IPO Listing Gains in 2025
Final for 2025: every mainboard and SME IPO that listed in the year.
- IPOs listed
- 377
- 108 mainboard · 269 SME
- Median listing gain
- +3.52%
- average +10.56%
- Listed above issue
- 62.9%
- 237 above · 32 at · 108 below
- Trading below issue now
- 202
- 54.0% of 374 priced
- Median return since issue
- −9.12%
- 65 doubled · 80 halved
377 IPOs listed on NSE and BSE in 2025: 108 mainboard and 269 SME. Across them, the average listing-day gain was +10.56% (median +3.52%), and 237 of the 377 IPOs with a listing price (62.9%) listed above their issue price.
202 of the 374 IPOs with a current price (54.0%) traded below their issue price at the close of 4 Nov 2026, 104 of them after listing above it. The median return since issue is −9.12%; 65 have doubled or more and 80 have lost half or more.
Opened at SME price limit: IPOs listed in 2025
Showing 60 of 377 · latest listing 31 Dec 2025
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Admach Systems SME | 31 Dec 2025 | ₹239.00 | ₹191.20 | SME floor −20.00% | ₹438.00 | +83.26% |
| Dachepalli Publishers SME | 30 Dec 2025 | ₹102.00 | ₹81.60 | SME floor −20.00% | ₹91.05 | −10.74% |
| Shyam Dhani Industries SME | 30 Dec 2025 | ₹70.00 | ₹133.00 | SME cap +90.00% | ₹51.45 | −26.50% |
| Sundrex Oil Company SME | 30 Dec 2025 | ₹86.00 | ₹68.80 | SME floor −20.00% | ₹28.25 | −67.15% |
| Marc Technocrats SME | 24 Dec 2025 | ₹93.00 | ₹74.40 | SME floor −20.00% | ₹145.10 | +56.02% |
| Neptune Logitek SME | 22 Dec 2025 | ₹126.00 | ₹100.80 | SME floor −20.00% | ₹28.10 | −77.70% |
| Riddhi Display Equipments SME | 15 Dec 2025 | ₹100.00 | ₹80.00 | SME floor −20.00% | ₹25.70 | −74.30% |
| Encompass Design India SME | 12 Dec 2025 | ₹107.00 | ₹203.30 | SME cap +90.00% | ₹221.30 | +106.82% |
| Methodhub Software SME | 12 Dec 2025 | ₹194.00 | ₹155.20 | SME floor −20.00% | ₹67.00 | −65.46% |
| Luxury Time SME | 11 Dec 2025 | ₹82.00 | ₹155.80 | SME cap +90.00% | ₹71.75 | −12.50% |
| Astron Multigrain SME | 8 Dec 2025 | ₹63.00 | ₹50.40 | SME floor −20.00% | ₹18.29 | −70.97% |
| Exato Technologies SME | 5 Dec 2025 | ₹140.00 | ₹266.00 | SME cap +90.00% | ₹594.65 | +324.75% |
| Logiciel Solutions SME | 5 Dec 2025 | ₹193.00 | ₹154.40 | SME floor −20.00% | ₹25.75 | −86.66% |
| Workmates Core2cloud Solution SME | 18 Nov 2025 | ₹204.00 | ₹387.60 | SME cap +90.00% | ₹451.50 | +121.32% |
| Shreeji Global FMCG SME | 12 Nov 2025 | ₹125.00 | ₹100.00 | SME floor −20.00% | ₹193.65 | +54.92% |
| Safecure Services SME | 6 Nov 2025 | ₹102.00 | ₹81.60 | SME floor −20.00% | ₹24.65 | −75.83% |
