New Delhi, Aug. 14 -- An analysis of 25 venture capital and private equity-backed "new-age" Indian companies that went public between May 2020 and June 2025 paints a less-than-rosy picture: only about one-third have consistently outperformed the market.

As per a white paper by Client Associates, only 36 per cent of IPO investors and 32 per cent of post-listing investors managed to generate positive alpha over the BSE 500 index.

Pre-IPO investors saw comparatively better results, with 43 per cent achieving gains - but mainly when they exited at the right time. Those who sold soon after the mandatory six-month lock-in period typically enjoyed the highest returns, while long-term holders often faced lower or even negative returns.

"The st...