India 2025 IPOs: Record listings, mixed returns; check top winners, losers

Around 70 per cent of the 102 firms that went public this year finished their first trading session in positive territory, data showed

India’s primary market in 2025 may go down as one of its busiest years, marked by robust listing activity, though performance has varied across issues. As many as 102 companies debuted on the mainboard, raising an aggregate ₹1.8 trillion, according to data from Prime Infobase.

 

Investor sentiment has been upbeat this year, reflected in the strong performance of newly listed companies. Around 70 per cent of the 102 firms that went public finished their first trading session in positive territory. Twenty-five stocks jumped by 20 to 75 per cent on debut, while 13 recorded gains in the 10 to 19 per cent range. Another 25 saw smaller increases of 1 to 10 per cent. On the downside, six issuers saw their shares fall by 15 to 35 per cent, and 24 declined more modestly by 1 to 10 per cent, data showed.  Highway Infrastructure emerged as the top listing day performer, with gains of over 75 per cent, followed by Urban Company and Meesho with a sharp rally of 62 per cent each. Aditya Infotech, Quadrant Future Tek, LG Electronics, Corona Remedies, PhysicsWallah, and GNG Electronics were among the other notable performers.  On the other hand, Om Freight Forwarders and Glottis were the biggest listing day losers, falling around 35 per cent from the issue price. BMW Ventures and Arisinfra Solutions fell 23 per cent and 21 per cent, respectively. Jaro Institute, Laxmi India Finance, Quality Power, Ganesh Consumer and Fujiyama Power Systems also settled with sharp losses on their listing days.  The table below captures the top five IPO winners and losers of 2025 based on listing-day performance:

 

 

TOP 5 IPO GAINERS IN 2025
Company	Offer price (₹ cr)	Issue size (₹ cr)	Listing date	Listing day gains (%)
Highway Infrastructure	70	130.00	12/Aug/2025	75.49
Urban Company	103	1,900.00	17/Sep/2025	62.18
Meesho	105	5,357.90	10/Dec/2025	62.10
Aditya Infotech	675	1,300.00	05/Aug/2025	60.61
Quadrant Future Tek	290	290.00	14/Jan/2025	54.74

 

TOP 5 IPO LOSERS IN 2025
Company	Offer price (₹ cr)	Issue size (₹ cr)	Listing date	Listing day loss (%)
Om Freight Forwarders	135	122.31	08/Oct/2025	-35.85
Glottis	129	307.00	07/Oct/2025	-35.00
BMW Ventures	99	231.66	01/Oct/2025	-23.23
Arisinfra Solutions	222	499.60	25/Jun/2025	-21.58
Jaro Institute	890	450.00	30/Sep/2025	-16.29
Source: Prime Database

       

 

However, a comparison of issue price and current market price (CMP) paints a different picture. Stallion India Fluorochemicals has emerged as the top gainer on this measure, with its shares trading 159 per cent above the issue price, followed by Ather Energy (124 per cent) and Aditya Infotech (120 per cent), according to NSE data as of December 29, 2025. Belrise Industries has also surged 103 per cent from its issue price since listing and Quality Power Electrical Equipments rose 74 per cent.

 

On the downside, Glottis is trading 54 per cent below its issue price, making it the biggest laggard on this metric. Gem Aromatics fell 49.5 per cent, VMS TMT down 48 per cent, Jaro Institute of Technology Management and Research fell 45 per cent and BMW Ventures is also trading 42 per cent below its issue price.

  Despite the mixed return profile across IPOs, the broader outlook for the primary market remains constructive. Analysts noted the strong volume of listings and capital raised in 2025 reflects deeper structural strength rather than short-term exuberance. Robust domestic liquidity, sustained retail participation through systematic investment plan (SIP) flows, and improving market depth have helped absorb a steady supply of new issuances even amid bouts of secondary market volatility.  ALSO READ | 2025 IPO lessons: What retail investors learnt and how to spot 2026 winners

IPO market outlook for 2026

Prashanth Tapse, senior vice-president for research at Mehta Equities, said regulatory filings and market data indicate a strong pipeline for 2026, with an estimated 190–200 companies expected to tap the capital markets, targeting aggregate fundraising of over ₹2.5 trillion, significantly higher than the amount raised in 2025. 

 

"The upcoming IPO cycle is also expected to be anchored by large marquee listings, including Reliance Jio Platforms, National Stock Exchange (NSE), Flipkart, PhonePe, OYO, and SBI Mutual Fund. Collectively, these offerings could act as key catalysts for investor participation and liquidity, while reinforcing India’s position as one of the most attractive global IPO markets, albeit with increasing emphasis on valuation discipline and earnings visibility," Tapse added.

 

Pantomath Capital, in a report, pointed out that mainboard IPO activity crossed the 100-issue mark in 2025 for the first time since 2007, underlining the scale and breadth of the current cycle. India also ranked among the top three global markets for IPO proceeds during the year, highlighting its growing prominence in global capital markets.

 

Unlike previous cycles driven by a handful of mega listings, India’s IPO activity in 2025 was characterised by continuity across issue sizes, with strong traction in the ₹100–500 crore and ₹1,000–2,000 crore segments, according to the investment bank. 

 

“India’s IPO market today reflects structural maturity rather than cyclical exuberance,” said Mahavir Lunawat, chairman and managing director of Pantomath Capital, adding that the simultaneous rise in issuance volumes, average deal sizes and institutional discipline points to a durable capital-raising framework. With regulatory guardrails strengthening further, Lunawat expects over ₹4 trillion worth of IPO pipeline in 2026, backed by strong domestic participation and selective global capital.  (Disclaimer:The views expressed by the analysts in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.)