Introduction
The year 2025 has turned out to be one of the most remarkable years for Indian IPOs, with dozens of companies across industries tapping the public markets. From financial services to specialty chemicals, technology, consumer goods, and infrastructure, the IPO pipeline has been vibrant and rewarding.
What makes 2025 special is that several IPOs have delivered stellar returns beyond just the listing day pop. While some stocks doubled investors’ money from the issue price, others rewarded even those who entered at the listing price in the secondary market.
In this blog, we take a detailed look at the Best IPOs in 2025 India — highlighting the Top 10 performers by issue price returns and the Top 10 by listing price returns. We’ll also explore company backgrounds, drivers of performance, and key takeaways for investors.
IPO Boom in 2025 – Market Overview
The Indian stock market in 2025 has been buoyed by strong domestic liquidity, consistent retail participation, and resilient corporate earnings growth. Despite global macro uncertainties, Indian equities have remained a hotspot for both institutional and retail investors.
- Number of IPOs: More than 40 companies have gone public between January and August 2025.
- Key Sectors: Tech, fintech, industrials, real estate, and specialty chemicals have dominated.
- Investor Sentiment: Retail and HNI subscription levels remained strong, with many IPOs oversubscribed multiple times.
This wave reflects both India’s economic momentum and the appetite for growth stories.
How We Ranked the Best IPOs in 2025 India
To bring clarity to investors, we ranked IPOs using two key metrics:
- Issue Price to Current Price
- This shows the returns for investors who were allotted shares at the IPO price.
- Example: If an IPO was priced at ₹100 and the stock trades at ₹200 today, it gave 2x returns.
- Listing Price to Current Price
- This shows returns for investors who missed the IPO allotment but bought shares on the listing day.
- Example: If the stock listed at ₹150 and today trades at ₹225, it gave 1.5x returns.
This dual perspective helps understand how both early subscribers and secondary market entrants fared.
Top 10 Best IPOs in 2025 India by Issue Price Returns
Here are the IPOs that turned into multi-baggers since listing, ranked by returns from issue price:
| Rank | Company | Issue Price | Current Price | Return (x times) | Return % |
|---|---|---|---|---|---|
| 1 | Aditya Infotech Ltd. | ₹675 | ₹1360.45 | 2.02x | +101.55% |
| 2 | Prostarm Info Systems Ltd. | ₹105 | ₹203.26 | 1.94x | +93.58% |
| 3 | Quality Power Electrical Equipments Ltd. | ₹425 | ₹788.70 | 1.86x | +85.58% |
| 4 | Stallion India Fluorochemicals Ltd. | ₹90 | ₹147.51 | 1.64x | +63.90% |
| 5 | Belrise Industries Ltd. | ₹90 | ₹146.58 | 1.63x | +62.87% |
| 6 | National Securities Depository Ltd. (NSDL) | ₹800 | ₹1275.40 | 1.59x | +59.43% |
| 7 | Sambhv Steel Tubes Ltd. | ₹82 | ₹129.56 | 1.58x | +58.00% |
| 8 | GNG Electronics Ltd. | ₹237 | ₹344.85 | 1.46x | +45.51% |
| 9 | Anthem Biosciences Ltd. | ₹570 | ₹822.90 | 1.44x | +44.37% |
| 10 | Denta Water & Infra Solutions Ltd. | ₹294 | ₹423.40 | 1.44x | +44.01% |
Mini Profiles of the Top Performers
1. Aditya Infotech Ltd. (2.02x return)
A blockbuster IPO from the IT services space, Aditya Infotech impressed investors with strong revenue growth, global clientele, and robust margins. The IPO was oversubscribed heavily, and even after a stellar 60% listing gain, the stock continued to rally.
2. Prostarm Info Systems Ltd. (1.94x return)
This mid-sized IT solutions company delivered nearly 94% returns, driven by strong quarterly earnings and a niche positioning in system integration.
3. Quality Power Electrical Equipments Ltd. (1.86x return)
The company, known for power transformers and switchgear, benefited from India’s infrastructure push and the government’s focus on electrification.
4. Stallion India Fluorochemicals Ltd. (1.64x return)
Specialty chemicals remain a hot sector, and Stallion’s strong export orders and capacity expansion plans fuelled investor enthusiasm.
5. Belrise Industries Ltd. (1.63x return)
A smaller IPO that outperformed expectations, Belrise operates in automotive components, riding on the EV boom in India.
