The Indian stock market has seen a notable decline in IPO performance in 2025 over the past 45 days. Both mainboard and SME IPOs have faced pressure due to unfavourable market conditions and increased volatility. The companies that delivered impressive listing returns are now struggling to maintain the IPO momentum. Many are trading below their issue allotment price. Investors are proceeding with caution, and market sentiment has shifted from ‘let’s invest’ to ‘proceed with caution.’ IPO Central has compiled a list of IPOs listed in the last 45 days and brings you a performance overview.
Mainboard IPO Performance in 2025 – Overview
Between early January and mid-February 2024, eight mainboard IPOs debuted. These offerings included a mix of fresh issues and Offer for Sale (OFS), with varying results.
Breakdown of IPOs:
- Two IPOs were entirely fresh issues – Denta Water and Infra, Quadrant Future Tek.
- One IPO was purely an OFS – Ajax Engineering.
- Five IPOs had a mix of fresh issues and OFS.
- Five of the eight IPOs are trading below their allotment price.
IPO Performance Overview
The following table provides a financial snapshot of these IPOs:
| Company Name | Allotment Price (INR) | Issue Size (INR Crore) | Listing Price (INR) | % Change on Listing | CMP (INR) | % Change from Allotment |
|---|---|---|---|---|---|---|
| Ajax Engineering | 629 | 1,268.88 | 595.40 | -5.34 | 603.00 | -4.12 |
| Dr. Agarwal’s Health Care | 402 | 3,027.26 | 401.65 | -0.09 | 416.35 | 3.57 |
| Denta Water and Infra | 294 | 220.50 | 341.25 | 16.07 | 325.60 | 10.75 |
| Stallion India Fluorochemicals | 90 | 199.45 | 126.00 | 40.00 | 76.15 | -15.39 |
| Laxmi Dental | 428 | 698.06 | 550.55 | 28.63 | 369.30 | -13.71 |
| Quadrant Future Tek | 290 | 290.00 | 444.00 | 53.10 | 506.40 | 74.62 |
| Standard Glass Lining | 140 | 410.05 | 163.28 | 16.63 | 135.26 | -3.39 |
| Indo Farm Equipment | 215 | 260.15 | 273.69 | 27.30 | 193.14 | -10.17 |
Key Observations
Listing Gains and Losses
- Quadrant Future Tek saw the highest listing gain at 53.10%, maintaining a 74.62% increase from its allotment price.
- Denta Water and Infra posted a 16.07% listing gain and continues to trade higher than its allotment price.
- Stallion India Fluorochemicals had an initial 40% surge but has since dropped 15.39% from its allotment price.
Underperformers
- Five out of eight IPOs are now below their allotment price.
- Indo Farm Equipment (-10.17%) and Standard Glass Lining (-3.39%) are struggling post-listing.
- Laxmi Dental has recorded the steepest drop, declining 13.71% from the allotment price and 32.92% over the last 30 days.
SME IPO Performance in 2025 – Overview
In the SME landscape, 30 IPOs have debuted in the last 45 days, collectively raising INR 1,499.67 crore. However, investors are wary of the current volatility in the primary market, leading to lower subscription rates and subdued listing gains.
Declining Listing Returns
- From January to mid-February 2024, the average listing returns was 24.07%.
- In December 2024, the average listing return was 72.65%, reflecting a steep decline in investor confidence.
- 10 out of 30 IPOs had negative listing-day returns.
Subscription Trends
- In December 2024, the average subscription rate for SME IPOs was 281.93X.
- By the last 45 days, the subscription rate had fallen to 118.35X, indicating reduced participation.
Here is the list of SME IPOs listed in the past 45 days
| IPO Name | Listing Day Closing Price (INR) | Listing Returns (%) |
|---|---|---|
| Chandan Healthcare | 173.35 | 9.03 |
| Eleganz Interiors | 116.05 | -10.73 |
| Solarium Green Energy | 212.10 | 11.05 |
| Readymix Construction | 116.85 | -5.00 |
| Amwill Health Care | 93.25 | -15.99 |
| Ken Enterprises | 80.75 | -14.10 |
| Chamunda Electrical | 66.50 | 33.00 |
| Malpani Pipes | 84.25 | -6.39 |
| HM Electro Mech | 77.00 | 2.67 |
| GB Logistics | 81.05 | -20.54 |
| CLN Energy | 252.05 | 0.82 |
| Rexpro Enterprises | 111.15 | -23.34 |
| Capital Numbers Infotech | 261.35 | -0.63 |
| EMA Partners | 148.70 | 19.92 |
| Landmark Immigration | 75.25 | 4.51 |
| Rikhav Securities | 171.55 | 99.48 |
| Kabra Jewels | 255.35 | 99.49 |
| Barflex Polyfilms | 63.00 | 5.00 |
| Sat Kartar Shopping | 161.55 | 99.44 |
| Avax Apparels | 139.65 | 99.50 |
| BR Goyal Infrastructure | 142.50 | 5.56 |
| Delta Autocorp | 167.25 | 28.65 |
| Indobell Insulations | 91.77 | 99.50 |
| Fabtech Technologies | 169.57 | 99.49 |
| Davin Sons Retail | 46.20 | -16.00 |
| Parmeshwar Metal | 88.72 | 45.44 |
| Leo Dryfruits | 71.36 | 37.23 |
| Technichem Organics | 60.11 | 9.29 |
| Citichem India | 68.20 | -2.57 |
| Anya Polytech and Fertilizers | 17.95 | 28.21 |
Factors Behind the Decline
Several factors have contributed to weaker IPO performance across both mainboard and SME segments:
- Market Volatility – Global economic uncertainty, geopolitical tensions, and domestic fluctuations have impacted investor confidence.
- Liquidity Constraints – Higher interest rates and capital outflows have reduced retail and institutional participation.
- Selective Investment – Investors are focusing on fundamentally strong businesses over speculative IPOs.
- Economic Slowdown – Concerns about inflation and policy changes have made investors more risk-averse.
Conclusion
Apart from the current market conditions, the IPO market remains active. The shift in the investor’s enthusiasm is temporary and as soon as the market recovers we can expect good IPO performance in 2025. Investors should thoroughly examine the company before investing in IPO. Invest only after analyzing the company’s financials, key performance indicators, and other aspects. Alternatively, you can check IPO Central’s IPO Review page for a compiled and concise overview of the IPO.
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