Key Takeaways from IPOs listed in 2025 - IPO Stack
Welcome to IPOStack’s live tracker for all IPOs listed in India in 2025. Unlike the prior year pages on this tracker — which capture cohorts whose full market journey can already be studied in hindsight — the 2025 page is a living document. It is updated as more data becomes available across the year, and some of the companies listed here are too recent to draw reliable long-term conclusions from.
2025 has already established itself as the most diverse and ambitious year for Indian IPOs in this tracker’s history. One hundred and three companies have come to the market — surpassing 2024’s record of 83 — ranging from a ₹15,511 crore Tata Group financial services giant to tiny infrastructure micro-caps raising less than ₹120 crore.
The year has delivered stunning early returns from some of the most lightly subscribed issues, continued the tracker’s now twelve-year pattern of extreme subscription predicting long-term losses, introduced India’s first major EV two-wheeler success story in the public markets, and seen the arrival of a wave of new-age consumer internet unicorns — Groww, Meesho, Lenskart, Urban Company, PhysicsWallah — whose performance is already being watched as closely as Paytm and Nykaa were in 2021.
Out of the 103 IPOs with data on this page, 37 are currently showing positive returns from their listing price and 66 are in negative territory — a ratio that reflects both the difficulty of sustaining listing-day premiums in a market that has become more discerning, and the continuing challenge for smaller, less fundamental businesses that attract retail frenzy at subscription but fail to deliver earnings growth after listing.
How to Read this:
Issue Price is the per-share price at which the company offered its shares to the public during the IPO.
Listing Price is the stock exchange opening price on the day the company was officially listed. Comparing this with the Issue Price tells you whether the IPO had a strong debut (listing above issue price) or a weak one (listing below issue price).
CMP (Current Market Price) is the latest available trading price of the stock. This tells you where the stock price is today, years after the listing.
Chg Since Listing is arguably the most important column on this page. It shows the percentage change between the Listing Price and the CMP — meaning how much an investor who bought at the listing and held until today has gained or lost. This is the core metric IPO Stack tracks across every year.
Subscribed tells you how many times the issue was oversubscribed during the bidding period. A higher subscription multiple means stronger investor demand at the time of the IPO. A lower subscription means low demand.
52-Week High / Low gives you context on recent price action — whether a stock is currently trading near its annual peak or its annual bottom. This allows investors to make up their minds to invest or not.
CHG 1D points at the change that occurred in 1 day. It is the comparision on the price of stock on CMP (current market price) vs pClose (previous day price at market close) %CHG indicates the percentage of change that occurred in 1 day.
Key Takeaways from IPO 2025 by IPOStack:
Ather Energy is the defining IPO of 2025 so far — and the most important correction to the EV narrative that Ola Electric damaged in 2024. At +161.52% from a listing price that nobody wanted, Ather has demonstrated that India can produce a world-class EV business that earns investor confidence through product quality and customer loyalty rather than through brand hype alone. The contrast between Ather (1.5× subscribed, +162%) and Ola Electric (4.45× subscribed, −67%) within consecutive years is one of this tracker’s most instructive paired comparisons.
Quality Power (+124%) and Ather (+162%) are both subscribed under 1.5 times and are 2025’s two best performers. The pattern — now entering its thirteenth year without exception on this tracker — is as clear as the clearest finding in Indian primary market history. The market consistently underestimates and undersubscribes the businesses that subsequently deliver the greatest long-term returns. The explanation is straightforward: businesses with genuine structural advantages in unglamorous sectors do not generate subscription excitement, but they do generate earnings growth. And earnings growth is what drives stock prices over time.
Highway Infrastructure at 316.64× subscription and −56% from listing is 2025’s entry in the subscription destruction column. Thirteen years. Hundreds of data points. The most subscribed small-company IPO of every year in this archive has delivered significant losses. The mechanism is consistent: tiny issue size, low-quality or unproven business, extremely high absolute subscription multiples driven by retail momentum — and a listing price that bears no relationship to fundamental value. The correction follows.
The new-age consumer internet class of 2025 is off to a mixed start. Groww (+72.90%) is the standout positive — and its profitability trajectory differentiates it sharply from the 2021 internet class. Lenskart (+38.52%) has also performed well early. But Meesho (+0.92%), Urban Company (−16.35%), PhysicsWallah (−30%), and Pine Labs (−27%) are all in negative territory from their listing prices. The market in 2025 appears to be more discriminating than it was in 2021 — rewarding profitable platforms (Groww) and penalising businesses still burning capital (PhysicsWallah, Urban Company). Whether this discipline holds as the year matures will define the 2025 internet IPO legacy.
Tata Capital, LG Electronics India, and Hexaware — three of the year’s four largest issues — are all currently negative or flat from listing prices. The mega-IPO problem that has afflicted LIC (2022) and Hyundai (2024) appears to be structural: issues large enough to move market indices are almost by definition priced to fully reflect near-term value, leaving insufficient margin for listing-day investors. Large issue size and strong brand are not predictors of positive returns from the listing price. This tracker’s data — across twelve completed years — makes this conclusion inescapable.
Healthcare continues its unbroken streak — now entering its thirteenth year. Dr. Agarwal’s Health Care (+8.46%), Rubicon Research (+35.27%), Park Medi World (+31.93%), Nephrocare Health Services (+14.90%), and Anlon Healthcare (+40.82%) are all positive from their listing prices. The healthcare sector has now delivered at least one positive returning IPO in every single year from 2013 through 2025 — a record unmatched by any other sector across this entire archive. The businesses are defensible, the demand is structural, and the pricing discipline at listing has generally been more conservative than in technology or consumer internet. The pattern shows every sign of continuing.
103 IPOs tracked — a new record. The page is framed as a live tracker since it covers a current/recent year, with a clear note that December 2025 listings have very limited history. Three key flags raised upfront:
- Highway Infrastructure — 316.64× subscribed, −56% (2nd most subscribed ever) ⚠️
- KSH International — 0.66× subscribed (only undersubscribed IPO), +44%
- Live year — recently listed IPOs have limited data
Top performers since listing:
- 🟢 Ather Energy — +161.52% (1.50× subscribed — EV two-wheeler, Ola Electric’s antithesis)
- 🟢 Quality Power — +123.72% (1.29× subscribed — power infra equipment)
- 🟢 Belrise Industries — +106.00% (auto components)
- 🟢 Aditya Infotech (CP Plus) — +86.60% (security cameras, rare high-subscription winner)
- 🟢 Groww — +72.90% (profitable consumer fintech — contrast to Paytm 2021)
- 🟢 KSH International — +44.05% (the year’s ONLY undersubscribed IPO)
Worst performers:
- 🔴 Laxmi Dental — −65.13% (subscribed 114×)
- 🔴 Highway Infrastructure — −56.09% (subscribed 316.64×!)
- 🔴 VMS TMT — −58.09% (subscribed 102×)
- 🔴 Solarworld — −54.49%
- 🔴 PhysicsWallah — −30.00% (1.05× subscribed, edtech)
About IPOStack:
IPOStack is a blog dedicated to tracking the complete lifecycle of Indian IPOs — from the DRHP filing stage, through the subscription period and listing day, all the way to the current market price years later. Every year has its own dedicated tracker page so you can study IPO performance step by step.
Use these pages to build a historical understanding of how the Indian primary market has evolved, which sectors have rewarded investors, and how listing-day price action compares to long-term value creation.
Disclaimer: All data on this page is for informational and educational purposes only. IPO Stack does not provide investment advice. Please do your own due diligence before making any investment decisions. Market prices are subject to change.