6. NSDL (1.59x return)
The depository giant and a backbone of India’s capital markets, NSDL, delivered 59% returns post-listing, cementing its position as a steady compounder.
7. Sambhv Steel Tubes Ltd. (1.58x return)
Steel demand recovery, government infra spending, and exports boosted this small-cap IPO’s strong post-listing rally.
8. GNG Electronics Ltd. (1.46x return)
With exposure to semiconductors and consumer electronics, GNG captured investor imagination amid India’s push for electronics manufacturing.
9. Anthem Biosciences Ltd. (1.44x return)
Pharma and biotech play, Anthem saw strong institutional buying, thanks to its pipeline and research capabilities.
10. Denta Water & Infra Solutions Ltd. (1.44x return)
Riding on India’s water infrastructure boom, Denta’s consistent order inflows and profit margins helped it shine post-IPO.
Top 10 Best IPOs in 2025 India by Listing Price Returns
Even if you missed allotment, several IPOs rewarded investors who bought on listing day. Here are the leaders:
| Rank | Company | Listing Price | Current Price | Return (x times) | Return % |
|---|---|---|---|---|---|
| 1 | Quality Power Electrical Equipments Ltd. | ₹387.90 | ₹788.70 | 2.03x | +103.33% |
| 2 | Prostarm Info Systems Ltd. | ₹126 | ₹203.26 | 1.61x | +61.32% |
| 3 | Belrise Industries Ltd. | ₹97.41 | ₹146.58 | 1.50x | +50.48% |
| 4 | Oswal Pumps Ltd. | ₹625.35 | ₹873.80 | 1.40x | +39.73% |
| 5 | Ather Energy Ltd. | ₹302.30 | ₹417.25 | 1.38x | +38.03% |
| 6 | National Securities Depository Ltd. (NSDL) | ₹936 | ₹1275.40 | 1.36x | +36.26% |
| 7 | Sambhv Steel Tubes Ltd. | ₹97.59 | ₹129.56 | 1.33x | +32.76% |
| 8 | Aditya Infotech Ltd. | ₹1082.65 | ₹1360.45 | 1.26x | +25.66% |
| 9 | Denta Water & Infra Solutions Ltd. | ₹341.25 | ₹423.40 | 1.24x | +24.07% |
| 10 | Stallion India Fluorochemicals Ltd. | ₹126 | ₹147.51 | 1.17x | +17.07% |
Key Observations
- Quality Power Electrical Equipments tops this list, doubling from listing price, making it a winner for secondary market investors.
- Aditya Infotech, while a superstar from issue price, slips to #8 here due to its massive listing premium.
- Ather Energy emerges in this list, rewarding investors who entered post-listing with a 38% gain.
Key Takeaways & Sectoral Trends
- Tech & IT services (Aditya Infotech, Prostarm, GNG) continued to dominate IPO returns.
- Industrial plays (Quality Power, Belrise, Sambhv, Oswal) benefited from India’s infrastructure growth story.
- Specialty chemicals (Stallion) and pharma/biotech (Anthem) showed that niche sectors can generate strong investor wealth.
- Financial services (NSDL) proved that stable, established companies also deliver reliable returns.
Interestingly, mid-cap and small-cap IPOs outperformed large-cap IPOs, showing that investor appetite for growth is higher in emerging businesses.
Should You Still Buy These IPO Winners?
While these IPOs have delivered excellent returns, investors should be cautious before chasing them at higher valuations.
- Risks: Overvaluation, sector cyclicality, and profit booking by early investors.
- Opportunities: Many of these companies operate in high-growth industries (IT, infra, chemicals, pharma). Long-term prospects remain positive if fundamentals align.
- Strategy: Instead of chasing past winners blindly, look for upcoming IPOs in similar sectors that are still reasonably priced.
Conclusion
The year 2025 has been a landmark year for Indian IPOs. From Aditya Infotech doubling investors’ money from the issue price to Quality Power Electrical Equipments delivering over 2x gains even from listing price, IPOs proved to be a powerful wealth creation tool.
The Best IPOs in 2025 India reflect not only strong businesses but also investor confidence in India’s growth story. Whether you were an early subscriber or entered on listing day, many IPOs rewarded handsomely.
As we move forward, the IPO market is likely to remain vibrant, and with careful selection, investors can continue to find multi-bagger opportunities in India’s dynamic capital markets.
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