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Top-Performing IPOs in India 2025: Quality Power, Aditya Infotech, and More
The initial public offering (IPO) market in India has been lively in 2025. Several stocks have delivered strong returns, driven by favorable macroeconomic conditions, improving fundamentals, and rising investor confidence. Below, we examine the top-performing IPOs so far, what’s fueling their gains, and which IPOs investors should watch moving forward.
IPO | Listing Date / Sector | Issue Price → Current Price / Gain |
Quality Power Electrical | Feb 24, 2025 — Power / Infrastructure | Issue price ~ ₹425 → ~₹909; Gain ~114% |
Stallion India Fluorochemicals | Jan 23, 2025 — Chemicals | ₹90 → ~₹189; Gain ~110% |
Aditya Infotech | Aug 5, 2025 — Technology / Services | ₹675 → ~₹1,368; Gain ~103% |
Prostarm Info Systems | Jun 3, 2025 — Tech / Servicing | ₹105 → ~₹207; Gain ~97% |
National Securities Depository Limited (NSDL) | Aug 6, 2025 — Financial / Infrastructure | ₹800 → ~₹1,276; Gain ~59% |
Other notable mentions include Belrise Industries, Crizac, and several SME / smaller-cap IPOs that have delivered returns in the 40-70% range.
What’s Driving These High Returns
Several factors have contributed to why some IPOs are performing very well in 2025:
Robust Market Sentiment
Investor confidence is strong, aided by positive economic indicators in India—rising consumption, favorable interest rates, and improving corporate earnings.|
Selective Quality
IPOs with good financial metrics (profitability or at least a path to profitable operations), clear business models, and growth potential tend to attract more interest and end up on the higher-return side.
Grey Market Premiums / Hype
Many IPOs have had strong grey market premiums (GMPs), indicating demand even before listing. This often translates into strong listing-day performances.
SME / Small Cap Gains
Some smaller companies are outperforming on percentage returns, possibly because expectations are lower, and upside surprises are valued higher.
Regulatory and Structural Support
Efforts by SEBI to expedite IPO approvals and a general push to bring more companies into the public market are helping boost deal flow and giving investors more options.
Risks & Caveats
While there are big winners, investing in IPOs still carries risks:
Not all IPOs perform well. Several are trading below the issue price.
First-day listing gains can be volatile; sustaining returns is harder.
High valuations can lead to corrections, especially if expectations aren’t met.
What to Watch: Upcoming & Important IPOs
Some IPOs that investors are keeping an eye on:
Urban Company: A Home services platform that has already seen strong subscription rates and promising demand.
HDB Financial Services: Non-bank lender whose IPO has been one of the largest this year. It saw strong listing debut returns (13%), signalling investor trust in financial sector plays
Other SMEs & smaller IPOs are continuing to draw demand, often with substantial GMPs and oversubscription.
Conclusion
2025 has been a strong year for IPOs in India. For investors who have been selective and focused on quality, IPOs like Quality Power Electrical, Stallion India Fluorochemicals, Aditya Infotech, Prostarm, and NSDL have offered exceptional returns, often over 50-100% gains.
However, the full picture involves balancing the potential of large upside with the risk of underperformance. While headline gains are exciting, evaluating fundamentals, listening to demand signals (like GMP & subscription), and understanding business models remain essential. For those looking to participate in upcoming IPOs, staying informed and cautious is the key. With the right picks, there is still a strong opportunity ahead.