Key Takeaways:
- India IPOs 2025 delivered 102 mainboard listings and raised about ₹1.8 trillion, signalling strong market participation.
- Around 70% of new issues opened higher on debut, with several posting outsized listing-day gains and a minority registering sharp losses.
- On a longer horizon, Stallion India Fluorochemicals, Ather Energy and Aditya Infotech lead gains versus issue price while Glottis and Gem Aromatics lag.
- Analysts foresee an even larger pipeline for 2026, with 190–200 companies and over ₹2.5–4 trillion of potential capital raising, reinforcing the constructive outlook for the India IPO market 2025.
India’s primary market recorded one of its busiest years in 2025, with 102 companies listing on the mainboard and raising roughly ₹1.8 trillion, data from Prime Infobase shows. Investor appetite remained strong for much of the year, although performance varied significantly across individual issues.
India IPOs 2025
About 70 per cent of the 102 firms that went public ended their first trading session in positive territory. Twenty-five stocks surged between 20 and 75 per cent on debut, 13 gained 10–19 per cent and another 25 rose modestly by 1–10 per cent. In contrast, six companies slid 15–35 per cent and 24 declined by 1–10 per cent on listing day.
Highway Infrastructure topped the list of listing-day winners with gains above 75 per cent, while Urban Company and Meesho each jumped about 62 per cent. Other strong debut performers included Aditya Infotech, Quadrant Future Tek, LG Electronics, Corona Remedies and PhysicsWallah. On the losing side, Om Freight Forwarders and Glottis fell around 35 per cent from issue price on listing day, with BMW Ventures and Arisinfra Solutions down more than 20 per cent.
Looking beyond listing-day moves, the picture shifts when comparing current market price with issue price. Stallion India Fluorochemicals has been the biggest gainer on this measure, trading about 159 per cent above its issue price as of 29 December 2025, followed by Ather Energy and Aditya Infotech. Belrise Industries and Quality Power Electrical Equipments also recorded substantial gains since listing. Conversely, Glottis trades roughly 54 per cent below its issue price and Gem Aromatics and VMS TMT are also materially lower.
Market participants and analysts described the 2025 cycle as evidence of structural maturity in India’s capital markets rather than mere short-term exuberance. Robust domestic liquidity, steady retail participation through systematic investment plan flows and improving market depth helped absorb the heavy supply of new issuances even as secondary markets experienced bouts of volatility.
Research head Prashanth Tapse of Mehta Equities expects a strong 2026 pipeline, with an estimated 190–200 companies planning to tap markets and aggregate fundraising potential of over ₹2.5 trillion. He flagged several marquee candidates that could anchor the next cycle, including Reliance Jio Platforms, National Stock Exchange, Flipkart, PhonePe, OYO and SBI Mutual Fund. These listings are likely to boost participation and liquidity, but analysts emphasised the need for valuation discipline and clear earnings visibility.
Pantomath Capital noted that mainboard IPO activity crossed the 100-issue mark in 2025 for the first time since 2007, and India ranked among the top three global markets for IPO proceeds in the year. The investment bank highlighted continuity across issue sizes, with strong traction in the ₹100–500 crore and ₹1,000–2,000 crore segments, signalling broader market depth.
Overall, the outlook for India’s primary market remains constructive as it heads into 2026. While the high volume of listings and capital raised points to healthy investor engagement, market observers caution that selective investment decisions and attention to fundamentals will be crucial as larger marquee offerings reshape liquidity dynamics in the year ahead.
