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The study examines the IPO resilience grounded on the firm’s intrinsic factors.

We examine the association of IPO performance and post-listing firm’s performance with issuers' pre-listing financial and qualitative traits using panel data regression.

IPOs floated in the Indian market from July 2009 to March 31, 2022, evince the notable influence of issuers' pre-IPO fundamentals and legitimacy traits on IPO returns and post-listing earning power. Where the pandemic’s favorable impact is discerned on the post-listing year earning power of the issuer firms, the loss-making issuers appear to be adversely affected by the Covid disruption. Perhaps, the successful listing equipped the issuers with the financial flexibility to combat market challenges vis-à-vis failed issuers deprived of desired IPO proceeds.

High initial returns followed by a declining pattern substantiate the retail investors to be less informed vis-à-vis initial investors, valuers and underwriters, who exit post-listing after profit booking. Investing in the shares of the newly listed ventures post-listing in the secondary market can shield retail investors from the uncertainty losses of being uninformed. The IPO market needs stringent regulations ensuring the verification of the listing valuation, the firm’s credentials and the intent of utilizing IPO proceeds. Healthy development of the IPO market merits reconsidering the listing of ventures with weak fundamentals suspected to withstand the market challenges.

Given the tremendous rise in the new firm venturing into the primary market and the spike in IPOs countering the losses immediately post-opening, the study examines the loss-making and young firms IPOs separately, adding novelty to the study.

The purpose of this paper is to investigate the effect of the replacement of natural coarse aggregate (NCA) with different percentages of recycled coarse aggregate (RCA) on properties of low calcium fly ash (FA)-based geopolymer concrete (GPC) cured at oven temperature. Further, this paper aims to study the effect of partial replacement of FA by ground granulated blast slag (GGBS) in GPC made with both NCA and RCA cured under ambient temperature curing.

M25 grade of ordinary Portland cement (OPC) concrete was designed according to IS: 10262-2019 with 100% NCA as control concrete. Since no standard guidelines are available in the literature for GPC, the same mix proportion was adopted for the GPC by replacing the OPC with 100% FA and W/C ratio by alkalinity/binder ratio. All FA-based GPC mixes were prepared with 12 M of sodium hydroxide (NaOH) and an alkalinity ratio, i.e. sodium hydroxide to sodium silicate (NaOH:Na₂SiO₃) of 1:1.5, subjected to 90^°C temperature for 48 h of curing. The NCA were replaced with 50% and 100% RCA in both OPC and GPC mixes. Further, FA was partially replaced with 15% GGBS in GPC made with the above percentages of NCA and RCA, and they were given ambient temperature curing with the same molarity of NaOH and alkalinity ratio.

The workability, compressive strength, split tensile strength, flexural strength, water absorption, density, volume of voids and rebound hammer value of all the mixes were studied. Further, the relationship between compressive strength and other mechanical properties of GPC mixes were established and compared with the well-established relationships available for conventional concrete. From the experimental results, it is found that the compressive strength of GPC under ambient curing condition at 28 days with 100% NCA, 50% RCA and 100% RCA were, respectively, 14.8%, 12.85% and 17.76% higher than those of OPC concrete. Further, it is found that 85% FA and 15% GGBS-based GPC with RCA under ambient curing shown superior performance than OPC concrete and FA-based GPC cured under oven curing.

The scope of the present paper is limited to replace the FA by 15% GGBS. Further, only 50% and 100% RCA are used in place of natural aggregate. However, in future study, the replacement of FA by different amounts of GGBS (20%, 25%, 30% and 35%) may be tried to decide the optimum utilisation of GGBS so that the applications of GPC can be widely used in cast in situ applications, i.e. under ambient curing condition. Further, in the present study, the natural aggregate is replaced with only 50% and 100% RCA in GPC. However, further investigations may be carried out by considering different percentages between 50 and 100 with the optimum compositions of FA and GGBS to enhance the use of RCA in GPC applications. The present study is further limited to only the mechanical properties and a few other properties of GPC. For wider use of GPC under ambient curing conditions, the structural performance of GPC needs to be understood. Therefore, the structural performance of GPC subjected to different loadings under ambient curing with RCA to be investigated in future study.

The replacement percentage of natural aggregate by RCA may be further enhanced to 50% in GPC under ambient curing condition without compromising on the mechanical properties of concrete. This may be a good alternative for OPC and natural aggregate to reduce pollution and leads sustainability in the construction.