The year 2025 turned out to be a landmark one for India’s primary market, with companies raising a record ₹1,75,901 crore through mainboard initial public offerings (IPO ‘s). A total of 103 companies tapped the market during the year, surpassing the previous record of ₹1,59,784 crore raised via 91 IPO ‘s in 2024.
Despite the strong fund-raising numbers, investor response showed some moderation compared to last year. Data from PRIME Database indicates that while overall demand remained robust, subscription levels were relatively lower than in 2024. More notably, post-listing performance has emerged as a concern, as several highly subscribed IPOs have struggled to sustain their listing gains.
Most Subscribed IPOs of 2025
According to data compiled by Chittorgarh, the most-demanded IPOs of 2025 attracted more than 44 lakh applications each. LG Electronics’ ₹11,605 crore IPO, the third-largest issue of the year, received the highest number of applications at over 65 lakh.
New-age consumer technology platform Meesho followed closely with nearly 63 lakh applications, while the ICICI Prudential AMC IPO drew over 55 lakh bids, making it the third-most subscribed IPO of the year.
Other IPOs that saw heavy investor participation included Indo Farm Equipment, Standard Glass Lining, NSDL, Stallion India Fluorochemicals, Highway Infrastructure, Urban Company, and Quadrant Future Tek.
IPO Frenzy vs Post-Listing Reality
While these IPOs witnessed strong demand and impressive listing-day gains, six of the top ten most-subscribed issues have since failed to sustain those gains. In fact, two of them are currently trading below their respective issue prices.
Highway Infrastructure, which recorded the highest listing-day gain of 72.5%, is now trading nearly 19% below its IPO price. Indo Farm Equipment, which debuted with a 29% premium, is currently trading about 2% below its issue price.
Urban Company shares have also seen a sharp erosion of gains, now trading around 28% above the IPO price compared with a 62% jump on listing day. LG Electronics, Standard Glass Lining, and Quadrant Future Tek are also trading below their listing prices.
On the positive side, Meesho shares continue to outperform, trading about 68% above the IPO price after a strong listing. NSDL and ICICI Prudential AMC are also trading well above both issue and listing prices.
Stallion India Fluorochemicals has emerged as one of the standout performers of 2025. The stock debuted at a 40% premium and is now trading nearly 171% above its IPO price, making it one of the few multibagger IPOs of the year.
Overall, the 2025 IPO market has highlighted a growing disconnect between subscription hype and long-term performance, with listing-day gains proving increasingly difficult to sustain.
IPO Outlook for 2026
Looking ahead, the IPO pipeline remains strong. As per PRIME Database, 96 companies planning to raise around ₹1.25 lakh crore have already received SEBI approval, while another 106 companies aiming to raise approximately ₹1.40 lakh crore are awaiting regulatory clearance. Several more companies are also preparing to file draft offer documents in the coming months.
Disclaimer: Investments in IPOs are subject to market risks. Past performance is not indicative of future results.
