Out of the 365 IPOs, 106 IPOs were of the Mainboards, collecting ₹1.83 trillion, which contributes almost 94% of the total amount, highlighting the strong IPO performance 2025.
In terms of IPO performance, the year 2024 was no less than 2025. In 2024, the companies raised ₹1.90 trillion from 336 IPOs.
From 2019 to 2023, companies have raised ₹3.2 trillion through IPOs. While in the last 2 years of IPO performance, the companies have collected ₹3.8 trillion from a total of 701 IPOs, which is more than in the entire five-year collection.
In the last 2 years, a total of 198 Mainboard IPO were launched, raising over ₹3.6 trillion, which plays an important role in raising money for business growth. One of the biggest highlights of IPO performance 2025 was Tata Capital’s ₹15,511.87 crore IPO, being the best highlight of 2025.
Along with new startups, many big companies in the sector, like energy, infrastructure, and manufacturing, have launched their IPO this year. Investors also showed strong interest in mid and small companies. In fact, many SME IPOs have subscribed over 100 times. Also, around 55% of the mainboard IPO are trading above their listing prices, showing strong investor demand and positive market sentiment.
The reason behind the successful year of IPO performance 2025 was the strong interest of Retail investors. With many IPOs, the retail portion was seen to be fully subscribed within a few years, indicating a strong market sentiment. In 2025, we also saw an increased number of demat accounts opened, and investment in mutual funds brought more money to the market.
The IPO performance 2025 was not only one of the greatest years of fundraising, but also in terms of listing gains. Many IPOs this year have given us listing gains of more than 50% to even 100% on the first day of listing.
According to Motilal Oswal, the IPO market is expected to skyrocket in the future as well, with high retail participation and steady institutional investments. Sectors like Telecommunications, E-commerce, Financial Services, Quick Commerce, and Automobile are expected to launch their IPO in 2026 and drive strong market activity.
Top 10 Mainboard IPO With Highest Listing Gains in 2025
| Company | Opening Date | Issue Price (Rs.) | Issue Amount (in Cr.) | Subscription (x) | Listing Date | Gain (%) |
| Highway Infrastructure | Aug 5, 2025 | ₹70 | ₹130.00 | 256.33 | Aug 12, 2025 | 72.5 |
| Urban Company | Sep 10, 2025 | ₹103 | ₹1,900.24 | 60.14 | Sep 17, 2025 | 61.97 |
| Aditya Infotech | July 29, 2025 | ₹675 | ₹1,300.00 | 58.82 | Aug 5, 2025 | 60.39 |
| Meesho | Dec 3, 2025 | ₹111 | ₹5,421.20 | 45.28 | Dec 10, 2025 | 53.23 |
| Quadrant Future Tek | Jan 7, 2025 | ₹290 | ₹290 | 108.05 | Jan 14, 2025 | 53.1 |
| LG Electronics | Oct 7, 2025 | ₹1,140 | ₹11,607.01 | 38.03 | Oct 14, 2025 | 48.24 |
