India’s primary market has had an exciting run in 2025, with several IPOs delivering stellar returns and rewarding investors handsomely. So far this year, around 52 mainboard IPOs have hit the market, and the majority have been successful — with 39 stocks trading above their issue price and only 13 slipping below. This has made 2025 one of the strongest years in terms of investor participation, listing gains, and post-listing performance.
In this article, we take a closer look at the top IPO performers of 2025 so far, which have posted gains over 50%.
Top 10 IPOs of 2025
1. Stallion India Fluorochemicals
Stallion India Fluorochemicals has also emerged as a multibagger, with its stock soaring 128.50 percent over the issue price of ₹90 to about ₹205.61. The ₹199.45 crore issue was a combination of fresh issue of 1.79 crore shares aggregating to ₹160.73 crore and offer for sale of 0.43 crore shares aggregating to ₹38.72 crore. It was open between Jan 16-20, 2025. It received a massive 188.32 times subscription in the 3 days of bidding.
2. Quality Power Electrical
One of the standouts of 2025, Quality Power Electrical Equipments has delivered a whopping 122 percent gain — its shares have climbed from the issue price of ₹425 to about ₹944.45. The IPO was listed on February 24, 2025. The ₹858.70 crore issue was a combination of fresh issue of 0.53 crore shares aggregating to ₹225.00 crore and offer for sale of 1.49 crore shares aggregating to ₹633.70 crore. It was open between Feb 14-18, 2025. It received 1.29 times subscription in the 3 days of bidding.
Another very strong performer, Aditya Infotech has nearly doubled since its listing. From an issue price of ₹675, it has rallied to about ₹1,435, reflecting a 112.5 percent gain. It debuted on August 5, 2025, making its move in a relatively short span of time. The ₹1300 crore issue was a combination of fresh issue of 0.74 crore shares aggregating to ₹500.36 crore and offer for sale of 1.19 crore shares aggregating to ₹799.64 crore. It was open between July 29-31, 2025. It received an overwhelming 106.23 times subscription in the 3 days of bidding.
Prostarm Info Systems has gained 108 percent, going from its issue price of ₹105 to around ₹218.69. The company listed on June 3, 2025. The ₹168 crore issue was a fresh issue of 1.6 crore shares with no offer for sale component. It was open between May 27-29, 2025. It received a robust 96.68 times subscription in the 3 days of bidding.
Ather Energy, known for its electric scooters and EV ecosystem, is up 69% since listing — from ₹321 to ₹542.55. Listed on May 6, 2025, the company has benefited from rising EV adoption, supportive government policies, and strong consumer interest in green mobility solutions. The ₹2,980.76 crore issue was a combination of fresh issue of 8.18 crore shares aggregating to ₹2,626.04 crore and offer for sale of 1.11 crore shares aggregating to ₹354.73 crore. It was open between April 28-30, 2025. It received a 1.5 times subscription in the 3 days of bidding.
6. National Securities Depository
National Securities Depository (NSDL) is up about 60%, climbing from its issue price of around ₹800 to about ₹1,280.65. It listed on August 6, 2025. The ₹1,010.95 crore issue was entirely an offer for sale of 5.01 crore shares. It was open between July 30-August 1, 2025. It received a strong 41.02 times subscription in the 3 days of bidding.
Belrise Industries is up about 60%, from an issue price of ₹90 to ₹144.27. It listed on May 28, 2025. The ₹2,150 crore issue was entirely a fresh issue of 23.89 crore with no offer for sale component. It was open between May 21-23, 2025. It received a 43.14 times subscription in the 3 days of bidding.
Quadrant Future Tek is up 52, trading around ₹442.2 versus its issue price of ₹290. It listed on January 14, 2025, making it one of the early-year IPOs. The ₹290 crore issue was a fresh issue of 1 crore shares with no offer for sale component. It was open between Jan 7-9, 2025. It received an exceptional 195.96 times subscription in the 3 days of bidding.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