| Mittal Sections SME | 14 Oct 2025 | ₹143.00 | ₹114.40 | SME floor −20.00% | ₹25.00 | −82.52% |
| Chiraharit SME | 8 Oct 2025 | ₹21.00 | ₹16.80 | SME floor −20.00% | ₹11.20 | −46.67% |
| Infinity Infoway SME | 8 Oct 2025 | ₹155.00 | ₹294.50 | SME cap +90.00% | ₹703.00 | +353.55% |
| Dhillon Freight Carrier SME | 7 Oct 2025 | ₹72.00 | ₹57.60 | SME floor −20.00% | ₹35.50 | −50.69% |
| Manas Polymers & Energies SME | 6 Oct 2025 | ₹81.00 | ₹153.90 | SME cap +90.00% | ₹24.00 | −70.37% |
| Rukmani Devi Garg Agro Impex SME | 6 Oct 2025 | ₹99.00 | ₹79.20 | SME floor −20.00% | ₹135.50 | +36.87% |
| Gujarat Peanut & Agri Products SME | 3 Oct 2025 | ₹80.00 | ₹64.00 | SME floor −20.00% | ₹87.99 | +9.99% |
| Gurunanak Agriculture India SME | 1 Oct 2025 | ₹75.00 | ₹60.00 | SME floor −20.00% | ₹36.80 | −50.93% |
| Siddhi Cotspin SME | 26 Sep 2025 | ₹108.00 | ₹86.40 | SME floor −20.00% | ₹26.50 | −75.46% |
| TechD Cybersecurity SME | 22 Sep 2025 | ₹193.00 | ₹366.70 | SME cap +90.00% | ₹554.95 | +187.54% |
| Airfloa Rail Technology SME | 18 Sep 2025 | ₹140.00 | ₹266.00 | SME cap +90.00% | ₹455.55 | +225.39% |
| Krupalu Metals SME | 16 Sep 2025 | ₹72.00 | ₹57.60 | SME floor −20.00% | ₹28.25 | −60.76% |
| Nilachal Carbo Metalicks SME | 16 Sep 2025 | ₹85.00 | ₹68.00 | SME floor −20.00% | ₹103.12 | +21.32% |
| Rachit Prints SME | 8 Sep 2025 | ₹149.00 | ₹119.20 | SME floor −20.00% | ₹158.35 | +6.28% |
| Abril Paper Tech SME | 5 Sep 2025 | ₹61.00 | ₹48.80 | SME floor −20.00% | ₹32.25 | −47.13% |
| Current Infraprojects SME | 3 Sep 2025 | ₹80.00 | ₹152.00 | SME cap +90.00% | ₹94.65 | +18.31% |
| Globtier Infotech SME | 2 Sep 2025 | ₹72.00 | ₹57.60 | SME floor −20.00% | ₹16.56 | −77.00% |
| Anondita Medicare SME | 1 Sep 2025 | ₹145.00 | ₹275.50 | SME cap +90.00% | ₹945.55 | +552.10% |
| LGT Business Connextions SME | 26 Aug 2025 | ₹107.00 | ₹85.60 | SME floor −20.00% | ₹31.00 | −71.03% |
| Studio LSD SME | 25 Aug 2025 | ₹54.00 | ₹43.20 | SME floor −20.00% | ₹8.65 | −83.98% |
| Mahendra Realtors & Infrastructure SME | 20 Aug 2025 | ₹85.00 | ₹68.00 | SME floor −20.00% | ₹58.00 | −31.76% |
| Icodex Publishing Solutions SME | 19 Aug 2025 | ₹102.00 | ₹81.60 | SME floor −20.00% | ₹39.49 | −61.28% |
| Sawaliya Food Products SME | 14 Aug 2025 | ₹120.00 | ₹228.00 | SME cap +90.00% | ₹180.25 | +50.21% |
| Essex Marine SME | 11 Aug 2025 | ₹54.00 | ₹43.20 | SME floor −20.00% | ₹41.00 | −24.07% |
| FlySBS Aviation SME | 8 Aug 2025 | ₹225.00 | ₹427.50 | SME cap +90.00% | ₹540.05 | +140.02% |
| Kaytex Fabrics SME | 5 Aug 2025 | ₹180.00 | ₹144.00 | SME floor −20.00% | ₹61.70 | −65.72% |
