Best-performing Indian mainboard IPO of each year since 2021

India’s primary markets have been buzzing. Since 2021, 200+ companies have tapped the mainboard, raising over ₹3.5 lakh crore. With so many listings, which ones created the most wealth after debut, not just on day one?

Below are the top mainboard IPOs for each calendar issue year from 2021 through YTD 2025, ranked by cumulative share price return from IPO issue price to the close on 18 Jul 2025 (IST). These are post-listing price moves, not listing-day gains.

(Older IPOs naturally have had more time to compound; compare across years with that context.)

An IPO is the first time a private company sells its shares to the public, offering a chance to invest in its growth story from day one.

With so many new companies joining the market, it can be tough to keep track of which ones are coming up and how they perform after listing. Using a simple tool with a clean IPO Dashboard, like the one on Finology Ticker, can be very helpful for staying updated.

Let's look at the single best-performing IPO from each year between 2021 and 2025

(Source: Finology Ticker IPO Page)

Seeing these big numbers can be exciting, but it’s important to be careful with IPOs. Pranjal Kamra, the founder of Finology, often says that one should not apply for an IPO without doing proper research.

He suggests that before investing, check the company's DRHP: Are the funds for business growth or just to repay debt? Assess if the valuation is fair by comparing its P/E ratio to listed peers.

When tracking subscription, focus on demand from QIBs (Qualified Institutional Buyers), as this "smart money" is a stronger signal than retail frenzy. (You can find this subscription data for any ongoing IPO on the Finology Ticker website.)

Finally, decide your goal beforehand: are you a long-term investor or just seeking a listing-day gain? This clarity is crucial for making an informed decision.

The common thread connecting these winners is their direct alignment with India's core growth stories - railways, electronics, and green energy, propelling them to an average return of over 400%.

While this showcases the immense potential of early investing, remember that past performance is no guarantee of future results. Use these names not as a buy list, but as case studies in what the market rewards: clear growth runways and strong policy alignment.

While staying informed on upcoming IPOs with a reliable tool like Finology Ticker is key, it's the diligent research into these fundamentals that truly drives success.

Finology is a SEBI-registered investment advisor firm with registration number: INA000012218.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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