In 2025, the Indian stock market has officially entered a new era, driven by a wave of mega IPO debuts. For the first time in 18 years, the IPO market has crossed the century mark, with over 100 mainboard listings raising a staggering ₹1.75 lakh crore. What was once seen as a cyclical “season” has now evolved into a structural shift. According to JP Morgan, annual IPO fundraising of around $20 billion is fast becoming the country’s “new normal.”
From tech giants like Meesho and Groww to traditional powerhouses like Tata Capital and LG Electronics, the year turned into a landmark moment for the primary market, reshaping how investors view size, valuation and listing-day performance.
A Record-Breaking Year: Mainboard vs SME
- Mainboard IPOs: More than 100 mainboard listings hit the stock exchanges this year till date. This segment was dominated by “heavyweights” with four separate issues each raising more than ₹10,000 crore, significantly boosting the average issue size.
- SME IPOs: The SME segment also shattered previous records with more than 250 listings so far, raising roughly ₹11,000 crore.
(Source: Economic Times)
The Billion-Dollar Club: 2025’s Heavyweight Debuts
Top IPOs of 2025 by Issue Size
- Tata Capital: This issue raised ₹15,511 crore and saw a modest start with a 1.23% gain on October 13. However, by December 23, the stock hit a 52-week high of ₹348.30, bringing its market cap to approximately ₹1.46 lakh crore.
- HDB Financial Services: This issue raised ₹12,500 crore and listed on July 2, 2025, with a current market cap of about ₹63,527 crore.
- LG Electronics India: A mammoth ₹11,607 crore offer delivered a nearly 50% listing pop on October 14. Its valuation at listing notably surpassed that of its South Korean parent company.
- ICICI Prudential AMC: This ₹10,602 crore issue debuted on December 19, with a 20.38% premium. It currently trades near ₹2,621, supported by high investor confidence in the asset management sector.
- Groww: The fintech leader raised ₹6,632 crore and listed with a 14% gain. It has since rallied significantly, with its market capitalisation crossing the ₹1 lakh crore milestone.
(Source: Economic Times, NSE, Moneycontrol)
The Meesho Phenomenon
On its listing day of December 10, Meesho opened at ₹162.50, which was a 46.4% premium over its ₹111 issue price. However, intense buying pressure pushed the stock to close the first day at ₹170, a total gain of 53%.
While smaller, volatile companies like Highway Infrastructure saw higher initial openings of 67%, Meesho remains one of the standout large-scale tech IPO of 2025. It managed a massive rally despite a heavy issue size of ₹5,421 crore.
(Source: Business Standard)
Top 10 Listing Day Gainers of 2025
While the mega-IPOs offered stability, some companies delivered electric “listing day pops.” Infrastructure and tech sectors led the charge:
| Company Name | Listing Gain (%) |
|---|---|
| Highway Infrastructure Ltd | 67.0 |
| Urban Company Ltd | 61.9 |
| Aditya Infotech Ltd | 51.0 |
| Meesho Ltd | 46.0 |
| Quadrant Future Tek Ltd | 53.0 |
| LG Electronics India | 48.2 |
| PhysicsWallah Ltd | 42.4 |
| GNG Electronics Ltd | 40.6 |
| Stallion India Fluorochemicals | 40.0 |
| Ellenbarrie Industrial Gases | 33.6 |
(Source: Economic Times, Times of India)
The Bottomline
Mega IPO debuts defined 2025 by proving that scale, quality and institutional backing matter more than quick listing pops. As India’s IPO market matures, disciplined pricing and informed investing are shaping a more stable and sustainable primary market landscape.
Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purpose only and in no way to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation.
Investors are requested to do their own due diligence before investing. Paytm Money Ltd SEBI Reg No. Broking – INZ000240532, Depository Participant – IN – DP – 416 – 2019, Depository Participant Number: CDSL – 12088800, NSE (90165), BSE (6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. For complete Terms & Conditions and Disclaimers visit: https://www.paytmmoney.com/stocks/policies/terms .