| Cryogenic OGS SME | 10 Jul 2025 | ₹47.00 | ₹89.30 | SME cap +90.00% | ₹339.70 | +622.77% |
| Marc Loire Fashions SME | 7 Jul 2025 | ₹100.00 | ₹80.00 | SME floor −20.00% | ₹34.01 | −65.99% |
| Valencia India SME | 3 Jul 2025 | ₹110.00 | ₹88.00 | SME floor −20.00% | ₹17.37 | −84.21% |
| Supertech EV SME | 2 Jul 2025 | ₹92.00 | ₹73.60 | SME floor −20.00% | ₹30.82 | −66.50% |
| Eppeltone Engineers SME | 24 Jun 2025 | ₹128.00 | ₹243.20 | SME cap +90.00% | ₹124.50 | −2.73% |
| Srigee DLM SME | 12 May 2025 | ₹99.00 | ₹188.10 | SME cap +90.00% | ₹74.32 | −24.93% |
| Infonative Solutions SME | 8 Apr 2025 | ₹79.00 | ₹63.20 | SME floor −20.00% | ₹31.65 | −59.94% |
| Paradeep Parivahan SME | 24 Mar 2025 | ₹98.00 | ₹78.40 | SME floor −20.00% | ₹308.90 | +215.20% |
| Shreenath Paper Products SME | 5 Mar 2025 | ₹44.00 | ₹35.20 | SME floor −20.00% | ₹15.00 | −65.91% |
| Nukleus Office Solutions SME | 4 Mar 2025 | ₹234.00 | ₹187.20 | SME floor −20.00% | ₹185.00 | −20.94% |
| GB Logistics Commerce SME | 31 Jan 2025 | ₹102.00 | ₹81.60 | SME floor −20.00% | ₹21.81 | −78.62% |
| Kabra Jewels SME | 22 Jan 2025 | ₹128.00 | ₹243.20 | SME cap +90.00% | ₹128.45 | +0.35% |
| Rikhav Securities SME | 22 Jan 2025 | ₹86.00 | ₹163.40 | SME cap +90.00% | ₹50.10 | −41.74% |
| Sat Kartar Shopping SME | 17 Jan 2025 | ₹81.00 | ₹153.90 | SME cap +90.00% | ₹132.15 | +63.15% |
| Avax Apparels and Ornaments SME | 14 Jan 2025 | ₹70.00 | ₹133.00 | SME cap +90.00% | ₹53.00 | +505.71% |
| Indobell Insulations SME | 13 Jan 2025 | ₹46.00 | ₹87.40 | SME cap +90.00% | ₹59.00 | +28.26% |
| Fabtech Technologies Cleanrooms SME | 10 Jan 2025 | ₹85.00 | ₹161.50 | SME cap +90.00% | ₹363.00 | +327.06% |
| Davin Sons Retail SME | 9 Jan 2025 | ₹55.00 | ₹44.00 | SME floor −20.00% | ₹9.37 | −82.96% |
Listing price is the opening price on listing day. Current price is the latest close (4 Nov 2026); since issue is adjusted for any later split or bonus. Click a column to sort.
How 2025 IPOs listed
Listing-day gain of the 377 issues with a listing price, in fixed bands.
- −20% or worse 46 12.2%
- −20% to −10% 10 2.7%
- −10% to 0% 52 13.8%
- At issue price 32 8.5%
- 0% to 10% 107 28.4%
- 10% to 25% 59 15.6%
- 25% to 50% 36 9.5%
- 50% to 90% 13 3.4%
- 90% or more 22 5.8%
Hatched: opened at the SME price limit (+90% cap or −20% floor).
22 SME issues opened at exactly +90%, the most an SME listing may open above its issue price, and 38 at exactly −20%, the lowest it may open. An open at a limit is the cap, not the price trading would otherwise have settled on, which is one reason the median is a better guide to a typical listing than the average.
