Missed Groww? These 3 IPOs also doubled investors' money in 2025

Groww is well placed to benefit from India's rising culture of financialisation and retail investing, even as the broader brokerage industry faces near-term regulatory headwinds

Billionbrains Garage Ventures, the parent of online brokerage platform Groww, made an impressive stock market debut on November 12, 2025, listing nearly 12 per cent above its issue price of ₹100. Within a week of listing, the stock surged to ₹193.80, almost doubling investor wealth for those who held on briefly after the debut. Although the stock has since corrected about 20 per cent from its all-time high, analysts remain broadly optimistic about its long-term prospects, citing strong fundamentals, a scalable business model and the structural growth of India's investment ecosystem.

 

Groww's IPO had garnered exceptional investor interest, with a subscription of 17.60 times. The technology-driven platform is currently India's largest and fastest-growing investment interface based on active users. Between financial year 2022-23 (FY23) and the quarter ended June 2025 (Q1FY26), the number of active users increased at a CAGR of 52.74 per cent, as per the red herring prospectus (RHP).

 

The company continues to diversify its offerings across stocks, derivatives, bonds, mutual funds, margin trading and personal loans. Groww, according to Master Capital Services, is well placed to benefit from India's rising culture of financialisation and retail investing, even as the broader brokerage industry faces near-term regulatory headwinds following recent policy adjustments by the Securities and Exchange Board of India (Sebi).  "With its customer-centric platform and strong market positioning, Groww remains structurally well aligned to capture long-term opportunities," the brokerage noted.

 

Likewise, Abhishek Jain, head of research at Arihant Capital Markets, said, "For us, Groww remains a strong addition to long-term portfolios. The company is currently undergoing a transition with the expansion of its derivatives segment while simultaneously strengthening its wealth management and investment products. The overall outlook remains constructive and positive, supported by strong user growth and diversification efforts," he said.

 

That said, a similar theme of strong investor interest has played out across a few other notable IPOs in the past year.  Companies such as Mamata Machinery, Stallion India Fluorochemicals, and Ather Energy have not only delivered impressive listing gains but have also sustained strong performance thereafter, each driven by distinct business strengths and sector-specific tailwinds.  ALSO READ | ₹57,000 crore in shares to hit market as IPO lock-ins expire this week

Ather rides the EV wave

Ather Energy has been one of this year's biggest post-IPO success stories. While the stock posted a moderate debut, with only 2 per cent listing premium, before slipping below its issue price of ₹321, it has since rallied sharply to ₹695.90. Emkay Global remains firmly bullish on the electric vehicle (EV) manufacturer, citing a robust Q2FY26 performance with 54 per cent year-on-year (Y-o-Y) revenue growth and significant improvement in gross margins following the LFP (Lithium Iron Phosphate) transition.

  The brokerage also pointed to strong festive demand, rapid network expansion and the upcoming mass-market Entry-Level (EV) platform as key long-term growth drivers, reiterating a 'Buy' rating with a target price of ₹925.

 

Prashanth Tapse, senior vice president for research at Mehta Equities, also remains upbeat on Ather, noting that the company stands ahead of Ola Electric on product quality, management depth, and operational discipline. 

 

He believes Ather's focus on quality engineering, conservative approach to battery manufacturing and efficient execution are central to its strong stock performance, which is now well above its IPO price.

Stallion and Mamata hold strong

Mamata Machinery, which listed on December 27, 2024, at ₹600, a sharp 147 per cent premium to its issue price of ₹243, saw early euphoria pushing the stock to a 52-week high of ₹630. As of November 21, 2025, it trades at ₹420. Despite the correction, the stock remains well above its IPO price, supported by strong fundamentals. 

 

Tapse says the company benefits from capable promoters, reasonable IPO valuations, and a robust industry outlook, all of which have helped maintain investor interest even amid broader market volatility.

 

Stallion India Fluorochemicals, meanwhile, debuted on January 23, 2025, at ₹120 against an IPO price of ₹90 and continues to hold investor interest. The stock, which closed at ₹126 on listing day, has climbed to ₹197.10 as of November 21, 2025. 

 

Tapse highlighted that Stallion operates in a niche refrigerant gas segment with very few organised players in India. High entry barriers, specialised manufacturing requirements and limited competition provide Stallion with a structural advantage. 

 

"Combined with its reasonable IPO valuation and strong visibility of demand, these factors have helped the stock nearly double since listing," he added.