Retail investors rushed into new Indian listings in 2025, driving some IPOs to be subscribed hundreds of times, but the post‑listing results have been mixed.
2025 IPO Landscape
A total of 365 companies went public this year, raising about ₹1.95 trillion – a new record that beats the ₹1.90 trillion raised by 336 IPOs in 2024. Of these, 106 were listed on the main board and 260 were SME (small‑ and medium‑enterprise) IPOs.
Retail‑Driven Oversubscription in SME IPOs
Retail enthusiasm pushed many SME offerings to extreme demand levels. Trendlyne data shows that 61 of the 260 SME IPOs were subscribed between 100 and 1,000 times.
Top‑Subscribed Offerings
- Austere Systems – 1,000× overall subscription, retail portion at 1,449×. Debuted at a 37.4% premium (₹79.30 vs ₹55).
- Exato Technologies – 881× subscription. Listed at a 90% premium (₹266 vs ₹140).
- Fabtech Technologies Cleanrooms – 688× overall, 950× retail. Opened at a 90% premium (₹161.50 vs ₹50).
- TechD Cybersecurity – 668× overall (retail 964×, HNI 1,699×, QIB 151×). Currently trading about 231% above the issue price.
- Chamunda Electrical – 680× subscription, debuted at a 90% premium (₹70 vs ₹50) but has since slipped to just 2% above the issue price.
Post‑Listing Performance
While the subscription frenzy created excitement, many stocks fell back after listing. Out of the 61 heavily subscribed SME IPOs, 37 are still trading above their issue price, and 15 have delivered true multibagger gains (100%‑plus returns).
Biggest Multibaggers
- Anondita Medicare – up 528% from the IPO price.
- Tankup Engineers – up 405%.
- Fabtech Technologies Cleanrooms, TechD Cybersecurity, Cryogenic OGS, Sacheerome, Monolithisch India, L T Elevator, Avax Apparels and Ornaments, Aditya Infotech, Exato Technologies, Parmeshwar Metal – each up between 100% and 250%.
What This Means for Retail Investors
The gap between subscription hype and actual performance highlights the risk of chasing heavily oversubscribed IPOs without looking at fundamentals. While a few listings have rewarded early buyers handsomely, many have erased the initial gains.
Disclaimer: This is perspective, not a prediction. Do your own research or consult a qualified advisor before making any investment decisions.