IPO Market 2025: A Year of Multibaggers and Robust Activity
The Indian primary market in 2025 has demonstrated remarkable vigor, characterized by major public offerings and a diverse pipeline of innovative companies. Sectors like fintech, digital platforms, green energy, and consumer goods have been at the forefront of this activity. Out of the 93 mainboard listings so far this year, a significant number have delivered substantial returns to investors.
Multibagger Stars of 2025
Three IPOs have spectacularly outperformed, earning the coveted 'multibagger' status by doubling investors' money.
Aditya Infotech, operating under the renowned CP Plus brand, has seen its shares surge approximately 155% from its IPO price. The company made its stellar market debut on August 5, 2025, listing at nearly ₹1,018 per share, a significant premium to its price band of ₹640–675. With a market capitalization of ₹20,143.89 crore and an IPO subscription rate of 100.69 times, it solidifies its position as the largest Indian-owned firm in the video security sector, commanding a 20.2% market share by revenue in FY24.
Stallion India Fluorochemicals has witnessed an impressive 130% appreciation since its listing on January 23, 2025. The stock listed at ₹120.00 per share, a 33.33% premium to its issue price of ₹90, and was oversubscribed a massive 188.4 times. Experts attribute its success to strong demand for fluorochemicals and refrigerants, coupled with strategic expansion plans including a new capacity project expected around mid-2026.
Ather Energy, a prominent player in India's electric two-wheeler market, has rewarded investors with a 113% gain since its IPO on May 6, 2025. The stock listed at a modest premium but quickly gained momentum, driven by its market leadership, continuous product innovation, and overwhelming investor optimism about the EV sector's growth trajectory.
Future Multibagger Contenders and Market Dynamics
Beyond the current stars, several other stocks have shown promising momentum, appreciating by more than 50% and potentially positioning themselves as future multibaggers. This list includes Prostarm Info Systems, Billionbrains Garage Ventures (Groww), Anand Rathi Share Stock, Anlon Healthcare, Belrise Industries, Quality Power Electrical, and Jain Resource Recycling.
Overall, the market sentiment is positive, with 57 out of the 93 listed stocks currently trading in the green. However, analysts offer a word of caution. They point out that despite high investor interest, only a select few IPOs from the 2023-2025 period have provided lasting returns, with many either stagnating or falling below their listing prices. The increasing retail participation is a notable trend, yet a majority of these participants are reportedly facing losses.
The FPI Paradox: Selling in Secondary, Investing in Primary
A contrasting narrative unfolds when examining the behavior of Foreign Portfolio Investors (FPIs). While FPIs have been net sellers in the Indian secondary market throughout 2025, with sales totaling a massive ₹211,703.67 crore for the year (including ₹17,502.67 crore in November alone), their appetite for the primary market remains strong.
In a striking divergence, FPIs have poured ₹64,709.12 crore into IPOs in 2025, with ₹10,416.62 crore invested just in November. This highlights their continued confidence in the long-term growth stories presented by new Indian companies, even as they take money off the table in the broader equity market.
The 2025 IPO landscape presents a tale of selective success. While multibaggers like Aditya Infotech, Stallion India Fluorochemicals, and Ather Energy have created significant wealth, the market demands careful stock selection. The strong FPI participation in new issues signals underlying strength, but investors are advised to conduct thorough due diligence amidst the prevailing market uncertainties.
