Capitalmind's Head of Research Anoop Vijaykumar said 19 of the top 30 Indian IPOs by size "have failed to generate excess return". "Only two (Coal India and Zomato) of the top 10 biggest IPOs have beaten the CNX500 (Nifty 500)," he added. Bajaj Housing Finance, Ola Electric and PB Fintech are among other big IPOs that have beaten CNX500.