Where IPO wealth was really created in 2025: Top ten performers of the year

Larger, well-structured issuances are delivering more consistent outcomes, while smaller IPOs offer higher variability and selective upside.

For years, India’s IPO market was judged by one metric alone—listing-day pop. But 2025 marks a clear turning point. Data from Pantomath Group’s Primary Pulse 2025 shows that IPO outcomes are no longer dictated by hype or deal size, but by business quality, scale, and execution.

 

Big gains, but not just in big deals

 

The top 10 IPO performers of 2025 delivered eye-catching gains of 60–130%, but they weren’t concentrated in any single size bucket. Companies such as Aditya Infotech, Stallion India Fluorochemicals, and Ather Energy topped the charts with gains exceeding 120%, while mid-sized and even sub-₹1,000 crore issues also featured prominently.  Top 10 performers in terms of IPO gains 

 

IPO returns: Strong dispersion — returns driven by business quality, not deal size.

Key takeaway:

Strong performers emerged across large, mid-sized, and smaller IPOs, breaking the long-held belief that only mega issues generate wealth.  Issue size-wise performance in terms of listing gains and current gains

Source: Pantomath Group analysis Data as on: December 23, 2025

Listing gains vs current gains: the real divergence

 

One of the most telling insights from 2025 is the widening gap between listing-day gains and current gains, especially across issue sizes.

 

Small IPOs (₹100–500 crore):

Averaged 8–9% listing gains, but current gains flattened or even turned marginally negative in some cases—highlighting execution risk and higher volatility.

 

Mid-sized IPOs (₹1,000–2,000 crore):

Delivered 14% average listing gains and 21% average current gains, emerging as a sweet spot for investors seeking both growth and visibility.

 

Large IPOs (₹5,000 crore+):

Outperformed across the board, posting 18% average listing gains and 27% current gains, supported by stronger institutional participation and earnings clarity. 

Fundamentals, not frenzy, now drive outcomes

 

The dispersion in returns across size bands points to a market where pricing discipline and business strength matter more than buzz. Nearly 75% of IPOs listed at a premium in 2025, but sustained gains accrued disproportionately to companies with:

 

Clear earnings visibility

 

Scalable business models

 

Strong governance frameworks

 

Smaller IPOs still offer upside, but with higher variability, making stock selection far more important than blanket IPO exposure