| PhysicsWallah | Nov 11, 2025 | ₹109 | ₹3,480.00 | 1.49 | Nov 18, 2025 | 42.42 |
| GNG Electronics | July 23, 2025 | ₹237 | ₹460.43 | 107.66 | Jul 30, 2025 | 40.67 |
| Stallion India Fluorochemicals | Jan 16, 2025 | ₹90 | ₹199.45 | 131.49 | Jan 23, 2025 | 40 |
| Corona Remedies | Dec 8, 2025 | ₹1,062 | ₹655.37 | 101.01 | Dec 15, 2025 | 35.44 |
Top 10 SME IPO With Highest Listing Gains in 2025
| Company | Opening Date | Issue Price (Rs.) | Issue Amount (in Cr.) | Subscription (x) | Listing Date | Gain (%) |
| Avax Apparels | Jan 7, 2025 | ₹70 | ₹1.82 | 266.41 | Jan 14, 2025 | 99.5 |
| Exato Technologies | Nov 28, 2025 | ₹140 | ₹35.57 | 656.94 | Dec 5, 2025 | 99.5 |
| Luxury Time | Dec 4, 2025 | ₹82 | ₹16.98 | 443.97 | Dec 11, 2025 | 99.5 |
| Shyam Dhani Industries | Dec 22, 2025 | ₹70 | ₹36.53 | 690.06 | Dec 30, 2025 | 99.5 |
| Sawaliya Foods Products | Aug 7, 2025 | ₹120 | ₹33.08 | 9.6 | Aug 14, 2025 | 99.5 |
| Indobell Insulations | Jan 6, 2025 | ₹46 | ₹9.63 | 55.38 | Jan 13, 2025 | 99.5 |
| Airfloa Rail Technology | Sep 11, 2025 | ₹140 | ₹86.53 | 210.19 | Sep 18, 2025 | 99.5 |
| Srigee DLM | May 5, 2025 | ₹99 | ₹16.12 | 343.18 | May 12, 2025 | 99.49 |
| Kabra Jewels | Jan 15, 2025 | ₹128 | ₹36.29 | 251.82 | Jan 22, 2025 | 99.49 |
| Fabtech Technologies | Jan 3, 2025 | ₹85 | ₹26.34 | 476.37 | Jan 10, 2025 | 99.49 |
Top 10 Mainboard IPO By Biggest Issue Size in 2025
| Company | Opening Date | Issue Price (Rs.) | Issue Amount (in Cr.) | Subscription (x) | Listing Date | Listing Price (Rs.) |
| Tata Capital | Oct 6, 2025 | ₹326 | ₹15,511.87 | 1.65 | Oct 13, 2025 | ₹330 |
| HDB Financial Services | Jun 25, 2025 | ₹740 | ₹12,500.00 | 13.07 | Jul 2, 2025 | ₹835 |
| LG Electronics | Oct 7, 2025 | ₹1,140 | ₹11,607.01 | 38.03 | Oct 14, 2025 | ₹1,710.1 |
| ICICI Prudential AMC | Dec 12, 2025 | ₹2,165 | ₹10,602.65 | 28.19 | Dec 19, 2025 | ₹2,600 |
| Hexaware Technologies | Feb 12, 2025 | ₹708 | ₹8,750.00 | 2.25 | Feb 19, 2025 | ₹745.5 |
| Lenskart | Oct 31, 2025 | ₹402 | ₹7,278.02 | 16.01 | Nov 10, 2025 | ₹395 |
| Groww | Nov 4, 2025 | ₹100 | ₹6,632.30 | 10.09 | Nov 12, 2025 | ₹112 |
| Meesho | Dec 3, 2025 | ₹111 | ₹5,421.20 | 45.28 | Dec 10, 2025 | ₹162.50 |
| NSDL | Jul 30, 2025 | ₹800 | ₹4,010.95 | 28.84 | Aug 6, 2025 | ₹880 |
| Pine Labs | Nov 7, 2025 | ₹221 | ₹3,900.17 | 1.81 | Nov 14, 2025 | ₹242 |
Top 10 SME IPO By Biggest Issue Size in 2025
| Company | Opening Date | Issue Price (Rs.) | Issue Amount (In Cr.) | Subscription (x) | Listing Date | Listing Price (Rs.) |
| Safe Enterprises | Jun 20, 2025 | ₹138 | ₹161.13 | 3.93 | Jun 27, 2025 | ₹151 |
| CapitalNumbers Infotech | Jan 20, 2025 | ₹263 | ₹160.69 | 95.54 | Jan 27, 2025 | ₹274 |
| Monika Alcobev | Jul 16, 2025 | ₹286 | ₹153.68 | 3.16 | Jul 23, 2025 | ₹288 |
