This 2025 IPO report explains everything you need to know about IPOs, covering both Mainboard and SME listings, from the ground up.
IPO 2025- Trends and Market Overview
To begin with, the primary market in 2025 has performed overall well, with approximately 103 Mainboard IPOs and 270 SME IPOs, with listing gains and losses across these offerings.
According to IPO data, 103 companies launched mainboard IPOs in 2025, raising ₹1,75,901 crore, which was 10% more than the previous record in 2024. This is the first time India has seen record IPO fundraising for two years in a row.
In addition, the mainboard & SME IPO have performed extremely well, providing an unexpected premium to the investors. Not only listing gain, but also after the listings, mostly companies reached on it’s peak and hit the market. Further, various companies have also offered long-term profit and built trust among people.
Let’s talk about the Mainboard IPOs 2025, including Tata Capital, HDB Financial Services, JSW Cement, Ather Energy, Sudeep Pharma, Vidya Wires, Wakefit Innovations, Belrise Industries, and Aequs Ltd. The entire IPO 2025 calendar is given below.
Top 10 Mainboard IPO with the Premium Listing
| IPOs Name | Opening Date | Closing Date | Issue Size | Price Band | Listing Gain |
| Stallion India | 16 Jan, 2025 | 20 Jan, 2025 | ₹199.45 Cr | ₹85 to ₹90 | Approx 33% |
| GNG Electronics | 23 July, 2025 | 25 July, 2025 | ₹460.43 Cr | ₹225 to ₹237 | Approx 50% |
| Aditya Infotech | 29 July, 2025 | 31 July, 2025 | ₹1,300.00 Cr | ₹640 to ₹675 | Approx 50% |
| Highway Infrastructure | 5 Aug, 2025 | 7 Aug, 2025 | ₹130.00 Cr | ₹65 to ₹70 | Approx 64% |
| Urban Company | 10 Sep, 2025 | 12 Sep, 2025 | ₹1,900.24 Cr | ₹98 to ₹103 | Approx 56% |
| LG Electronics | 7, Oct, 2025 | 9 Oct, 2025 | ₹11,607.01 Cr | ₹1080 to ₹1140 | Approx 50% |
| Physicswallah | 11 Nov, 2025 | 13 Nov, 2025 | ₹3,480.00 Cr | ₹103 to ₹109 | Approx 33% |
| Sudeep Pharma | 21 Nov, 2025 | 25 Nov, 2025 | ₹895 Cr | ₹563 to ₹593 | Approx 25% |
| Meesho | 3 Dec,2025 | 5 Dec, 2025 | ₹5,421.20 Cr | ₹105 to ₹111 | Approx 45% |
| Corona Remedies | 8 Dec, 2025 | 10 Dec, 2025 | ₹655.37 Cr | ₹1008 to ₹1062 | Approx 38% |
- One of the leading “NSDL IPO” also had satisfactory subscription, especially QIBs, resulting in it being listed with a approx 10% premium, and that constant jump in the profit was unexpected.
- HDB Financial Services IPO was also listed with around a 12 to 13% premium.
- Early 2025 IPO “ Standard Glass Lining Technology Ltd” & Quadrant Future Tek both have offered approx 26 to 28% premium.
- Belrise Industries Ltd. and Prostram Infotech were both listed in BSE and NSE with a premium of approx 10 to 14 %.
TOP 10 High-profit SME IPOs with good listings
| IPOs Name | Opening Date | Closing Date | Issue Size | Price Band | Listing Gain |
| Fabtech Technologies | 3 Jan, 2025 | 7 Jan, 2025 | ₹27.74 Cr | ₹80 to ₹85 | Approx 90% |
| Tankup Engineers | 23 Apr, 2025 | 25 Apr, 2025 | ₹19.53 Cr | ₹133 to ₹140 | Appro 25% |
| Sacheerome | 9 Jun, 2025 | 11 Jun, 2025 | ₹61.62 Cr | ₹96 to ₹102 | Approx 50% |
| Monolithisch India | 12 Jun, 2025 | 16 Jun, 2025 | ₹82.02 Cr | 135 to 143 | Approx 60% |
| Cryogenic OGS | 3 July, 2025 | 7 July, 2025 | ₹17.77 Cr | ₹44 to ₹47 | Approx 90% |
| Anondita Medicare | 22 Aug, 2025 | 26 Aug, 2025 | ₹69.50 Cr | ₹137 to ₹145 | Approx 90% |
| TechD Cybersecurity | 15 Sep, 2025 | 17 Sep, 2025 | ₹38.99 Cr | ₹183 to ₹193 | Approx 90% |
| Zelio E‑Mobility | 30 Sep, 2025 | 3 Oct, 2025 | ₹78.34 Cr | ₹129 to ₹136 | Approx 50% |
| Shyam Dhani | 22 Dec, 2025 | 24 Dec, 2025 | ₹38.49 Cr | ₹65 to ₹70 | Approx 90% |
IPO Market 2025 Overview:- Bullish Market and Bearish Market 2025
The primary market in 2025 faces varied ups and downs due to certain reasons, wherein some IPOs have given poor performance.
Bullish Market 2025
In the bullish era of 2025, in mostly IPOs, Institutional investors stayed active, with qualified buyers, including anchor investors, making up 62% of all IPO subscriptions. For the first time, mutual funds became bigger anchor investors than foreign portfolio investors (FPIs).
According to Money Control, even though FPIs sold a net ₹ 2.30 lakh crore in the stock market, they invested about ₹73,000 crore in new IPOs in 2025. Mutual funds made up 22% of all IPO subscriptions.
The SME IPO market was busy in 2025, with 267 issues raising Rs 11,430 crore—30% more than in 2024.
Bearish Market 2025
Trump’s tariff announcements and the India-Pakistan tensions caused market uncertainty. As a result, many Mainboard & SME IPOs that listed during this period debuted at discounts.
From all the IPOs of 2025, varied IPOs were listed with a discount due to poor demand, market uncertainty, and lower GMP.
The IPO market received ₹3.06 lakh crore from IPO and other offeings comparison of ₹3.74 lakh crore in 2024.
As per Moneycontrol, IPO listings did worse in 2025, which hurt investor confidence. The average gain on listing dropped to 10% from 30% in 2024.