Listing gains by issue size
Total offer as disclosed.
| Issue size | IPOs | Median listing gain | Listed above issue | Now below issue |
|---|---|---|---|---|
| Under ₹50 Cr | 178 | +1.69% | 58.4% | 104 of 177 |
| ₹50 Cr to ₹250 Cr | 108 | +4.29% | 64.8% | 55 of 106 |
| ₹250 Cr to ₹1,000 Cr | 53 | +5.92% | 66.0% | 30 of 53 |
| ₹1,000 Cr to ₹5,000 Cr | 29 | +2.93% | 69.0% | 11 of 29 |
| ₹5,000 Cr and over | 8 | +13.42% | 87.5% | 2 of 8 |
| Not disclosed | 1 | +6.15% | 100.0% | 0 of 1 |
Listing gains and "listed above issue" cover issues with a listing price; "now below issue" and the return since issue cover issues with a current price.
Mainboard vs SME IPO listing gains
Mainboard: 108 listings, average +9.08%, median +4.22%, 68.5% above issue price. SME: 269 listings, average +11.15%, median +2.95%, 60.6% above issue price.
| Segment | Listed | Average gain | Median gain | Above / at / below issue | Above issue |
|---|---|---|---|---|---|
| Mainboard | 108 | +9.08% | +4.22% | 74 / 10 / 24 | 68.5% |
| SME | 269 | +11.15% | +2.95% | 163 / 22 / 84 | 60.6% |
| All IPOs | 377 | +10.56% | +3.52% | 237 / 32 / 108 | 62.9% |
Listing gains by month
By listing date. Averages cover issues with a recorded listing price.
| Month | Listed | Average gain | Median gain | Above issue |
|---|---|---|---|---|
| Jan 2025 | 29 | +27.59% | +22.14% | 23 of 29 |
| Feb 2025 | 21 | +1.03% | 0.00% | 9 of 21 |
| Mar 2025 | 12 | −5.65% | −0.07% | 3 of 12 |
| Apr 2025 | 8 | +3.23% | +2.74% | 6 of 8 |
| May 2025 | 13 | +5.67% | +1.57% | 9 of 13 |
| Jun 2025 | 24 | +12.61% | +4.31% | 15 of 24 |
| Jul 2025 | 45 | +14.14% | +6.21% | 33 of 45 |
| Aug 2025 | 46 | +9.87% | +4.04% | 29 of 46 |
| Sep 2025 | 53 | +12.10% | +4.58% | 33 of 53 |
| Oct 2025 | 53 | +7.07% | +2.14% | 33 of 53 |
| Nov 2025 | 22 | +10.16% | +2.53% | 13 of 22 |
| Dec 2025 | 51 | +9.66% | +3.52% | 31 of 51 |
Highest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Shyam Dhani Industries SME | 30 Dec 2025 | ₹70.00 | ₹133.00 | SME cap +90.00% |
| Encompass Design India SME | 12 Dec 2025 | ₹107.00 | ₹203.30 | SME cap +90.00% |
| Luxury Time SME | 11 Dec 2025 | ₹82.00 | ₹155.80 | SME cap +90.00% |
| Exato Technologies SME | 5 Dec 2025 | ₹140.00 | ₹266.00 | SME cap +90.00% |
| Workmates Core2cloud Solution SME | 18 Nov 2025 | ₹204.00 | ₹387.60 | SME cap +90.00% |
Lowest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Arunaya Organics SME | 7 May 2025 | ₹58.00 | ₹30.10 | −48.10% |
| SSMD Agrotech India SME | 2 Dec 2025 | ₹121.00 | ₹73.00 | −39.67% |
| Om Freight Forwarders Mainboard | 8 Oct 2025 | ₹135.00 | ₹82.50 | −38.89% |
| Repono SME | 4 Aug 2025 | ₹96.00 | ₹60.56 | −36.92% |
| Glottis Mainboard | 7 Oct 2025 | ₹129.00 | ₹88.00 | −31.78% |
Highest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Aptus Pharma SME | 30 Sep 2025 | ₹70.00 | ₹466.50 | +1,566.07% |
| Tankup Engineers SME | 30 Apr 2025 | ₹140.00 | ₹1,800.00 | +1,185.71% |
| Monolithisch India SME | 19 Jun 2025 | ₹143.00 | ₹1,336.90 | +834.90% |
| Zelio E-Mobility SME | 8 Oct 2025 | ₹136.00 | ₹1,034.10 | +660.37% |
| Cryogenic OGS SME | 10 Jul 2025 | ₹47.00 | ₹339.70 | +622.77% |
Lowest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Cedaar Textile SME | 7 Jul 2025 | ₹140.00 | ₹16.45 | −88.25% |
| Landmark Immigration Consultants SME | 23 Jan 2025 | ₹72.00 | ₹9.00 | −87.50% |
| Logiciel Solutions SME | 5 Dec 2025 | ₹193.00 | ₹25.75 | −86.66% |
| Valencia India SME | 3 Jul 2025 | ₹110.00 | ₹17.37 | −84.21% |
