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In 2025, 70% of mainboard IPOs in India are trading above their issue prices, with stocks like Quality Power and Quadrant Future Tek delivering stellar gains. Despite fewer listings and lower fundraising, investor interest remains strong in quality offerings, while large IPOs like HDB Financial and Hexaware also performed well. View More
As of July 2025, 26 mainboard IPOs have hit the Indian stock exchanges, painting a mixed yet promising picture of the primary market. Among these 26 IPOs, approximately 18 (nearly 70%) are trading above their issue prices, highlighting solid post-listing momentum. Delving deeper, 12 of these have posted double-digit gains, reinforcing the narrative that investors are favouring fundamentally strong and well-priced offerings. Adding to the strength of the debut trend, around 20 IPOs opened at a premium, suggesting continued demand on listing day despite broader market caution. Overall, the 2025 IPO batch may be smaller, but for discerning investors, it's proving to be rich in opportunity and returns. Among the standout performers, Quality Power Electrical Equipments has emerged as the most remarkable. Despite listing at a 9% discount to its issue price of Rs 425 on February 24, the stock has delivered a massive 75% gain, currently trading at Rs 737. With an issue size of Rs 858 crore, the company has become a major wealth creator for IPO subscribers. Another big winner is Quadrant Future Tek Limited , which was listed on January 14, 2025, with an issue size of Rs 290 crore. The stock made an impressive debut with a 53% premium and is now trading approximately 63% above its issue price, cementing its position as the second-best-performing IPO of the year. Other IPOs that have registered over 20% gains from their respective issue prices include: Scoda Tubes, Ellenbarrie Industrial Gases, Prostarm Info Systems, Sambhv Steel Tubes, Hexaware Technologies , Standard Glass Lining Technology, and Globe Civil Projects. These listings reflect continued investor appetite for niche and mid-sized companies with strong growth stories. Live Events Underperformers: However, not all IPOs have managed to impress. A few have seen sharp declines post-listing. Stocks such as Arisinfra Solutions , Capital Infra Trust, and Indo Farm Equipment have dropped over 20% from their respective issue prices. The case of Indo Farm Equipment is particularly noteworthy—it was listed with an initial premium of nearly 30%, but failed to maintain momentum, resulting in significant losses for investors who held onto their allotment. Big Ticket Offerings: Despite the relatively lower volume of listings, a few large-cap IPOs dominated the fundraising charts. Leading the pack is HDB Financial Services Ltd , which went public on July 2, 2025, raising a whopping Rs 12,500 crore—the largest IPO of the year. The stock listed with a 14% premium at Rs 841 and has since climbed to Rs 865, delivering a 17% gain from its issue price of Rs 740. Also read: VRRR auction draws robust response amid surplus liquidity in the system Another major offering was from Hexaware Technologies, which raised Rs 8,759 crore. The stock debuted with an 8% premium and is currently trading at Rs 867, marking a 23% return from its issue price of Rs 708. Fundraising Overview: While individual IPO returns were encouraging, the total fundraising activity in 2025 has seen a significant dip. So far, companies have raised Rs 45,375 crore via IPOs, which is substantially lower than the Rs 1.60 lakh crore raised in Calendar Year 2024. The sharp decline highlights growing caution among issuers, likely influenced by macroeconomic uncertainty, volatile market conditions, and tighter investor scrutiny. Also read: How Jane Street targeted over 40 Nifty, Nifty Bank stocks in expiry-day trades A Mixed Year with Positive Takeaways: In summary, CY2025 has been a mixed year for the IPO market. On the one hand, investors have benefited from strong post-listing gains in a majority of IPOs, reinforcing the importance of quality selection. On the other hand, the marked slowdown in capital mobilisation signals hesitancy among large issuers. As market dynamics evolve, the second half of 2025 will be crucial in determining whether this IPO revival sustains or cools further. For now, quality-driven investing and cautious optimism remain the key themes in India’s IPO landscape. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)