The Indian primary market in 2025 saw historic activity, with unprecedented liquidity and 213 new listings. While headline-grabbing multibagger gains stole the spotlight, nearly half of the newly listed companies are now trading below their issue price.
As the final trading week of December concludes, here’s a detailed roundup of the winners, losers, and sectoral trends that defined the IPO landscape in 2025.
1. The 2025 IPO Scorecard
The market featured a mix of Mainboard and SME listings, reflecting a full-fledged “IPO boom.” Returns, however, were highly polarized.
- Total Listings: 213
- Total Gainers: 112 (52.6%)
- Total Losers: 97 (45.5%)
- Multibaggers (>100% return): 22 companies
- Average Annual Return: +20.26%
2. Multibagger Hall of Fame
High-margin, niche sectors dominated the top performers. Healthcare, specialized engineering, and cybersecurity led the pack.
| Rank | Company Name | Symbol | Return (%) |
|---|---|---|---|
| 1 | Anondita Medicare Limited | ANONDITA | +527.83% |
| 2 | Tankup Engineers Limited | TANKUP | +405.00% |
| 3 | Monolithisch India Limited | MONOLITH | +253.85% |
| 4 | TechD Cybersecurity Limited | TECHD | +231.61% |
| 5 | Sacheerome Limited | SACHEEROME | +231.52% |
Why they won: These companies thrived in low-competition, high-growth spaces and benefited from the “Make in India” push and global digital security demand.
3. Steep Losers
Retail, apparel, and some logistics firms struggled to justify high IPO valuations. Studio LSD Limited emerged as the worst performer, losing over three-quarters of its value.
| Rank | Company Name | Return (%) | Status |
|---|---|---|---|
| 1 | Studio LSD Limited | −75.37% | Deep Discount |
| 2 | Siddhi Cotspin Limited | −72.04% | Capital Loss |
| 3 | ATC Energies System Limited | −67.37% | Sectoral Drag |
| 4 | Arunaya Organics Limited | −64.57% | Valuation Reset |
Investor lesson: High subscription rates did not guarantee sustained performance. Many hyped stocks faced immediate profit-booking, resulting in “Fading Star” scenarios.
4. Monthly Trends: Santa Rally vs. Summer Slump
- April 2025: The “Golden Month” for investors, with an average return of 148%, supported by a pause in interest rate hikes and positive global sentiment.
- July 2025: Average returns dipped to −6.05%, reflecting market saturation and minor corrections in the secondary market.
5. The Turnaround Phenomenon
Some discounted IPOs staged a recovery. Epack Prefab Technologies Limited debuted at −6.54% but has surged to +44.95%, highlighting the value of post-listing research and patience.
6. Outlook for 2026
Analysts from major brokerages expect a shift toward quality over quantity.
- Valuation Resets: More realistic pricing expected in 2026 as the “easy money” era ends.
- Sector Focus: Renewable energy, EV infrastructure, and AI-driven SaaS are likely to dominate the pipeline.
- SME Vigilance: Following the volatility in SME stocks, stricter listing norms may be introduced to protect retail investors.
Final Verdict
The 2025 IPO market was a “stock-picker’s paradise” but a “speculator’s nightmare.” While the average return of 20.26% outperformed many traditional asset classes, the gap between Anondita Medicare (+527%) and Studio LSD (−75%) underscores the importance of thorough due diligence.
Investor Tip: Track the Last Traded Price (LTP) and quarterly earnings of the 2025 IPO batch to identify long-term compounders.
Disclaimer: Investment in the securities market is subject to market risks. Read all related documents carefully before investing.
