65% IPOs Gave Gains in 2025, But Only 41% Stayed Above Listing Price

2025 felt like a year where IPOs kept coming, but confidence did not always stay after listing day. There were 108 mainboard IPOs, and together they raised ₹1,83,432 crore, which shows a strong supply of new issues and strong investor participation with a median subscription of around 22 times.​

This IPO wrap will help you see the year clearly: how the IPO market changed vs past years, what the listing-day numbers really mean, where hype failed, and what patterns a retail investor can actually use next time.​

Year-on-Year Snapshot: Fundraising Strong, Gains Collapsed

In 2025, the number of IPOs rose to 108 from 93 in 2024, while total money raised moved to ₹1,83,432 crore from ₹1,80,377 crore. The key change was not fundraising; it was outcome: median listing gains fell sharply to 3.8% in 2025 from 15.2% in 2024 (and 16.5% in 2023).​

This matters because “median listing gain” is the middle listing-day return, so it reflects what a typical IPO delivered, not just a few blockbuster listings.

Source: chittorgarh.com

IPO Reality Check: Listing Green, Holding Turned Painful

On listing day, 65% IPOs listed at a profit and 23% listed at a loss (the remaining listed flat with no gain or loss), while the median listing gain was 3.8%. That sounds “okay” until you look at what happened after: 59% (64 IPOs) are trading below their listing price, and only 41% (44 IPOs) are above it, as of year-end (Dec 31, 2025).​

The key takeaway is: listing gains are not the same as investment returns, and a good debut does not guarantee the stock stays strong.​

Hype vs Reality: Subscription Didn’t Predict Listing Day

2025 gave a clear lesson that high subscription is not the same as a good listing. Examples: VMS TMT IPO was subscribed 102.2x but listed at -4.38%, and Studds Accessories was subscribed 73.2x but listed at -3.42%.​

On the other side, Jain Resource Recycling had a 15.9x subscription (decent but below the median subscription level) but delivered 37.91% listing gain, and PhysicsWallah had just 1.81x subscription but still delivered 33.03% listing gain. The practical message is to avoid applying just because an IPO is “in demand”; demand can be driven by short-term excitement, while listing depends heavily on fundamentals, pricing, and expectations.​

Best Performing IPOs of 2025 (in terms of listing gains)

A few IPOs delivered strong opening-day gains, showing that the market felt the pricing was attractive (or demand was unusually strong). The best listing gains in 2025 were led by Highway Infrastructure (IPO price 70, listing price 115, listing gain 64%) and Urban Company (IPO price 103, listing price 162, listing gain 58%).​

Other big winners on listing included Aditya Infotech (50%), LG Electronics (50%), GNG Electronics (50%), and Meesho (46%). Still, 2025 also showed that even big listing gains do not automatically mean the stock stays above the listing price later, so “hold vs sell” needs separate thinking.​

Out of these best performers, only Meesho and Aditya Infotech remained above the listing price as of December 31, 2025.

Worst Performing IPOs of 2025 (in terms of listing gains)

Some IPOs started weak on listing day, which usually signals that the issue price was not supported by market demand. The worst listing performers include Glottis (IPO price 129, listing price 84, listing gain -35%) and Om Freight Forwarders (IPO price 135, listing price 90, listing gain -33%).

Also in the poor-listing group were BMW Ventures (-29% listing gain), Laxmi India Finance (-13%), Brigade Hotel Ventures (-10%), and Fabtech Technologies (-9%). However, as of December 31, 2025, Om Freight Forwarders and Fabtech Technologies are 6.23% and 13.52% above the listing price, respectively.​

These are reminders that “IPO = quick profit” is not a safe assumption, especially when pricing leaves little room for error.​

What 2025 taught investors

• A green listing day (65% IPOs) did not protect investors later, because 59% IPOs are now below the listing price.​
• Median listing gain of 3.8% means the typical IPO did not offer a big “margin of safety” for quick listing profits.​
• Heavy subscription did not guarantee gains (example: VMS TMT at 102.2x still listed as negative).​
• Low subscription did not mean failure (example: PhysicsWallah at 1.81x still listed with 33.03% gain).​
• Big-ticket IPOs broke an old fear: there were 4 IPOs raising more than ₹10,000 crore, and 3 of them gave more than 10% returns, including LG Electronics India with 50% returns.​

Final Investor Scorecard

Quick-glance memory table for investors.

Source: chittorgarh.com

Final Take

For 2025, the market’s message was calm but firm: IPOs were plentiful, but easy money was not. Going forward, discipline matters more than luck: treat the IPO price as the real decision point, not the subscription headline or grey-market noise.​

A thoughtful retail approach is simple: apply when the valuation looks reasonable, avoid rushing into “hot” issues, and be ready for the fact that even a positive listing can turn into a weak post-listing return.​

For more IPOs, check INDmoney’s IPO tracker here.

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