| Swasth Foodtech India SME | 28 Feb 2025 | ₹94.00 | ₹15.02 | −84.02% |
IPO listing gains, year by year
Listing-day figures for every year covered. The current year runs to date.
Methodology
- Covers every IPO whose shares were listed on NSE or BSE between 1 Jan 2025 and 31 Dec 2025, mainboard and SME, one row per issue. An issue listed on both exchanges counts once.
- Listing-day gain is the listing price (the price at which the shares opened on their first trading day) over the final issue price. The current price is the latest close; the return since issue is adjusted for any split or bonus after listing.
- Averages, medians and the share above issue price cover issues with a recorded listing price; an issue without one is counted in the listings total but not in the averages.
- Mainboard and SME are the two exchange segments; together they make up the total. An issue withdrawn before listing (no shares allotted or traded) is not counted, even if a listing date had been announced.
- Issue size is the total offer in ₹ crore as disclosed. Subscription is the overall times subscribed at the close of bidding; it is recorded for issues from 2026.
- Trading below issue counts issues whose latest close, adjusted for any later split or bonus, is under the issue price. An issue with no close in the last 30 days (suspended, or migrated) has no current price and is left out of those counts.
- On listing day an SME issue opens through a pre-open call auction whose price may be at most 90% above the issue price (NSE from July 2024, BSE likewise) and, since 2025, at most 20% below it. Rows that opened exactly at a limit are marked "SME cap" or "SME floor".
Frequently asked questions
How did IPOs perform on listing day in 2025?
377 IPOs listed on NSE and BSE in 2025: 108 mainboard and 269 SME. Across them, the average listing-day gain was +10.56% (median +3.52%), and 237 of the 377 IPOs with a listing price (62.9%) listed above their issue price.
How many 2025 IPOs are trading below their issue price?
202 of the 374 IPOs with a current price (54.0%) traded below their issue price at the close of 4 Nov 2026, 104 of them after listing above it. The median return since issue is −9.12%; 65 have doubled or more and 80 have lost half or more.
How is the listing-day gain calculated?
Listing-day gain is the listing price (the price at which the shares opened on their first trading day) over the final issue price. The current price is the latest close; the return since issue is adjusted for any split or bonus after listing.
Why do so many SME IPOs list at exactly +90% or −20%?
On listing day an SME issue opens through a pre-open call auction whose price may be at most 90% above the issue price (NSE from July 2024, BSE likewise) and, since 2025, at most 20% below it. Rows that opened exactly at a limit are marked "SME cap" or "SME floor".
What does the IPO listing-gains report cover?
Listing-day performance of Indian IPOs by year: average and median listing gain, how many listed above issue, mainboard against SME, and every issue's prices.
Is this investment advice?
Past listing-day performance says nothing about how a future IPO will list or trade. This is historical data, not investment advice and not a recommendation to apply for, buy or sell any security. Tapetide is not a SEBI-registered research analyst or investment adviser.
By Sanjay Mehta, Research lead How we research these reports