Mumbai, April 6 -- Hunny Yadav, a 30-year-old communications consultant, says his initial public offering (IPO) journey began with a feeling. The kind you get when everyone around you seems to be making easy money.

In 2022, IPOs felt magical: "60-65 out of 100 listed at a premium," Yadav recalls. And so, he invested in LIC, and DCX Systems and eMudhra. Early gains of 30-40% made it seem like he'd cracked the code. And he kept at it, investing in NTPC Green late in 2024.

By September 2025, however, some of the stocks that once soared and added value to his portfolio began slipping. At first, he wasn't worried. "Thoda correction hai (the correction is small); it'll bounce back," Yadav told himself. He held on, waiting for recovery. It nev...