seen their market values erode by 64% and 65% respectively from their issue prices. Market indicators reflect this broader fatigue. The Nifty SME Emerge Index is currently trading around the 13,112 level, hovering near its 52-week low of 12,614. This represents a significant retreat from its 52-week high of 15,662. In recent trading sessions, market breadth has remained weak, with declines often doubling the number of advancing stocks on the SME platform. Despite the current slump, the pipeline for 2026 remains historically large. Approximately 190 companies have either received regulatory approval or are awaiting clearance to raise over 2.5 lakh crore INR. However, many issuers are choosing to delay their launches as they wait for more favorable valuations and a stabilization of foreign institutional investor (FII) flows. The current trend underscores a shift toward quality and sustainability. Investors are increasingly moving away from speculative "hype" listings, prioritizing companies with clear paths to profitability and reasonable entry valuations. Until secondary markets find a firm floor, the primary market is expected to remain in a "wait-and-watch" phase. [Ola Electric market activity](https://www.youtube.com/watch?v=c7EMGrzCD2s) This video provides an overview of the NSE market's performance and the cautious shift in the IPO landscape during the recent cycle. http://googleusercontent.com/youtube_content/0