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Although 2025 has been a year of heightened volatility for the Indian stock market, the initial public offering (IPO) segment has continued to ride a strong capital-raising wave.

Companies ranging from tech startups and fintech firms to renewable energy businesses have tapped Dalal Street to expand the scale of their operations. Many issues that were earlier put on hold amid tariff-related tensions have also joined the lineup in recent months, turning 2025 into another blockbuster year for mainboard IPOs.

Remarkably, the majority of the issues have received a strong investor response. Even big-ticket IPOs, which typically struggle to attract attention, have seen robust demand, flipping the usual script.

Retail investors have displayed strong enthusiasm for new issues in 2025 as well, while the sharp fluctuations in the secondary market have also driven them towards IPOs. However, the majority of the issues melted their capital, as nearly 50% of the IPOs, which saw the biggest retail subscription, are trading below their issue prices.

According to data from Trendlyne, 25 mainboard IPOs have witnessed retail subscription rates ranging from 30 to 246 times, but 14 of them are currently trading below their issue prices, causing significant losses and disappointment for retail investors who chased heavily subscribed issues.

For instance, the retail investor segment in Dev Accelerator issue was subscribed 164.7 times, but the stock has been on a downward trajectory since its listing in September, losing 31% of its value from the IPO price.

A similar trend is seen in Laxmi Dental, whose IPO launched in January and received a retail subscription of 76 times. However, post listing, the stock closed lower in seven out of the last 10 months, eroding nearly 40% of its value.

Another popular retail bet, VMS TMT, saw its retail portion subscribed 48 times, yet the stock has shed 48% from its IPO price. Likewise, Highway Infrastructure and Indo Farm Equipment, which recorded retail subscription levels of 155.6 times and 104 times, respectively, are currently trading 17.3% and 12.2% below their issue prices.

On the winning side, some retail investor bets have paid off. Stallion India Fluorochemicals Ltd is trading 137% higher than its issue price, with the retail portion of the IPO subscribed 97 times. Similarly, Aditya Infotech, which saw its retail segment booked 51 times, has delivered strong returns, with the stock trading 125.3% above its issue price.

Other stocks such as Prostarm Info Systems, Rubicon Research, Urban Company, Aequs, Anlon Healthcare, and GNG Electronics are also trading between 20% and 67% higher than their respective issue prices.

Out of 102 mainboard IPOs listed in 2025, 50 are trading below their issue prices, with losses extending up to 55%, underscoring the uneven performance of IPOs and the importance of careful stock selection for investors.

Among the worst performers are Gem Aromatics, trading at a 55% discount to its IPO price, along with Glottis, VMS TMT, Arisinfra Solutions, BMW Ventures, Laxmi Dental, Jaro Institute of Technology, and Mangal Electrical Industries, all down between 35% and 54% from their issue prices.

Even some big-ticket IPOs have faced deep cuts, including JSW Cement and Vikram Solar, each trading 20% below their IPO price.

In contrast, 52 companies are trading with gains. Stallion India Fluorochemicals leads the pack, delivering multibagger returns with shares trading 137% above the IPO price.

Aditya Infotech has also rewarded investors handsomely, trading 125% higher than its issue price, while Ather Energy and Meesho trade 125.4% and 94% above their respective IPO prices.

Other notable gainers include Belrise Industries, Prostarm Info Systems, Anlon Healthcare, Quality Power Electrical, Jain Resource Recycling, Epack Prefab Technologies, and Anand Rathi Share Stock, currently up between 50% and 96%. LG Electronics, one of the largest IPOs this year, is trading 36% above its issue price.

Disclaimer: This story is for educational purposes only. 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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