The Indian IPO market observed a remarkable increase in 2025, becoming one of the most active years for the primary market even though there was a difficulty in the stock market. More than 100 companies went public, with a total of ₹1.8 lakh crore being raised, which is a new record for public fundraising in India.
The likes of Meesho, Tata Capital, HDB Financial Services, and Ather Energy attracted huge investor attention. However, the performance of the stocks after listing has not been the same across the board. Of the 106 IPOs launched this year, 53 are currently trading below their issue price, leaving nearly half of IPO investors facing losses.
Only Four IPOs Turned Multi-Baggers
In the year 2025, only four firms managed to double the wealth of their investors despite mixed performance across the market. It is interesting to note that two out of the four are from the field of modern technology, which is a sign of limited strength in the newer business models.
Stallion India Fluorochemicals, which was listed at the beginning of the year, was the best stock of the year. The share with an initial value of ₹90 has now reached approximately ₹214 giving an almost 138% return. The company works in the area of refrigerants and specialty gases.
Aditya Infotech, which is the owner of India’s most famous video surveillance brand CP Plus, got its stock listed at ₹675 in July. The stock is currently trading near ₹1,526, marking a gain of about 126%, driven by strong demand in the security solutions market.
E-commerce platform Meesho also made a strong impression after its IPO. Issued at ₹111, the stock has generated returns of around 112%. The issue was subscribed 81 times within three days, and the rally post-listing significantly boosted the company’s valuation, placing CEO Vidit Aatre among India’s newest billionaires.
The electric two-wheeler manufacturer Ather Energy, which went public in April, first saw its shares fall almost 6% at the start. Nevertheless, the share price quickly bounced back and has now given an increase of more than 106%, benefiting those who invested for the long run.
Mixed Fortunes for Other IPOs
While companies such as Belrise Industries and Quality Power posted gains ranging between 47% and 73%, several others struggled. Stocks like Glotis and BMW Ventures saw steep declines of nearly 55%, eroding investor wealth.
Investor Caution Remains Key
The differences in the performance of the IPOs of 2025 highlight a crucial point for investors: highly publicized IPOs do not necessarily lead to good returns. Analysts suggest that when dealing with the primary market, one should pay attention to the company’s core business,its worth, and the possibilities of growing over the long term instead of the short-lived thrill of getting listed.
