The Indian stock market’s defiance of global trends has bolstered investor confidence in initial public offerings (IPOs). After delivering one of its strongest performances in 2024, India’s IPO market has regained momentum in 2025. So far, over 25 mainboard IPOs have debuted this year, with nearly 70%, around 18 issues, enjoying strong post-listing gains.
Above this, nearly 20 IPOs are opened at a premium range, which indicates a continued demand on the listing day, with Quality Power Electrical Equipment, Quadrant Future Tek, etc, emerging as strong performers, according to an Economic Times analysis of India’s IPO data.
IPO Data Analysis
Nearly 5 IPOs were listed this year below their issue price, with four of them trading below their issue price. Out of all the stocks listed this year, trading for five companies began and one of them is yet to commence as of July 2, 2025.
Top IPO Gainers Of The Year 2025
In the first half of the year 2025, HDB Financial Services, Hexaware Technologies, Schloss Bangalore, Dr Agarwal’s Health Care, Ather Energy, Aegis Vopak Terminals, Belrise Industries, Oswal Pumps and Ajaz Engineering were among the major IPO offerings.
Stellar IPO Listing In 2025 So Far
| IPO Name | Amount Raised (₹ Cr) |
|---|---|
| HDB Financial Services | ₹12,500 Cr |
| Hexaware Technologies | ₹8,750 Cr |
| Schloss Bangalore | ₹3,500 Cr |
| Dr. Agarwal’s Health Care | ₹3,027 Cr |
| Ather Energy | ₹2,981 Cr |
| Aegis Vopak Terminals | ₹2,800 Cr |
| Belrise Industries | ₹2,150 Cr |
| Kalpataru | ₹1,590 Cr |
| Oswal Pumps | ₹1,387 Cr |
| Ajax Engineering | ₹1,269 Cr |
How IPOs Launched In FY26 Performing?
As per Axis Capital’s report, out of the 79 IPOs listed in the stock market in the financial year 2024-25 (FY25), 48 companies were trading above their issue price, and nearly 28% of them made listing day gain. Coming to financial year 2025-26 (FY26), nine IPOs have been listed so far with 7 of them trading above their issue price. However, only 3% of the IPOs listed made listing day gain.
| Sr No. | Company Name | Face Value (₹) | Issue Opening Date | Issue Size (₹ Cr) | Issue Size ($ Mn) | Issue Price (₹) | Listing Date | Listing Price (₹) | Listing Gain (%) |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Indogulf Cropsciences | 10 | 26-Jun | 200 | 23 | 111 | – | – | – |
| 2 | HDB Financial Services | 10 | 25-Jun | 12,500 | 1,461 | 740 | 02-Jul | 835 | 13% |
| 3 | Sambv Steel Tubes | 10 | 25-Jun | 63 | 8 | 82 | 01-Jul | 110 | 34% |
| 4 | Kalpataru | 10 | 24-Jun | 1,590 | 186 | 414 | 01-Jul | 494 | 19% |
| 5 | Ellenbarrie Industrial Gases | 10 | 24-Jun | 400 | 47 | 100 | 01-Jul | 132 | 32% |
| 6 | Globe Civil Projects | 10 | 24-Jun | 119 | 14 | 71 | 01-Jul | 51 | -28% |
| 7 | Aris Infra Solutions | 2 | 18-Jun | 140 | 17 | 46 | 28-Jun | 60 | 30% |
| 8 | Oswal Pumps | 10 | 13-Jun | 1,387 | 162 | 615 | 18-Jun | 638 | 4% |
| 9 | Scoda Tubes | 10 | 12-Jun | 168 | 20 | 110 | 17-Jun | 118 | 7% |
| 10 | Prostram Info Systems | 10 | 27-May | 268 | 32 | 103 | 03-Jun | 115 | 12% |
| 11 | Aegis Vopak Terminals | 10 | 28-May | 2,800 | 327 | 420 | 02-Jun | 405 | -4% |
| 12 | Schloss Bangalore | 5 | 20-May | 3,500 | 409 | 495 | 02-Jun | 466 | -6% |
| 13 | Belrise Industries | 5 | 20-May | 2,150 | 251 | 380 | 27-May | 348 | -9% |
| 14 | Borana Weaves | 10 | 20-May | 145 | 17 | 216 | 27-May | 243 | 13% |
| 15 | Ather Energy | 1 | 28-Apr | 2,981 | 348 | 321 | 06-May | 326 | 2% |
Upcoming IPOs in 2025
In the second half of the year 2025, multiple companies are planning to bring their IPOs, including NSDL, Vikram Solar, JSW Cement, Kent RO, Anthem Biosciences, etc.
“The pipeline of issues continues to be healthy as 77 companies, including big names like JSW Cement, Hero Fincorp, NSDL, Vikram Solar, LG Electronics India, Kent RO, Anthem Biosciences, Travel Food Services, Bluestone Jewellery and Lifestyle, Euro Pratik Sales are presently holding SEBI approval waiting to hit the market, while another 80 (including Pre-filing) are awaiting SEBI approval,” read a report by Axis Capital Report, .
The market capitalisation of nearly 286 companies, covered in IPO Monitor by Axis Securities, has experienced an increase of 3.45% in June 2025 to Rs 46,14,081 crore against their market capitalisation in May.