Footwear company Khadim India followed on the heels of the New India Assurance company listing, coming onboard a bearish market  hit by higher crude oil prices and rising consumer inflation. The company listed 3% below the IPO price, at Rs. 727, compared to the issue price of Rs. 750. 

Some analysts had pointed out the listing risks for Khadim - that despite the company's competitive valuation, the IPO ship may have to weather bearish waters. And that is what seems to be happening to the IPO listings this week, as the stock markets fall sharply from the highs it hit in previous weeks. Over the longer term, the company's franchisee focus means an asset light model that would help the company expand rapidly, without accumulating debt and significant investment. As far as investors looking for listing gains is concerned however, it looks like broader market trends have spiked that hope.