| Unified Data-Tech | May 22, 2025 | ₹273 | ₹137.17 | 49.24 | May 29, 2025 | ₹285 |
| True Colors | Sep 23, 2025 | ₹191 | ₹121.54 | 32.23 | Sep 30, 2025 | ₹181.45 |
| Shree Refrigerations | Jul 25, 2025 | ₹125 | ₹111.44 | 134.24 | Jul 31, 2025 | ₹169.85 |
| Systematic Industries | Sep 24, 2025 | ₹195 | ₹109.75 | 4.66 | Oct 1, 2025 | ₹191 |
| Chandan Healthcare | Feb 10, 2025 | ₹159 | ₹101.88 | 5.48 | Feb 17, 2025 | ₹165.1 |
| Tejas Cargo | Feb 14, 2025 | ₹168 | ₹100.54 | 1.17 | Feb 24, 2025 | ₹175 |
| Bai Kakaji Polymers | Dec 23, 2025 | ₹186 | ₹99.9 | 4.46 | Dec 31, 2025 | ₹190 |
List of Highest Mainboard IPO subscription in 2025
| Company | Issue Size | IPO Price | QIBs | NIIs | RIIs | Total Subscribed | Listing Gain |
| Highway Infrastructure | ₹130 Cr | ₹70 | 432.71x | 473.1x | 164.48x | 316.64x | 115 (64.29%) |
| Indo Farm Equipment | ₹260.15 Cr | ₹215 | 242.4x | 501.75x | 101.79x | 227.67x | 256 (19.07%) |
| Denta Water | ₹220.50 Cr | ₹294 | 236.94x | 507.07x | 90.38x | 221.54x | 325 (10.54%) |
| Stallion India | ₹199.45 Cr | ₹90 | 172.93x | 422.35x | 96.81x | 188.32x | 120 (33.33%) |
| Quadrant Future Tek | ₹290 Cr | ₹290 | 139.77x | 268.03x | 256.46x | 195.96x | 370 (27.59%) |
| Standard Glass Lining | ₹410.05 Cr | ₹140 | 327.76x | 275.21x | 65.71x | 185.48x | 172 (22.86%) |
| Regaal Resources | ₹306 Cr | ₹102 | 190.96x | 356.72x | 57.75x | 159.87x | 141 (38.24%) |
| GNG Electronics | ₹460.43 Cr | ₹237 | 266.21x | 226.44x | 47.36x | 150.21x | 355 (49.79%) |
| Borana Weaves | ₹144.89 Cr | ₹216 | 85.53x | 237.41x | 200.5x | 147.85x | 243 (12.50%) |
| Corona Remedies | ₹655.37 Cr | ₹1,062 | 293.8x | 220.18x | 30.39x | 144.54x | 1470 (38.42%) |
List of Highest SME IPO subscription in 2025
| Company | Issue Size | IPO Price | QIBs | NIIs | RIIs | Total Subscribed | Listing Gain |
| Austere Systems | ₹14.78 Cr | ₹55 | 236.5x | 2149.19x | 1090.81x | 1076.99x | 75.55 (37.36%) |
| Shyam Dhani Industries | ₹36.53 Cr | ₹70 | 256.24x | 1612.65x | 1137.92x | 988.29x | 133 (90.00%) |
| Exato Technologies | ₹35.57 Cr | ₹140 | 327.08x | 1488.72x | 1068.74x | 947.21x | 266 (90.00%) |
| Fabtech Technologies | ₹26.34 Cr | ₹85 | 224.5x | 1485.52x | 715.05x | 740.37x | 161.50 (90.00%) |
| Chamunda Electricals | ₹13.77 Cr | ₹50 | 155.85x | 1943.09x | 554.13x | 737.97x | 70 (40.00%) |
| TechD Cybersecurity | ₹37.03 Cr | ₹193 | 284.17x | 1279.03x | 726.06x | 718.3x | 366.70 (90.00%) |
| Cryogenic OGS | ₹16.88 Cr | ₹47 | 209.59x | 1155.38x | 773.7x | 694.9x | 89.30 (90.00%) |
| Luxury Time | ₹16.98 Cr | ₹82 | 205.58x | 676.95x | 860.53x | 635.53x | 155.80 (90.00%) |
| Parmeshwar Metal | ₹23.49 Cr | ₹61 | 177.32x | 1202.83x | 597.09x | 607.07x | 84.50 (38.52%) |
| BLT Logistics | ₹9.01 Cr | ₹75 | 81.8x | 1017.63x | 637.2x | 560.69x | 90.95 (21.27%) |
